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Mr. Raheja at the NDTV debate at the Rics Real estate conference 2014
April 11, 2014

RICS Real estate conference 2014- Celebrating Indian Real estate was organized on the 11th of April, 2014 at the ITC Maurya Sheraton hotel, New Delhi and the session on the CEO's high powered TV debate on NDTV too was held in the evening. The topic of the debate was "The Blue print of success- the future potential of real estate in the country"

The debaters included Brotin Banerjee- MD & CEO - Tata Housing Development Company Ltd Anshuman Magazine- CMD - CBRE South Asia Yash Gupta- MD & Country Head - Hines India Real Estate Pvt. Ltd Manisha Natrajan- Senior Editor-Real Estate - NDTV Group Navin Raheja - CMD - Raheja Developers Ltd S K Sayal- Director & CEO - Alpha G Corp Devt.Pvt. Ltd.Gaurav Gupta- Director - Omkar Realtors & Developers Private Limited and Sachin Sandhir, MD, South Asia, RICS.

The debate touched almost all the subjects and important issues of real estate like the key things that happened over the last decade in Indian real estate that were worth celebrating, the emerging areas of real estate, trends in luxury, vs affordable vs value vs retail, FDIs, REIT's, Wish list for changes that should happen in the sector that would fast track its growth and banking reforms to ensure that the real estate industry can realize its true potential and also the measures to be undertaken by RBI etc.

Speaking at occasion Mr. Raheja said that the last 10 years were full with ups and downs for real estate players. The sector has grown a lot and seen lot of changes. The sector is more organized, transparent and it has taken shape of the industry. But Most wanted single window clearance system, availability of cheap finance and focus on affordable housing will make next decade memorable. He mentioned that the biggest challenge a developer faces includes availability of land and finance. The land cost has gone very high and post new land acquisition act, it will go further. Finance cost has also gone very high and liquidity is very tight in current market scenario. However, affordable housing is an challenge looking at land prices, approval timelines, lack of public private partnership for creation of affordable housing.

He added that the land acquisition Act, Real estate regulatory authority- will serve the intended purpose only if, its balanced and other stakeholders such as buyers, authorities and other agencies are held equally accountable and responsible. Not only this, Single window clearance system, setting up regulatory authority, focus on vertical development by increasing FAR and population density, creation of self substantial integrated township outskirt of major cities, investment enclaves, Regulatory reforms, E-governance etc are also most important and desirable reforms required for the sector to maintain the growth of the sector. The Banks, Financial Institutions and government needs to work on alternative model to finance the development of real estate as the project finance cost in real estate is very high when compared to lending to other sectors.

He affirmed that based on world bank estimates, by 2050, 41% of Indian population will be urban population. Secondly, as per housing ministry report, there is shortage of 26 millions houses in the country. Read combined, real estate sector has huge potential to grow and we firmly believe that in next decade, the sector will grow with full pace. However, adequate reforms and government support is must for this. Effective Single window clearance system, E-governance and cheaper capital for the sector is most desirable to happen.

From Left to Right: Brotin Banerjee- MD & CEO - Tata Housing Development Company Ltd Anshuman Magazine- CMD - CBRE South Asia Yash Gupta- MD & Country Head - Hines India Real Estate Pvt. Ltd Manisha Natrajan- Senior Editor-Real Estate - NDTV Group Navin Raheja - CMD - Raheja Developers Ltd S K Sayal- Director & CEO - Alpha G Corp Devt.Pvt. Ltd.Gaurav Gupta- Director - Omkar Realtors & Developers Private Limited

 
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