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The 17th National Convention organized by the National Real Estate Development Council in the capital brought together key voices from the real estate industry, government bodies, and policy circles. During an exclusive interaction with TEN NEWS NETWORK, Dr. Niranjan Hiranandani, Chairman of NAREDCO, shared insights on critical challenges such as project delays, affordability concerns, smart city initiatives, and the larger vision of building a “Viksit Bharat.”

Rebuilding Confidence in Real Estate Through Delivery and Transparency

Addressing long-standing issues faced by homebuyers like delayed possession, compromised construction standards, and lack of clarity Dr. Hiranandani stressed the importance of aligning industry practices with regulatory frameworks.

He highlighted that NAREDCO is working closely with the government and the Ministry of Housing and Urban Affairs to strengthen the implementation of the Real Estate Regulatory Authority. According to him, RERA is no longer viewed solely as a regulatory mechanism but as a framework that also promotes growth and structured development.

He acknowledged that delays, especially in regions like the National Capital Region, have been a significant concern. However, ongoing collaboration with authorities aims to ensure developers honor timelines while also improving construction standards and overall urban planning.

Affordable Housing Remains a Key Challenge

Speaking on the imbalance between housing demand and supply, particularly in the affordable segment, Dr. Niranjan Hiranandani admitted that achieving true affordability across all sections is still a work in progress.

Despite the challenges, he reiterated that the goal remains to provide housing for every segment of society. NAREDCO continues to support initiatives such as the Pradhan Mantri Awas Yojana and is actively exploring solutions to make affordable housing more feasible.

He pointed out that high land costs and regulatory complexities remain major hurdles. However, continuous engagement with the government is focused on simplifying processes and improving ease of doing business within the sector.

Smart Cities and Infrastructure: A Collaborative Approach

As India accelerates its urban transformation, Dr. Hiranandani emphasized the role of partnerships between the public and private sectors in shaping future-ready cities.

He noted that NAREDCO is actively involved in supporting infrastructure development across both central and state levels. Using Mumbai as an example, he mentioned large-scale developments such as over 300 km of upcoming metro rail networks, airport expansions, coastal road projects, and improvements in water supply systems.

Significant investments, especially in major urban hubs, are paving the way for a more connected and efficient urban ecosystem. These initiatives, he explained, are integral to achieving the broader vision of a developed India.

A Holistic Vision for Multi-Sector Growth

Discussing the broader outcomes of the convention, Dr. Niranjan Hiranandani emphasized that the focus extends beyond just real estate.

He explained that discussions covered a wide spectrum including housing, infrastructure, education, healthcare, and sustainability. According to him, all these sectors are interconnected and must progress together to achieve balanced development.

The convention served as a platform for deep reflection and collaborative planning, highlighting the need for a unified approach to national growth.

Conclusion

The NAREDCO 17th National Convention underscored the evolving dynamics of India’s real estate sector. With leaders like Dr. Niranjan Hiranandani advocating for accountability, innovation, and stronger collaboration, the industry is moving toward a more structured and transparent future.

As India stands at a crucial stage of urban and economic transformation, the emphasis on trust, affordability, and integrated development will play a defining role in shaping the nation’s growth trajectory.

FAQs

1. What was the focus of the 17th NAREDCO National Convention?

The convention focused on key real estate challenges such as project delays, housing affordability, smart city development, and overall urban growth strategies.

2. What did Dr. Niranjan Hiranandani says about project delays?

He acknowledged that delays have been a major issue, especially in certain regions, but emphasized ongoing efforts with the government to ensure timely project completion and improved quality.

3. Is affordable housing achievable in India currently?

According to Dr. Hiranandani, achieving complete affordability across all segments remains a challenge, but efforts are ongoing through initiatives and policy support.

4. How is NAREDCO contributing to smart city development?

NAREDCO is collaborating with central and state governments to support infrastructure projects like metro expansion, airport development, and urban planning initiatives.

5. What is the broader vision discussed at the convention?

The National Real Estate Development Council (NAREDCO), the apex body representing India’s real estate sector under the housing ministry, has announced a new leadership structure with Parveen Jain elected as President and Dr Niranjan Hiranandani appointed as Chairman.

