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NAREDCO Proposes Constructing One Lakh Affordable Houses on a No-Profit No-Loss Basis: Niranjan Hiranandani

  • Friday, November 20, 2015 6:02PM IST (12:32PM GMT)
 
Mumbai, Maharashtra, India: For all affordable home seekers in Maharashtra, the National Real Estate Development Council (NARDECO) has come up with a proposal that should be good news in this festive season.
 
NARDECO, an umbrella developer body formed under the aegis of the Ministry of Housing and Urban Poverty Alleviation, Government of India, has proposed constructing one lakh affordable houses, on a no-profit no-loss basis. “This is possible, and we can – and will - do it,” said Niranjan Hiranandani, Founder-First President, NAREDCO (Maharashtra).
 
Explaining that the high cost of land was the biggest stumbling block for real estate developers to offer affordable housing, Niranjan Hiranandani said the issue could be easily resolved if the state government would provide salt pan land for such projects.
 
This proposal will be put forward by NAREDCO (Maharashtra) before Maharashtra Chief Minister Devendra Fadnavis. “We will meet him with a detailed plan of affordable housing, and the aim will be to ensure that one lakh affordable and low-cost houses get built every year, over the next 5 years, in the Mumbai Metropolitan Region (MMR), with support and in co-operation with the state government,” he said.
 
The game plan, said Niranjan Hiranandani, was simple: NAREDCO (Maharashtra) would deploy the best possible technologies, to ensure that the cost of such housing projects is kept low. "In Maharashtra, there’s land which can be used for this purpose. If the government is ready to provide land, for example, salt pan land, real estate developers who are members of NAREDCO (Maharashtra) will build such houses in not just the MMR, but in Mumbai too,” said Hiranandani.
 
Elucidating on the reasons for this offer, Niranjan Hiranandani added, “We want to earn a good name for our entire industry. Through this initiative, it will be clear that we also care for the people and their dream home.”
 
The biggest positive from this idea, said Niranjan Hiranandani, is the manner in which many developers have come forward and are taking up responsibility for construction of a specific number of houses. “There is no pressure or such, and we have seen real estate developers voluntarily come up with numbers of homes that they are ready to construct. This definitely augurs well for the home seeker in Maharashtra, especially the MMR," concluded Niranjan Hiranandani.


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