Real Estate News: Realtors' body National Real Estate Development Council (NAREDCO) has said the government should promote affordable home segment and provide incentives for development of rental accommodation to achieve Housing for All and boost growth of real estate sector.

NAREDCO, established in 1998 under the aegis of the Ministry of Housing and Urban Affairs, is the apex industry body representing the real estate sector. It acts as a bridge between developers, government and consumers, promoting transparency, policy formulation and sustainable growth in the industry. Naredco has around 5,000 developers as members.

Addressing a real estate conference organised by the association, Naredco President Parveen Jain stressed the need to further strengthen the real estate law RERA.

"The Real Estate (Regulation and Development) Act has brought transparency and accountability in the Indian property market. Now there is a need to further strengthen the RERA law and ensure effective implementation across all states," Jain said.

He emphasised Housing for All and said there is a need to promote affordable housing and easy access of finance for both builders and homebuyers.

Jain said the government should incentivise rental housing. He also pitched for single-window clearance and timely approvals for real estate projects.

Jain noted that the clear, stable and transparent policies help attract investments.

Naredco Chairman Niranjan Hiranandani pointed out that the share of affordable housing in total sales volumes has gone down.

"We need to create rental housing. We cannot rely only on ownership," he said.

Hiranandani said the development of affordable housing and rental homes is possible if the central and state governments provide policy incentives like reduction of various taxes.