Real estate News India : Several real estate associations of South India converged at the two-day conference organised by the Confederation of Indian Industries here to discuss various aspects and prospects of real estate sector.
The conference titled, ‘Estate South — Making an Impact on Indian Real Estate’ was inaugurated by CVR Rajendran, chairman and managing director of Andhra Bank, who noted that real estate in southern region of the country alone contributed 25 per cent to GDP. He said, the government could utilise funds from pension and insurance sectors in real estate sector to enable faster and improved development of infrastructure. He advised builders to continuously contribute to the supply without looking at the demand in the market.
According to G Yoganand, chairman, Estate South 2013 and CMD, Manjeera Constructions Pvt Ltd, the workshop that is happening for the first time in the city aimed at looking into issues related to South India’s prospects of growth with regard to the contributions from real estate sector. He said the conference will discuss how to build sustainable cities at a time of massive urbanization, adoption of new building technologies, planning of procurement, and green and energy efficient buildings, etc.
The conference consists of sessions on alternative asset classes, evolving best practices in building industry, impact of the land acquisition Bill/ Real Estate Regulatory Agency (RERA), and current marketing trends and adoption of innovative marketing techniques in real estate.
Suresh Chitturi, vice chairman, CII; Anshuman Magazine, CMD, CBRE South Asia; Dasarath Reddy, AP Real Estate Developers Association (APREDA); C Prabhakar Rao, president, AP Builders Federation; and Jaiveer Reddy, president, Confederation of Real Estate Developers’ Association of India (CREDAI) spoke about a boom in real estate sector that is expected post-2014 elections and to utilise the opportunity.
T Chitty Babu, co-chair, Estate South 2013 and senior member with CREDAI, said south India was becoming the best in the coming years. According to him, real estate was not only the second largest job creator and highest tax payer, the industry was also bringing in 4 billion dollars as FDI at present.
He said the builders were against the Land Acquisition Bill/ RERA in its present form. Financial institutions, service providers and consumers should under the purview of the Bill, he said.