The Summit focused on the growth prospects and development of Tier II, III, and IV cities

Real estate developers drawn from across the country, who attended a meeting held in Vizag on Friday, felt that skyrocketing prices of materials used for construction had affected the realty industry. It, especially in the affordable segment, has led to a cumulative increase of over 15 percent in construction costs. Scarcity of trained labour and other resources, and ever-changing statutory and regulatory requirements are all impacting the growth of the sector. 

The Confederation of Real Estate Developers’ Associations of India (CREDAI) is organizing its fourth 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 Friday and Saturday.

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 two-day conference was inaugurated by the Municipal Administration and Urban Development Minister Audimulapu Suresh. Vizag MP M V V Satyanarayana and CREDAI office-bearers were present.

The event encompassed insightful discussions and fireside chats highlighting the issues connected with Tier 2, 3, and 4 cities, to come to conclusions and prepare a plan of action to address the challenges. Further, expert speakers from the industry, academicians, consultants, and government stakeholders shared much-needed insights on various topics covering the role of innovative  technologies in the construction industry and its impact on cost, new options in the financing, and investment in Tier 2,3 and 4 cities, product to market strategy, project management consulting and PROP Tech. 

Audimulapu Suresh 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.” 

M V V Satyanarayana, 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 the affordable housing segment has become an area of key importance.” 

Speaking on the occasion, CREDAI national president Harsh Vardhan Patodia said, “We at CREDAI believe that the country's non-metro cities will lead this new revolution. The covid-19 pandemic had hit 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.” 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.