- 25 Years of NAREDCO : The Journey of Excellence

- Invitation for NAREDCO 16th National Convention 2024

Dear industry leaders and colleagues,

We are delighted to invite you to the NAREDCO 16th National Convention, which will take place on 2nd and 3rd February, 2024, at Hotel Taj Palace in New Delhi. The convention aims to bring together key stakeholders in the commercial real estate sector, including esteemed government officials, industry leaders, investors and other stakeholders to explore the dynamic landscape and growth of this vital sector.

The event will focus on shaping the future of commercial real estate in India and will feature a range of topics that are relevant to the current market. These will include government support for the sector, affordable housing, the impact of RERA, financing options, technology integration, investment opportunities and focus on India Vision@2047.

The government of India has been actively promoting the development of commercial real estate through various initiatives and policies. The convention will provide a platform for various stakeholders to share their vision and plans for the sector and to engage with industry leaders and investors. One of the key topics that will be discussed is affordable housing, which is a critical issue in India. The convention will explore ways to make construction more affordable and sustainable, including the use of innovative technologies and financing models.

The Real Estate Regulation and Development Act (RERA) has had a significant impact on the sector. The convention will provide an opportunity for industry leaders to discuss the impact of RERA and how it has changed the way business is conducted in the sector and what opportunities lie in the near future. Financing is a crucial aspect of commercial real estate development, and the convention will feature discussions on the various financing options available, including traditional and alternative sources of funding.

Another theme to be discussed will be technology which plays an increasingly important role in the commercial real estate sector and the convention will explore the ways in which technology can be integrated into development, including the use of Proptech, blockchain, AR/VR and other innovative solutions.

India is an attractive destination for investment and the convention will showcase various investment opportunities available in the commercial real estate sector. This will include discussions on the investment climate, regulatory frameworks and market trends along with various other topics of key interest for the industry players.

Finally, the convention will also speak over the India Vision@2047, which is the government's vision for the country's future. The convention will explore how the commercial real estate sector can contribute to achieving this vision and the role that government, industry and investors can play in making it a reality.

We are optimist that the convention will provide a valuable platform for networking, learning and collaboration. We look forward to welcoming you to the NAREDCO India 16th National Convention on commercial real estate and hope that you will join us in shaping the future of this valuable sector.

"Collaboration is the key to unlocking the full potential of India's urbanisation. By working together, we can create sustainable, liveable and inclusive cities that foster business growth, promote social equity and enhance the quality of life for all citizens. Let us join hands to build a brighter future for India." - NAREDCO

- Invited Esteemed Guests

- About National Convention

Welcome to the NAREDCO conference on India's real estate industry, where we gather to explore the dynamic landscape of this vital sector that continues to fuel the nation's growth engine. As we embark on this journey, we envision an industry that is evolving and adapting to the changing times, embracing new-age trends, and marching towards a sustainable and prosperous future.

Over the past few years, the real estate sector has demonstrated remarkable resilience. The real estate sector of India is projected to grow at a CAGR of 18 per cent between 2020-2030; from USD180 billion in 2020, to a projected market size of USD 1 trillion by 2030. This growth has been fuelled by various government-led initiatives and policies for enhancing the ease of doing business, foreign investment in the sector and fostering global collaborations. The associated milestones have not only delivered macro-economic gains but have also ensured citizen centricity amidst the evolving real estate landscape.

The contemporary real estate sector is characterised by the emergence of new-age trends and technologies that have reshaped the sectoral prospects. The advent of proptech, logistics and warehousing, data centers, and managed office spaces has transformed commercial real estate. The expanding start-up ecosystem with disruptive business models like co-working, co-living, has gained significant traction. Moreover, emerging technologies in construction management have targeted at streamlining business processes, ensuring efficiency, and sustainability. 

In the wake of global developments and drive towards sustainability, the sector has committed to the vision of combating climate change by achieving net-zero goals. Emerging cities- which are hallmarked as centers of growth and present an immense potential for development, have been prioritised by the Government in most of its policies related to infrastructure development. 

The introduction of REITs and INVITs as alternate real estate financing mechanisms has further unlocked growth within select segments of the industry. While celebrating the sector's achievements, we must also confront the challenges faced by it. The liquidity crisis has disrupted traditional real estate financing cycles, while stressed assets, insolvency, and refinancing pressures have presented unique hurdles. Policy reforms, such as the Rental Housing Policy, hold the potential to expedite affordable housing goals but await implementation success. Moreover, empowering the sector's workforce to reach world-class standards is essential for sustained growth and development. 

