Anand Kumar, chairman of RERA for Delhi and Chandigarh, cautioned real estate developers against falling prey to investors’ schemes, which could disrupt cash flows and lead to project delays. He emphasized the need for developers to promptly address non-payment issues and utilize RERA’s assistance when necessary.
Kumar highlighted how some high-net-worth individuals purchase multiple flats with the aim of making profits, but often stop payments after covering around 30% of the total cost. This situation forces developers to cancel flats, resulting in customer disputes.
He advised developers to report non-paying individuals to RERA, which is designed to support both allottees and developers. Additionally, Kumar mentioned that RERA enables developers to revoke apartment assignments if payments are not made.
On the topic of unauthorized construction, he noted that curbing such practices could significantly increase housing capacity on available land.
Sanjay Kulshrestha, chairman and managing director of HUDCO, suggested that real estate developers explore opportunities in non-metro and smaller cities. He mentioned the government’s plans under the PM Awas Yojana to build 2 crore affordable housing units over the next five years, with state governments like Uttar Pradesh and Maharashtra developing townships and improving connectivity.
Neel C Raheja, Chairman of the CII National Committee on Real Estate and Housing, emphasized the real estate sector’s substantial contribution to employment and its potential for further growth. He stated that the sector currently accounts for approximately 7.5% of GDP and is expected to expand to 15.5% by 2047.
Sriram Khattar, Vice Chairman and Managing Director of DLF Rental Business, predicted India’s emergence as a global office destination by 2023. He highlighted the record lead in India’s top seven office sub-markets in 2023 and noted increased demand in residential and retail segments. Additionally, he mentioned the trend of larger flats priced above ₹1.5 crore becoming the fastest-selling category in 2023.
