Credai for land reforms, ease of doing business, skilling to transform realty

Hyderabad: Land reforms, ease of doing business, faster building plan approvals with lower charges, skilling, and creation of new cities are required to transform the Indian real estate sector, according to Credai.

Realtors' apex body Credai, which represents more than 13,000 developers as members, has come out with a report, 'The National Real Estate Development Framework 'Vision 2047' at its annual conference here.

"The future of Indian real estate is not just about creating buildings, but about building communities, livelihoods, and aspirations," Credai National President Shekhar Patel said.

The report is both a vision document and a call to action, inviting all stakeholders to come together to transform India's real estate sector and make it globally competitive, he added. Patel said the real estate sector would play an important role in making India a developed nation by 2047.

To transform this sector, Credai has suggested a framework comprising nine pillars. Seeking land reforms, the body said there is a need to ensure conclusive land titling through the Land Titling Act.

It also stressed the need to create a unified national digital land register to enhance transparency and accessibility. To promote affordable housing, Credai said there is a need to create land banks. The association also emphasised the development of 100 'cities of tomorrow'.

"Ease of doing construction constitutes the third pillar, seeking to transform building plan approvals via digitisation, transparency, and time-bound processing," Credai said.

The realtors' body also suggested that the Centre and states should rationalise development and approval charges. It should set up dedicated funds for infrastructure financing, including government-backed infrastructure and housing bonds.

The Credai report also mentioned that there should be a focus on slum redevelopment and promotion of the construction of green buildings.