The development marks an important moment for the organisation as it continues to strengthen collaboration between the real estate industry and the government while focusing on sustainable sectoral growth.

Leadership Update at India’s Real Estate Apex Body

The announcement confirms that Parveen Jain, Founder and Managing Director of Tulip Infratech, will serve as the new President of NAREDCO. Alongside him, Dr Niranjan Hiranandani, Co-Founder and Managing Director of Hiranandani Group, has been appointed as Chairman.

As one of the key industry bodies working under the housing ministry, NAREDCO plays an important role in representing the interests of developers and facilitating dialogue between policymakers and the real estate community.

The new leadership team is expected to guide the organisation’s initiatives aimed at strengthening transparency, policy collaboration, and sustainable development within the sector.

Focus on Transparency and Responsible Growth

Speaking about the new role, Parveen Jain described the opportunity as a significant responsibility. According to him, leading NAREDCO again is a privilege because the organisation reflects the collective strength and aspirations of India’s real estate industry.

He highlighted that the organisation will prioritise transparency, progressive policy reforms, and sustainable development. These efforts will aim to ensure that the real estate sector continues to grow in alignment with India’s broader economic vision.

Jain further explained that NAREDCO will continue functioning as an important link between the government and the real estate fraternity. Through this role, the organisation seeks to support responsible and inclusive growth across the industry.

Strengthening Collaboration Between Government and Industry

Commenting on the development, Dr Niranjan Hiranandani emphasised the importance of cooperation between industry stakeholders and policymakers.

He noted that NAREDCO has consistently played a leading role in promoting collaboration between the government and the real estate sector. According to him, the organisation has worked to build constructive dialogue that supports policy development and industry progress.

Hiranandani also expressed confidence that NAREDCO will continue championing constructive reforms while strengthening credibility within the sector. These efforts, he stated, will help the industry contribute meaningfully to the nation’s broader development objectives.

A Key Institution for India’s Real Estate Sector

Over the years, NAREDCO has emerged as one of the most influential bodies representing developers across the country. By working closely with government authorities and industry stakeholders, the organisation helps address sector-wide challenges while encouraging best practices in real estate development.

With the appointment of Parveen Jain as President and Dr Niranjan Hiranandani as Chairman, the council aims to continue advancing initiatives that support policy engagement, sector transparency, and long-term growth.

Industry observers see the leadership transition as a step toward strengthening the institutional framework that connects government policy with real estate development across India.

Conclusion

The appointment of Parveen Jain as President and Dr Niranjan Hiranandani as Chairman marks a new chapter for the National Real Estate Development Council. As the apex body representing India’s real estate sector, NAREDCO continues to focus on strengthening industry-government collaboration, promoting transparency, and supporting sustainable growth.

With experienced leadership guiding the organisation, the council is expected to maintain its role as a key platform for dialogue, reform, and responsible development within the real estate ecosystem.

FAQs

1. What is NAREDCO?

The National Real Estate Development Council (NAREDCO) is an apex body representing India’s real estate sector and operates under the housing ministry. It works to support policy dialogue, industry development, and collaboration between the government and real estate stakeholders.

2. Who is the new President of NAREDCO?

Parveen Jain has been elected as the new President of NAREDCO. He is also the Founder and Managing Director of Tulip Infratech.

3. Who has been appointed as Chairman of NAREDCO?

Dr Niranjan Hiranandani has been appointed as Chairman of NAREDCO. He is the Co-Founder and Managing Director of Hiranandani Group.

4. What priorities did the new leadership highlight for NAREDCO?

The leadership emphasised promoting transparency, encouraging progressive policy reforms, and supporting sustainable growth aligned with India’s economic vision.

5. What role does NAREDCO play in the real estate sector?

Dr. Niranjan Hiranandani, Chairman of NAREDCO and a key visionary behind Hiranandani Communities, expressed appreciation to the Finance Ministry for its continued backing of the real estate sector. He underscored the urgent need for increased funding in affordable housing, a segment currently witnessing a downturn.

As the Union Budget approaches on February 1, 2025, the real estate sector has outlined a robust wishlist aimed at accelerating growth and sustainability. Industry leaders have voiced expectations that call on the government to introduce reforms that can ignite investment, bolster housing affordability, and promote inclusive urban development.

