· India’s first housing ecommerce portal for home buying
· National platform with RERA registered properties developers from all over India
· Accurate data & Transparency about the developer, location, images, etc.
· Right pricing with right offers
· Safe and secure buying experience
· 1% Cashback offer to the homebuyers
Bengaluru, NFAPost: National Real Estate Development Council (NAREDCO), the apex body of real estate developers in India formed ecommerce market place ‘NAREDCO Housing For All’.
The move comes in a bid to resurrect real estate developers from a continuous decline in the housing sales and revive the demand amid the worst-hit Covid pandemic.
Union Housing and Urban Affairs Minister Hardeep Singh Puri along with NAREDCO National President and President of ASSOCHAM Rajan Bandelkar launched the platform in a virtual event.
Ecommerce marketplace ‘NAREDCO Housing For All’ is developed in guidance with the Ministry of Housing and Urban Affairs. This gives an opportunity for developers to sell their dwelling units during the festival as there is growth for the affordable housing properties worth over Rs 1.21 lakh crore.
Real estate developers platform ‘NAREDCO Housing For All’ will soon offer over Rs 2.70 lakh ‘ready – to – move – in’ houses for online sales to the homebuyers in a first and biggest ever housing festival, which will begin soon.
National and International buyers
Besides offering a great opportunity to the national and international homebuyers to buy RERA registered properties at the right prices anywhere in India, the platform offers rental opportunity for home buyers as per the Affordable Rental Housing Policy.
The ecommerce is necessitated to support a huge influx of people in urban India find affordable rental housing.
Shri Niranjan Hiranandani, National President, NAREDCO and President, ASSOCHAM, Shri Rajan Bandelkar, Convenor, NAREDCO Housing For All Portal and President – West, Shri Rajeev Talwar, Chairman, NAREDCO, Shri Praveen Jain, Vice Chairman, NAREDCO and other industry delegates were present at the Web-based event.
Congratulating NAREDCO on launching an innovative e-commerce portal, Union Housing and Urban Affairs Minister Hardeep Singh Puri said the visionary step of creating an emarketplace for the homebuyers designed by NAREDCO and implementation of the affordable rental housing policy will change the dynamics of the sector, as many people will be able to find their dream houses under these programmes.
Affordable Rental Housing Policy
“The Affordable Rental Housing Policy is necessary for migrant workers who cannot afford buying houses and also for younger professionals in the cities. The Government has been speedily working towards meeting the Housing For All targets and the demand assessment shows that about 70% of projects have been grounded,” said Union Housing and Urban Affairs Minister Hardeep Singh Puri.
Responding to a demand raised by NAREDCO for Housing For All Portal about permitting a 100% FDI in affordable rental housing sector, Union Housing and Urban Affairs Minister Hardeep Singh Puri announced that the Government will soon allow 100% FDI in affordable rental housing.
He also maintained that on the lines the Civil Aviation Ministry, the real estate sector will too have a ‘Permanent Working Group’ to attend any issues or matters pertaining to the sector for faster decision making.
Housing and Urban Affairs Secretary Durga Shanker Mishra, IAS who attended the inaugural event appreciated the initiative.
“Ecommerce marketplace ‘NAREDCO Housing For All’ is expected positive sentiments to return in the realty sector in the near future,” said Housing and Urban Affairs Secretary Durga Shanker Mishra, IAS.
Impact of Covid Pandemic
The realty sector in India is going through a turbulent phase as Covid pandemic and economic slump added a downward spiral for housing demand. The already beleaguered sector is pinning high hopes on this mega online sales for pushing the demand and much-needed liquidity.
Speaking on the occasion, National President of NAREDCO Niranjan Hiranandani said the real estate sector needs an immediate demand shock and unlocking the potential of unsold housing inventory is the immediate remedy.