As we stand at this inflection point, it is crucial for all stakeholders to come together and address the industry's pressing needs. NAREDCO, as the national representative of the real estate sector, aims to foster collaboration between the Government and private sector stakeholders. Together, we can achieve the government's objectives, ensure the sector's sustainability, and pave the way for a thriving real estate industry that positively impacts the broader economy. In this conference, we seek to explore new approaches, embrace emerging trends, and collectively overcome challenges to unleash the full potential of India's real estate sector.

Key themes of the Session

Government initiatives fuelling real estate development

Government initiatives such as smart cities mission, affordable housing program, real estate regulatory act (RERA), introduction of Real Estate Investment Trust (REIT), to name a few, have been instrumental in supporting the development of urban infrastructure, hence fostering real estate growth in India.

In this context this session focuses on discussing the following aspects:

• Affordable housing initiative 2.0: Discuss the success story of Pradhan Mantri Awas Yojana – Urban (PMAY-U) 1.0 and how the scheme extension would meet Vision 2047 of Government of India.
• New Real Estate Regulatory Act (RERA) guidelines (2022): Discuss the implications of strengthened RERA on housing supply, consumer confidence and investment inflow. Also explore future course of action to strengthen the Act.
• Public-Private Partnerships (PPPs) driving capital intensive projects: Highlight the merits of collaboration between state authorities and private developers and future areas of development.
• Urban infrastructure upgradation: Discuss the challenges faced in implementing urban infrastructure upgradation schemes to decongest cities and suggest action plan.

Real estate regulatory watch: updates and way forward

Growth of real estate sector is associated with the economic gains across industries as well as socio-economic segments. In this regard simplified real estate regulations become an imperative. Whilst RERA has led to an improvement in the execution and track record and have also reduced the project delays, GST has helped revamp the indirect taxation in the real estate sector.  

In this context this session focuses on discussing the following aspects:

• Real Estate Appellate Tribunal (REAT): Discuss the implications of REAT and its role in dispute resolution.
• GST and real estate: Discuss how GST has been instrumental in streamlining real estate processes and what are the challenges in its implementation. And how these challenges can be addressed.
• Easing the role of ASI: Explore strategies to address the regulatory requirements for large scale real estate projects near heritage sites. Discuss the ways in which the approval process can be streamlined and simplified.
• RERA best practices and bottlenecks: Analyse specific challenges and opportunities posed by the regional bodies such as MahaRERA. 

Land title guarantee- enabler or bottleneck to India’s

real estate growth?

Title Insurance has been introduced by the Insurance Regulatory and Development Authority of India (IRDAI), to protect the owner of a property against the financial losses incurred due to varied reasons. The insurance enables homebuyers to mitigate the issues related to title defects, lopsided sales agreement and offers developers a strong reputation and track records.

In this context this session focuses on discussing the following aspects:

• Viability of title insurance: Discuss about the burden of insurance costs on the developers and why the title insurance market appears to be a non-starter.
• Challenges in the implementation of title insurance: Discuss the bottlenecks in the implementation and suggest actions to address the challenges faced by the buyers or developers.
• Risk-proof business models: Explore viable business models in title insurance and ways to address the associated risks.
• Investment and other benefits: Discuss the types of investments being attracted due to clear titles and the impact on property prices in the near future.
• Stakeholder awareness: Discuss the initiatives that can help create awareness among the buyers and developers about the benefits that title insurance has to offer.

Financing in the real estate - challenges and options

Financing in Indian real estate has evolved significantly, with new financing arrangements such as REIT and Co-lending model (adopted by the RBI) gaining momentum. With the potential for diversification, liquidity, passive income, professional management, and tax advantages, REITs have enabled developers to monetise revenue-generating real estate assets and utilise the funds for further development. 

In this context this session focuses on discussing the following aspects:

• Project life-cycle management: Discuss the challenges faced throughout the lifecycle of a project. Identify the benchmarked best practices of financing that are instrumental in enhancing accountability.
• Industry status for last mile project funding: Discuss the bottlenecks faced in securing domestic capital for project completion, for developers and ancillary industries.
• Challenges faced by investors: Highlight the factors impacting real estate financing such as regulatory complexities, rising costs and shifting consumer preferences, and how the real estate sector plans to navigate through them.
• Role of fintech in simplifying real estate financing: Discuss the ease of financing provided by the fintech platforms and how can these be enhanced further.

