Working towards the objective of affordable housing, the Confederation of Real Estate Developers’ Associations of India (CREDAI) has expressed the necessity to establish land reservoirs. The transformation of the real estate sector in India necessitates streamlined land reforms, efficient business processes, expedited construction plan sanctions that are coupled with reduced fees. Additionally, it calls for the upliftment of skill levels and the institution of new urban areas. The association, representing over 13,000 developer members, has published a report, ‘The National Real Estate Development Framework ‘Vision 2047” during its yearly convention.
The upcoming India’s real estate scenario isn’t only about the creation of structures, but also about shaping communities, livelihoods, and future aspirations. The report functions as both a futuristic vision and an invocation for collective action – encouraging all parties involved to join hands in revolutionising India’s real estate sector and positioning it globally. It highlights the key role the sector will play in helping India achieve developed nation status by 2047. A comprehensive nine-pillar framework has been put forth by CREDAI to drive this sectoral transformation.
The proposed reforms regarding land are central to the framework. The association emphasises the necessity to solidify land titles with the Land Titling Act. Besides, a strong case has been made for creating a unified digital land registry at national scale to improve transparency and broaden accessibility. The idea of establishing land banks is floated as an endeavour to promote affordable housing, Besides, the development of 100 future-oriented ‘cities of tomorrow’ has been underscored.
The third pillar concerns streamlining construction processes. The goal is to digitise building plan approval procedures, enhance transparency, and ensure timely processes, states CREDAI. The developers’ body has suggested that central and regional authorities should revisit and rationalise developmental approval charges, They further recommend the creation of dedicated funds to finance infrastructure, which could include issuing government supported bonds for infrastructure and housing.
The report by CREDAI underscores the importance of prioritizing redevelopment in slum areas and promoting environment-friendly construction. From the construction phase through to customer relationship management, new technologies should be embraced across every aspect of the real estate sector. It mentions that an emphasis on skills development and labour welfare forms a critical aspect of the eighth pillar of the plan. The body has suggested that state-led demand evaluations should take place, along with the provision of training structure specific to each trade.
Aligning labour cess usage for direct worker benefits is another proposal put forward by the apex body. ‘Ease of living’, the final pillar in the framework, seeks to celebrate unique cultural identities and historical legacies in all significant urban hubs. It emphasizes furthering governance models that are driven by citizens and integrating climate resilience into urban planning and structures.
In terms of enforcement, CREDAI suggests the composition of high-ranking committees at the Prime Ministerial level. Establishment of strategy rooms at state levels and devising phased rollout plans are additional provisions suggested by the body. With initiatives like these, the path towards a transparent, sustainable, all-inclusive real estate and urban development ecosystem that is technologically sophisticated becomes clearer.
These pillars collectively form the blueprint for a bright future for the Indian real estate sector, adept with high transparency, sustainability, inclusiveness, and advanced technology. Forecasting a real estate and urban development environment that is ready to meet India’s ambitious goals, the proposals within ‘Vision 2047’ are forward-thinking and ripe for action.
The post CREDAI Proposes Land Reforms in ‘Vision 2047’ for India’s Real Estate appeared first on Real News Now.
About Author
