Online housing fest to unlock 2.70L houses

In a bid to resurrect from a continuous decline in the housing sales and revive demand amid COVID-19 pandemic, real estate developers will soon offer over 2.70 lakh ‘ready-to-move-in’ houses for online sales in a first and biggest ever housing festival, which will begin soon.

Initiated by National Real Estate Development Council (Naredco), in this festival, the developers from all over India will list their housing properties for sale on an exclusively created e-commerce marketplace ‘NAREDCO Housing For All’ developed in guidance with the Ministry of Housing and Urban Affairs. 

The festival, according to a Naredco press release, is expected to unlock the affordable housing properties worth over Rs 1.21 lakh crore and offer a great opportunity to the national and international homebuyers to buy RERA-registered properties at the right prices anywhere in India.

Hardeep Singh Puri, Minister, Housing and Urban Affairs, announced the launch of the e-commerce portal and also unveiled  the recently approved ‘Affordable Rental Housing Policy’ knowledge pack to support a huge influx of people in urban India find affordable rental housing. 

Congratulating Naredco on launching an innovative e-commerce portal, Puri said, “The visionary step of creating an e-marketplace 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.”

Responding to a demand raised by NAREDCO for Housing For All Portal about permitting a 100 pc FDI in affordable rental housing sector, Puri announced that the Government will soon allow this.

Niranjan Hiranandani, National President of Naredco and Assocham, 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 instill confidence among the respective stakeholders like consumers, developers, banks and financial institutions.” 

Rajeev Talwar, Chairman, Naredco, said, “Affordable Rental Housing complexes will provide social security and quality life to migrant labour, urban poor, and students etc.”

Praveen Jain, Vice-Chairman, Naredco, 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.”

Explaining about the portal, Rajan Bandelkar, Convenor, Naredco Housing For All portal, 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 homebuyers in India and abroad.”