Amidst the revival of the real estate sector, Anand Kumar, Chairman of NCT of Delhi RERA, has underscored the imperative for real estate developers and agents to register under RERA.
During the second Management Development Program convened by National Real Estate Development Council (NAREDCO), he emphasised there is a need to bring transparency and facilitating growth within the industry.
Currently, there are 87,000 RERA-registered real estate agents in the country.
“Real estate is a dynamic sector and the pace of change has only accelerated in the last few years and by imparting transparency to the sector, RERA has a big role to play in this. However, despite all the efforts, people are not aware of the provisions and guidelines of RERA. This workshop is a step in that direction. Further, we not only need to understand the gradually evolving landscape but also equip realty professionals with the right knowledge, foster professionalism and instil the culture of compliance among all stakeholders involved,” said Kumar.
The central government passed The Real Estate Regulation and Amendment Act in 2016. The Act, which became effective from April 30 2017, was passed with an aim to bring sea changes in the otherwise unregulated industry, which was suffering from delayed and poor construction projects.
Speaking at the inaugural workshop titled “RERA & Real Estate Essentials , G Hari Babu, National President of NAREDCO, projected that the real estate sector would contribute 15% to the country’s GDP by 2025, underscoring its significant potential. “Among other things this industry requires large number of trained professionals considering its size, time and value involved. This management development program is a step in that direction and reflects our dedication to cultivating talent and promoting excellence in the real estate domain. Through providing organizations, their employees, and professionals with the essential knowledge and skills required to excel in the current competitive landscape, we aim to catalyse sustainable growth and promote professionalism in the industry,” said Babu.
Babu highlighted the industry’s current market valuation of $250 billion and its expected growth rate of 16-17%, indicating the sector’s substantial contribution to the economy. He emphasized the importance of nurturing talent and promoting excellence through training programs like the Management Development Program.
Harsh Bansal, President of Delhi NAREDCO, emphasized the importance of regular training and capacity building initiatives for professionals in the real estate, construction, and infrastructure sectors, given their significant contribution to employment and GDP. “Real Estate and construction sector is not only the second largest employer in the country but also contributes significantly to its GDP. In the last few years it has also witnessed rapid growth. Therefore, it is imperative to regularly impart comprehensive training and undertaking capacity building initiatives among the professionals engaged in real estate, construction, and infrastructure sectors. We are happy with the number of participants and the response from the fraternity,” said Bansal.