Change of Guard at NAREDCO Maharashtra, Prashant Sharma Appointed as President

Mumbai, February 23, 2024: Prashant Sharma, Chairman of GHP Group, has assumed the role of President at the National Real Estate Development Council (NAREDCO) Maharashtra. The position, previously held by Sandeep Runwal, now transitions to the role of Vice Chairman at NAREDCO Maharashtra. The official President Induction Ceremony, signifying this change of leadership, took place in Mumbai at Sofitel BKC. NAREDCO, an autonomous self-regulatory body under the aegis of the Ministry of Housing and Urban Poverty Alleviation, Government of India is a pivotal body in India’s real estate sector focusing on the formulation of national policies and sectoral development.

Prashant Sharma’s appointment is strategically timed, when the real estate sector is witnessing transformative growth, as underscored by Anuj Puri, Chairman & Founder of Anarock during the event. Puri highlighted the sector’s robust performance with over 5 lakh units sold in 2023 in the top 8 cities, marking the best sales in 15 years. He emphasized that despite rising property prices, affordability is still the best in the last decade. The Mumbai Metropolitan Region (MMR) notably contributed 47% of new home sales, indicating a significant market shift.

Sharma expressed his dedication to the growth of the real estate sector, stating, “With government support, NAREDCO Maharashtra will strive to promote the development of the real estate sector, particularly in the affordable housing segment, driving the ‘HousingForAll’ momentum. My focus is on reinforcing the industry’s role in economic development and revitalizing Maharashtra’s major real estate markets. With equal zeal, my priority is to implement innovative ideas to positively influence customers’ perceptions of the sector.”

Sandeep Runwal, extended his best wishes to the incoming President, stating, “My best wishes to the new President on this exciting journey of guiding and shaping the future. Prashant Sharma brings a wealth of experience and a fresh perspective that will undoubtedly contribute to the continued success of NAREDCO Maharashtra.”

Rajan Bandelkar, Vice Chairman of NAREDCO, also welcomed Sharma, highlighting his extensive experience in the real estate sector. ” Prashant Sharma’s long-standing knowledge and experience are assets that will lead to impactful initiatives along with growth and innovation in the sector,” remarked Bandelkar.

Anuj Puri’s insights further reveal a dynamic shift in the sector, with the average age of home buyers reducing from 42 to 30, and 2023 witnessing the highest amount of land acquisition by developers. This indicates a youthful and robust market, poised for innovative growth. His data on the 4,82,000 units delivered by developers last year underscores the sector’s capability and potential.

The change of guard ceremony was attended by distinguished guests, including Shrikant Shinde, Member of Parliament, Lok Sabha and prominent figures from the Real Estate Sector. The event also saw the presence of esteemed veterans from the Bollywood and the music industry, such as Hariharan, Lesley, Jolly Mukherjee, and Jasvinder Narula.