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The National Real Estate Development Council (NAREDCO), under the aegis of the Ministry of Housing & Urban Affairs, and Delhi RERA recently organized a 3-day workshop titled ‘RERA & Real Estate Essentials’. Held from May 15th to 17th, 2024, at PHD House in Delhi, the event aimed to provide comprehensive training to the various stakeholders of the real estate industry.

The Importance of the Real Estate Sector and the Need for Trained Professionals

G Hari Babu, National President of NAREDCO, addressed the participants and highlighted the significance of the real estate sector. He stated that the industry is at the cusp of a giant leap and will contribute a whopping 15% to the country’s GDP by 2050. With a current market valuation of 250 billion dollars and an expected growth rate of 16-17%, the real estate sector will play a crucial role in the country’s economy.

However, the industry requires a large number of trained professionals considering its size, time, and value involved. The management development program is a step in that direction, reflecting NAREDCO’s dedication to cultivating talent and promoting excellence in the real estate domain.

RERA’s Role in Promoting Transparency and the Lack of Awareness

Anand Kumar, Chairman, NCT of Delhi RERA, commented on the dynamic nature of the real estate sector and the accelerated pace of change in recent years. He emphasized that RERA has a big role to play in promoting transparency in the industry. However, despite all the efforts, people are not aware of the provisions and guidelines of RERA.

The workshop was a step towards addressing this issue and equipping realty professionals with the right knowledge, fostering professionalism, and instilling a culture of compliance among all stakeholders involved.

Capacity Building Initiatives in the Real Estate, Construction, and Infrastructure Sectors

Harsh Bansal, President, Delhi NAREDCO, highlighted the importance of the real estate and construction sector, which is not only the second-largest employer in the country but also contributes significantly to its GDP. In recent years, the industry has witnessed rapid growth, making it imperative to regularly impart comprehensive training and undertake capacity-building initiatives among the professionals engaged in these sectors.

Conclusion: A Successful Workshop and a Positive Response from the Industry

The 3-day workshop on RERA and real estate essentials was a success, with a high number of participants and a positive response from the industry. The event emphasized the importance of transparency, professionalism, and compliance in the real estate sector and the need for trained professionals to drive the industry’s growth.

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