Even as Union Minister Santosh Kumar Gangwar on Tuesday said real estate players will play a significant role in realising the aim of 'Housing for All' by 2022, realtors demanded setting up of a fund by the Centre for completion of stuck projects.
"Real estate developers will play an important role in realising our government's vision of Housing for All by 2022. This will also mean mass urbanisation but this should happen without the proliferation of slums. Real estate developers and NAREDCO can play an important role in it," Minister of State for Finance Santosh Kumar Gangwar said at the 14th national convention of National Real Estate Development Council (NAREDCO) in New Delhi.
NAREDCO said both the government and private sectors needed to support their endeavour.
Raheja Developers CMD Naveen Raheja said: "More than 250 industries depend on real estate sector. The economy can move forward and Prime Minister Narendra Modi's vision of Housing for All can be realised. But for that to happen, we need government's support. The government should help and set up a fund for completion of stuck-up projects."
Developers felt that creation of such fund would help realtors and home buyers alike since incomplete projects facing problems could be completed due to the move.
Uncertainty in the environment and recent developments like Goods and Services Tax (GST) implementation and Real Estate Regulatory Act (Rera) have only added to the woes of the developers, the realtors said.
"Developers felt that a change in mindset towards the sector is needed for resolution of the problems it is facing. With the government's support they felt that good times for the sector are round the corner," NAREDCO said in a statement.