Dr. Niranjan Hiranandani, Chairman of NAREDCO, reiterated gratitude toward the Finance Ministry for its ongoing support. He highlighted the necessity of boosting financial support in affordable housing to reverse its negative trajectory. “Strengthening the flow of capital will rejuvenate this crucial sector, advancing inclusivity and sustainable urban transformation,” he noted.

Among the top recommendations is a considerable increase in the home loan interest tax deduction under Section 24(b)—from the current Rs 2 lakh to Rs 5 lakh. Hiranandani emphasized that this shift would improve affordability and spark market demand. NAREDCO also advocates granting infrastructure status to housing to open up new investment channels and ease project execution.

A notable focus has also been placed on rental housing. NAREDCO recommends scrapping notional income tax on unsold inventory classified as stock-in-trade to improve rental availability. Moreover, the organization supports tax exemptions of up to Rs 3 lakh for rental income on homes priced below Rs 50 lakh to incentivize investments in the affordable segment.

Shishir Baijal, Chairman and Managing Director of Knight Frank India, emphasized the ongoing affordability issues for homebuyers despite efforts like PMAY 2.0. He proposed raising the threshold for eligible homes under PMAY in metro areas from Rs 35 lakh to Rs 50 lakh. He also advocated a separate annual deduction of Rs 1.5 lakh for principal repayment under Section 80C to ease financial pressure and encourage borrowing.

Reforms to capital gains tax have also made it to the industry’s budget agenda. Experts recommend extending the completion timeline under Section 54 from three years to five years—considering the complexities in modern housing projects. Additionally, easing the timeline for reinvestment in property post-sale would provide homeowners with more financial flexibility.

When it comes to luxury housing, sustainability and smart investments are in sharp focus. Sandeep Ahuja, Global CEO of Atmosphere Living, highlighted the need for green initiatives, relaxed FDI rules, and faster approval systems to attract domestic and international funding. “Strategic policies can elevate India to a global leader in real estate while advancing sustainability goals,” he asserted.

Venkatesh Gopalakrishnan, CEO of Shapoorji Pallonji Real Estate, expects budget provisions that tackle tax brackets for middle-income groups, price fluctuations in raw materials, and simplified approvals via a single-window system. “A progressive budget will spark innovation, stabilize real estate pricing, and foster long-term development,” he commented.

Siddharth Vasudevan, Managing Director of Vascon Engineers, concurred. He called for reduced stamp duties, lower interest rates on home loans, and the revival of the Credit Linked Subsidy Scheme. “Real estate is pivotal to economic acceleration. Global case studies from cities like Dubai and Singapore prove how enabling policies can fuel national growth,” he pointed out.

Real estate developers and financial institutions are displaying significant optimism about the growth potential of India’s real estate sector, with expectations high for the next six months, according to the latest findings from Knight Frank and NAREDCO. The Real Estate Sentiment Index for Q3 2024 (July-September 2024) shows that stakeholders remain bullish on both residential and office market developments.

Despite a slight dip in the current sentiment score, which decreased from 65 in the previous quarter to 64, the future sentiment score saw a positive uptick, reaching 67 from 65 in Q2 2024. This suggests an increasing confidence in the sector’s performance over the next six months.

The Real Estate Sentiment Index gauges the outlook of supply-side stakeholders and financial institutions, evaluating factors like the economic climate, funding availability, and the overall direction of the real estate market. A score of 50 reflects a neutral outlook, while scores above 50 indicate positive sentiment. Notably, both the current and future sentiment scores remain well above 50, highlighting a strong belief in the sector’s future growth.

In the residential market, optimism is widespread, with 62% of respondents predicting a rise in residential property prices. Additionally, 40% foresee an increase in property sales, while 38% expect market stability. These indicators suggest that developers and investors remain confident in the residential sector’s continued growth.

Meanwhile, the office market outlook is equally promising, with strong optimism in key parameters such as leasing activity, supply levels, and rental rates. The survey results reflect a positive outlook for office spaces, with stakeholders expecting healthy performance in the months ahead.

In conclusion, the Real Estate Sentiment Index paints a picture of sustained optimism across both residential and office real estate markets. Builders and financial institutions alike are confident that the sector will continue to thrive, fueled by growing demand and a favorable economic environment.