– The Summit focused on the growth prospects and development of Tier II, III, and IV cities
Vizag, 29th April 2022: The Confederation of Real Estate Developers’ Associations of India, (CREDAI), today organized its 4th Edition of the New India Summit (NIS) intending to foster development and strengthen the growth roadmap of real estate in non-metro cities, under its Micro Small and Medium Developers (MSME) wing, on April 29-30. The summit addressed the challenges faced by the realty developers in non-metros and discussed the solutions to enable fast-paced growth for the sector.
The event was inaugurated by Shri. Audimulapu Suresh, Hon’ble Minister for Municipal Administration & Urban Development, Andhra Pradesh, Shri M V V Satyanarayana, Hon’ble Member of Parliament, Visakhapatnam, accompanied by the esteemed presence of CREDAI leadership – Mr. Harsh Vardhan Patodia, President; Vice Presidents – Mr. Manoj Gaur; Mr. G. Ram Reddy; Mr. Narendra Kumar; Mr. Anant Rajegaonkar; Mr. Pankaj Goel, Secretary; Mr. B Raja Srinivas, President, CREDAI Andhra Pradesh; Mr. K S R K Raju, President, CREDAI Visakhapatnam, and Mr. V Dharmender, NIS Convenor.
The event encompassed insightful discussions & fireside chats highlighting the issues connected with Tier 2, 3 & 4 cities, to come to conclusions and prepare a plan of action to address the challenges. Further, expert speakers from the industry, academicians, consultants, Government stakeholders shared much-needed insights on various topics covering Role of Innovative Technologies in Construction Industry and its impact on Cost; New Options in Financing and Investment in Tier 2,3 and 4 cities; Product to Market Strategy; Project Management Consulting and PROP Tech
Shri. Audimulapu Suresh, Hon’ble Minister for Municipal Administration and Urban Development, Andhra Pradesh graced the occasion with his presence. He said “The real estate industry supports 250+ allied industries that are dependent on the Housing & Construction sector. Thus, affordable housing is the prime need of the nation. In the wake of escalating prices of raw materials, we appreciate the efforts by CREDAI, the apex real estate body, to host this highly significant New India Summit to discuss the prominent role of this segment in the community.”
Shri. M V V Satyanarayana, Hon’ble MP, Lok Sabha YSRCP, who also happens to be a real estate developer, stated “MSME plays a vital role in the real estate industry and the economy by constantly creating jobs, contributing a significant share in the economy, helping in decongesting metro cities, among various other efforts. The current government with its focus on business revival and growth for the segment is undertaking reforms critical for reviving growth in the real estate sector. As the industry gears itself towards sustained growth, the significance of affordable housing segment has become an area of key importance”.
Speaking on the occasion, Harsh Vardhan Patodia, President, CREDAI National, said, “We at CREDAI believe that the country’s non-metro cities will lead this new revolution. Although, COVID – 19 Pandemic had hit the businesses and economies in all parts of the world. Skyrocketing prices of materials used for construction have affected the realty industry, especially in the affordable segment has led to a cumulative increase of over 15% percent in construction costs, scarcity of trained labor and other resources, and ever-changing statutory and regulatory requirements are all impacting the growth of the sector. This new scenario requires innovative ideas to tackle this emerging situation. Even well-established and reputed developers are in search of avant-garde methods to face the present situation. The 4th edition of NIS’s endeavors addressed the above issues and is aptly themed as ‘Cruise: Navigate the Future.”
Mr. G. Ram Reddy, Vice President, CREDAI National, said, “Tier II, Tier III cities are gaining good momentum in terms of demand and sales & there is abundance scope in further development. This will further benefit the sectors contribution to the GDP & employment. This segment has immense potential in the tier II and III cities as land prices are affordable and land is easily available. CREDAI understands and acknowledges the importance and significance of the role that realtors from smaller cities will play in the long-term growth of the industry and the economy as a whole.”
Mr. Sri B. Raja Srinivas President, CREDAI Andhra Pradesh, said that “Growth of the real estate industry in MSME segment will lead to a positive upscale in not only strengthening the segment but contributing a large share in providing dream homes to homebuyers, employment opportunities to masses, much needed support to developers leading to a transformed New India”
Mr. K S R K Raju, President, CREDAI Visakhapatnam, said, “Non-metros are the growth engines of nation’s growth trajectory. New India Summit offers a platform to deliberate, discuss and highlight the issues connected with Tier 2, 3 & 4 cities, come to conclusions and prepare a plan of action to address the challenge
Mr. Dharmendra Varada, New India Summit, Convenor “, said, “Events like NIS will only propel cities across India to spruce up in terms of infrastructure and invite FDI into real estate. It will help satellite towns emerge around metros, create opportunities and wean away some of the burden faced by metros”
The two-day event brought together more than 500 developers across the nation and industry leaders of the Real-Estate community who have been partners in the ecosystem growth story across the years. During the event, the industry leaders discussed opportunities in Tier 2, 3 & 4 cities with their challenges and plan for up-gradation, improvisation and technology-enabled development with an aim to celebrate the emergence and the contribution of Tier II, III, and IV cities towards the immense growth of the sector.