“This e-commerce platform is curated supporting the Government’s ‘Digital India’ initiative which will not only disrupt sales process; but also instil confidence among the respective stakeholders like consumers, developers, banks and financial institutions,” said National President of NAREDCO Niranjan Hiranandani.
He also further added that, from an industry perspective ARHC scheme will help unlock the potential, as also utilise government lands to create rental housing stock, which will help those at the bottom of the pyramid, ensuring that “housing for all” becomes a reality for all segments of Indian society.
NAREDCO Chairman Rajeev Talwar said Covid-19 pandemic has resulted in massive reverse migration of workers and poor migrants in the country who come from rural areas or small towns for seeking better employment opportunities in urban areas.
“To address this issue so that the same does not happen in future, the Union Cabinet chaired by the Prime Minister Narendra Modi has given its approval for developing of Affordable Rental Housing Complexes (AHRCs) for urban migrants/poor as a sub-scheme under Pradhan MantriAwasYojana – Urban (PMAY – U),” said NAREDCO Chairman Rajeev Talwar.
Affordable Rental Housing Complexes will provide social security and quality life to migrant labour, urban poor, and students etc. This will be done through converting government funded houses in the cities into Affordable Rental Housing Complexes (ARHC) under PPP mode through concessionaire.
Affordable Rental Housing Complexes will create new ecosystem in urban areas making housing available at affordable rent close to the place of work. Investment under ARHCs is expected to create new job opportunities. ARHCs will cut down unnecessary travel, congestion and pollution.”
NAREDCO Vice Chairman Praveen Jain said migrant workers were in need of affordable and convenient rental housing in urban areas especially in big cities like Delhi, Mumbai, Bengaluru etc. in addition to social security.
“The government is attentive to the needs to all the segments of economy and society. Therefore, the finance minister announced a scheme for affordable rental housing complexes for migrant workers and urban poor to provide ease of living at affordable rent under the Pradhan Mantri Awas Yojana,” said NAREDCO Vice Chairman Praveen Jain
This scheme will extend help to a large part of workforce in manufacturing industries, service providers in hospitality, health, domestic/commercial establishments, and construction or other sectors, labourers, students etc. who come from rural areas or small towns seeking better opportunities in cities.”
Explaining about the portal Rajan Bandelkar, Convenor, NAREDCO Housing For All Portal and President – West, said this biggest online marketplace will offer the discerned buyers right home buying options at the best prices.
“This will act as a trusted, secured and seamless platform for home buyers in India and abroad. This will also bring down the inventory turnover time of developers drastically improving their cash flows.” Mr Bandelkar informed that more than 250 projects have already been live on the portal. He also appealed to the Ministry to resolve long – pending demands of 100% FDI in the affordable housing sector and one – time restructuring of loans,” said Convenor, NAREDCO Housing For All Portal and President – West Rajan Bandelkar.
Home loan offers
The portal will display RERA registered projects and there will be third party document verification for all the projects listed on the site. The homebuyers will be able to seek the best pricing, home loan offers and book the properties online directly with the developers.
It will offer a safe and convenient property surfing and buying experience with assurance and guidance from NAREDCO. Like any other e-commerce goods buying platform, this portal will also offer facilities like cash back and price match guarantee. On the other hand, this will help the developers in easing liquidity pressures, both in terms of sales and marketing initiatives through cost savings.
The launch of a ‘NAREDCO Housing For All’ e-marketplace has assumed significance owing to unprecedented disruption across the country’s real estate sector with dampening sales and new project launches. The lukewarm approach of homebuyers delaying their buying plans has further added to the woes of the sector, which was already battling pre-pandemic liquidity and NBFC crisis.
Though the Government introduced a slew of measures in the recent past to inject liquidity into the sector in terms of extending the CLSS benefits, extension of moratorium, etc.; the developers have been asking for more prescriptions such as one – time restructuring of loans, reintroduction of subvention schemes, 100% FDI in completed housing projects, other sops that will benefit the industry.