CREDAI-NCR firmly believes that prioritizing the interests and needs of home buyers is a collective responsibility that must be reflected in all aspects of the real estate sector. It aims to achieve this by ensuring transparency in all dealings, maintaining accountability among its members, and striving to meet the aspirations of every homebuyer, says Manoj Gaur, Chairman, CREDAI-NCR, and CMD, Gaurs Group.

In an exclusive interview with Sanjeev Sinha, Mr Gaur shares CREDAI-NCR’s vision and strategies for shaping the future of real estate sector in India. Excerpts:

What are CREDAI-NCR’s primary focus areas?

CREDAI-NCR places paramount emphasis on several critical areas within the real estate sector. These areas include sustainable development practices, adherence to RERA (Real Estate Regulatory Authority) guidelines, effective implementation of GST (Goods and Services Tax), and a data-driven approach for collecting timely and accurate reports. CREDAI-NCR recognizes that these focus areas are pivotal in promoting transparency, accountability, and the overall well-being of the real estate sector.

Where are home buyers in CREDAI-NCR’s priority list?

CREDAI-NCR is unwavering in its commitment to putting home buyers at the forefront of its policies and practices. It firmly believes that prioritizing the interests and needs of home buyers is a collective responsibility that must be reflected in all aspects of the real estate industry. CREDAI-NCR aims to achieve this by ensuring transparency in all dealings, maintaining accountability among its members, and striving to meet the aspirations of every homebuyer. By doing so, CREDAI-NCR envisions creating a housing market that is not only customer-centric but also aligns with the dreams and desires of every prospective homeowner.

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What is CREDAI-NCR’s commitment to sustainability and environmental initiatives?

CREDAI-NCR is deeply committed to sustainability and environmental responsibility within the real estate sector. As per the Directives of CREDAI-NCR, one of its central goals is to achieve net-zero emissions by 2050. CREDAI-NCR urges its members to embrace environmentally-responsible practices to fulfil this commitment collectively. These practices include integrating green technologies into their real estate projects. By actively promoting sustainable development and advocating for the Green Building Initiative, CREDAI-NCR demonstrates its dedication to minimizing the environmental footprint of the real estate industry and ensuring a healthier, more sustainable future for generations to come.

Every winter we see a rise in air pollution, and resultantly, GRAP is implemented in NCR. How does the real estate secor perceive air pollution and the associated construction restrictions?

The real estate industry acknowledges air pollution as a significant concern affecting the environment and construction activities. While the industry fully supports authorities to curb rising pollution levels, it does express certain reservations. For instance, a one-month construction ban is estimated to lead to delays of at least two to three months in project completion. The stringent RERA registration process also obligates real estate developers to minimize their pollution footprint. Despite these challenges, developers proactively undertake measures like regular water sprinkling and installing anti-smog machines and wind-breakers to mitigate pollution. It’s important to note that the real estate industry is concerned that blanket bans while addressing pollution may lead to increased project costs and affect the livelihood of construction workers.

What are the sector’s suggestions regarding the air pollution regulations?

The sector wants the authorities to adopt a case-by-case approach when implementing air pollution regulations. It suggests that developers who diligently follow the guidelines should not face unnecessary restrictions. Additionally, the industry proposes that RERA-registered projects be considered public interest projects and exempted from specific pollution control guidelines. This approach aims to balance environmental concerns with the need to sustain construction activity, safeguard project timelines, and protect the interests of both home buyers and construction workers.

What is the outlook for high-street retail and mixed-use developments in the NCR?

High-street retail and mixed-use developments will continue their growth trend in the NCR (National Capital Region). These types of developments are particularly resilient and tend to gain momentum, especially during economically-challenging times. Their appeal lies in their ability to offer a wide range of functions, such as offices, businesses, residences, and recreation, all in one location. This convenience factor ensures that high-street retail and mixed-use developments remain in demand. This makes them a promising segment within the NCR’s real estate market.

Will the upcoming festive season bring cheer to the realty market?

The real estate market anticipates significant buoyancy in sales during the upcoming festival season. Buyer interest has remained high across various residential segments, including affordable housing, luxury property, mid-premium, and premium categories. With a range of ready-to-move-in homes and under-construction property available, there is ample inventory to cater to the diverse needs of buyers. Compared to the same period in the previous year, sales are expected to register a substantial increase, driven by the festive spirit and favourable market conditions.