National Real Estate Development Council (Naredco), which was established in 1998 under the aegis of Ministry of Housing and Urban Poverty Alleviation for the development and promotion of housing and real estate in India, acts as a mediator between the government, developers and consumers. Now that a new government has taken office at the Centre, Rohtas Goel, president of Naredco and CMD of Omaxe, plans to put forward the real estate sector’s expectations before the new government. Goel is optimistic that the government will take steps that will help revive the sector at the earliest. Excerpts from a conversation with Praveen K Singh:

•As Naredco president, what are your expectations from the new government at the Centre?

I have high expectations from the new government. I expect the new government will provide relief to this sector. One, we hope that the government will grant infrastructure status to residential units having an area of 900 sq ft or less. Projects having at least 100 such units should be accorded this status.

Two, the completion date of projects, which have already been approved under Section 80IB (10), should be extended for another two years.

Three, in order to promote affordable housing, where supply is negligible and demand high, concessions under Section 80IB (10), as available before 2007, should be reintroduced.

Four, the government should create a dedicated fund for affordable housing. Access to long-term funds such as provident, insurance and pension funds will also ease the real estate sector’s current problems.

... contd.