Key Points

Addressing the second day of the NAREDCO 17th National Convention here in the national capital, the Minister indicated that a study is being undertaken to draw development cues from leading airports of the world, such as those in New York, London, and Hong Kong, so that multiple large-scale economic activities can be ensured around upcoming airports in the country.

According to a press release from NAREDCO, the minister highlighted that airports attract huge footfalls not only for recreation but also for various economic activities in and around their vicinity. Hence, the Government intends to encourage the creation of convention centers and hotels close to such airports for multiple economic gains.

The Minister emphasised that airports around New York, London, and Hong Kong operate at very high economies of scale with multiple associated activities, including real estate development. India, he said, would take a cue from these examples to develop similar utilities around new greenfield airports.

According to the Minister, the Government plans to add hundreds of airports to its civil aviation trajectory because of the sector's potential for growth. He noted that in the recent past, the Government has already operationalised 88 airports, with many more in the pipeline.

"Since I come from the State of Andhra Pradesh, I would like the Members of NAREDCO to proactively come forward to build the new capital, Amravati, which will be a huge smart city with world-class facilities and infrastructure of the highest standards," said Minister Naidu.

Earlier, Kuldip Narayan, Joint Secretary, Ministry of Housing and Urban Affairs, Government of India, urged real estate developers to expand their horizons from building 4-5 lakh houses each year to 40-50 lakh annually so that the real estate and housing sector grows substantially and contributes critically to national GDP.

According to him, funding for such activities should come through institutionalised arrangements such as Real Estate Investment Trusts (REITs) and HUDCO.

He added that the future challenge for the builder community is to manage housing--particularly affordable housing--through innovative housing management techniques, with a focus that goes beyond retail loans.

In his welcome remarks, G Hari Babu, President, NAREDCO, assured the Minister that NAREDCO would come forward to participate in building the proposed Amravati capital city in close cooperation with the Government of Andhra Pradesh, with all its strength and resources.

Niranjan Hiranandani, Chairman of NAREDCO, in his address, pointed out that the growth of the real estate sector must be aligned with national requirements, and the industry must rise to meet those expectations.

The two-day 17th NAREDCO National Convention, themed "India Builds: Reimagining Growth through Real Estate and Infrastructure", brings together policymakers, industry leaders, economists, and stakeholders from across the country.

- ANI