Commercial real estate: opportunities and challenges

Economic growth coupled with tech-disruption has led to higher demand for the commercial real estate space in India. Moreover, this growth has been channelled by the IT/ ITeS sector and varied government reforms (industrial corridors, FDI policy, RERA, REITs). Investors are diversifying their investment portfolios by owning a share of high-value commercial properties, which has resulted in increased global investments in organised retail spaces such as coworking office spaces, smart warehousing, and logistics hubs.

In this context this session focuses on discussing the following aspects:

• Fractional ownership: Discuss the concept of fractional ownership in commercial real estate, its legal implications, and potential opportunities.
• Real Estate Investment Trust (REIT): Discuss the future of commercial real estate investment through REITs by highlighting the trends, opportunities and challenges.

Real estate and rapid urbanisation: perspectives

Indian cities have exhibited a horizontal growth in the last decade, resulting in problems associated with urban sprawl. This has led to an increase in trip lengths and higher usage of private vehicles, problems of pollution and increased demand of infrastructure.

In this context this session focuses on discussing the following aspects:

• Land use development planning models: Discuss the transit-oriented development model and its implementation in India. Also highlight the implementation challenges that it faces.
• High density compact development: Explore the strategies that can be followed for improving the FSI in CBD and high-density areas across the metropolitan and Tier 1 cities in India.
• Developer’s perspective: Identify key concerns of developers and strategies to be implemented by the Government to address them. Discuss the challenges faced regarding regulation, taxation, fund raising and governance.

Skilling initiatives in real estate sector

The Real Estate sector is evolving rapidly with the advent of new technologies and sustainable practices. Matching the requirement of skilled staff with commensurate supply, that can leverage these advancements to design and construct buildings that are environmentally friendly and energy-efficient becomes an imperative. There has been a continuous effort to upskill and train workers in the sector, ranging from digital skills to other developmental skills.

In this context this session focuses on discussing the following aspects:

• Upskilling of construction workers through NIPUN: Discuss the benefits, coverage, and other training incentives of NIPUN and challenges in implementation of this program. Also discuss the next steps that can be taken towards scaling this program.
• Institutional support: Highlight the framework that can be adopted by GoI to establish, standardise, sustain industry competence and skills levels, for delivering skilling outcomes for real estate sector. 

Industrial linkages of real estate sector

The real estate sector is shaping the overall macro-economic growth, on the account of its critical industrial linkages with other sectors such as aviation, heavy industries, travel and tourism, to name a few. As activity in the real estate sector ramps up, wider positive multiplier effect on associated industries is anticipated.

In this context this session focuses on discussing the following aspects:

• Aviation sector: Explore the intersection of real estate and aviation sector, identifying opportunities and challenges.
• Defence sector: Discuss the impact of defence activities on real estate, potential collaborations, and strategies to address the challenges.
• Metal scrap trade and its impact on construction sector: With an emphasis on circular economy, explore the potential collaborations that can be steered by real estate players with stakeholders in metal scrap trade

Emerging technologies in construction management and contracting

Integration of innovative solutions in construction management is not just attracting a wide range of investment opportunities but also catering to the evolved expectations of buyers. Notably, sustainable building techniques are becoming increasingly prevalent as an effective solution towards minimised usage of low carbon materials.

In this context this session focuses on discussing the following aspects:

• Building Information Modelling (BIM): Discuss how the implementation of BIM can help reduce construction errors, result in better cost estimation, and enhanced facility management post-construction.
• Green building technologies: Discuss the sustainable alternative materials and methods which can be used in construction management, along with areas for future development.
• Blockchain for smart contracts: Assess how blockchain technology and smart contracts have improved the security and transparency of real estate transactions. 
• Urban infrastructure upgradation: Discuss the challenges faced in implementing urban infrastructure upgradation schemes to decongest cities and suggest action plan.

Vision 2047 – drive towards sustainability

Towards building a socially and environmentally responsible society, Vision 2047 of the Government of India provides a roadmap for sustainable growth of the Indian real estate sector.

In this context this session focuses on discussing the following aspects:

• Renewable energy integration- need of the hour: Suggest ways in which integration of renewable energy be further enhanced to meet the growing energy demands.
• Retrofitting of existing buildings: Discuss the challenges faced in implementation of this initiative by the realtors and developers, and the role the government can play in amplifying the adoption.
• Regulatory requirements of the future: Recommend the roadmap that the regulatory authorities in India can adopt to meet the changing needs of real estate sector over the next few decades

Mr. Nilabh Gangwar,

Deputy Director General

E: nilabh@naredco.in | M: 8790149925

T: +91-11-26100285 

Mr. Lavin Kumar,

Sr. Manager

E: lavin@naredco.in | M: 8299020860

T: +91-11-26100285 

Glimpses of Past Conventions