Recently, Lok Sabha Speaker Om Birla have advocated to further strengthen the real estate sector for employment generation and rapid economic growth. He also asked the developers to deliver projects to the home buyers on time without compromising the quality.

While speaking at the conference organized by the realtors’ body NAREDCO, Birla asserted that the sector needs to improve its image. He also said that the government’s ‘Housing for All’ by 2022 plan could not be achieved without a proactive approach and participation from private developers.  

Birla said, “We need to strengthen the real estate sector if the country has to achieve faster economic growth. If we want to tackle unemployment in the country, then real estate is the biggest industry to provide employment opportunities.”

He said that the real estate and construction sector provides job to unskilled as well as skilled people for earning their livelihood. He added that “Real estate is the industry where maximum employment can be generated as 200 other industries are linked to it such as cement, steel, plumbing and electric etc.”

He also emphasized the need for a discussion in the Parliament on how to strengthen the real estate industry. He also pointed out that because of a few tainted elements, the sector carries a wrong perception with it, which needs to be corrected.  

“You (private developers) should not compromise on the quality. Home should be delivered on time as per the commitment and agreed price,” Birla said. He also noted that Housing for All by 2022 could not be achieved unless the private developers provide good quality homes at lower prices.

He also advocated for a law to regulate rental housing, which will give a boost to housing projects. He said that if such a bill is presented on the floor of the house, he will ensure that it gets the support of all the parties and gets passed.

Minister of State for Home Affairs G Kishan Reddy said that industry should give positive feedback to the government to achieve better growth and to achieve ‘Housing for All’ target. He added that RERA would bring transparency in the real estate sector.