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Realty Sector Should Adopt Corporate Approach: CM

Published: 23rd August 2015 04:16 AM  |   Last Updated: 23rd August 2015 04:16 AM   |  A+A-

BENGALURU: The seventh annual convention of the National Association of Realtors (NAR), which brought national and international realty experts on one platform, was inaugurated by Chief Minister Siddaramaiah here on Saturday.

Siddaramaiah said, “The real estate industry provides housing to meet the aspirations of society. Corporate approach for the development of the real estate sector is the need of the hour. The sector needs trained manpower for its professional management.”

Karnataka is proposing to implement two major corridors, namely Chennai-Bengaluru-Chitradurga Industrial corridor (CBCIC) and Mumbai-Bengaluru Economic Corridor (BMECP), and cities along these corridors are likely to become investment hubs, boosting the state’s real estate market, the CM said.

“Considering the new projects launched in Bengaluru in the first quarter of 2015, it is estimated that the year-on-year growth will be 19 per cent, something which is incredible, even by the standards of Singapore and Hong Kong, which will put the credibility of a developer under scrutiny,” he added.

“With the Real Estate Bill coming up, developers’ credibility will depend on delivery. Consumers are willing to pay as long as delivery is assured as promised,” said Anup Shah, advocate, Mantri Developers Pvt Ltd., and vice president of CREDAI.

The convention is the biggest realty congregation in India with a convergence of about 1,200 delegates of different nationalities. The event was packed with activities such as educational programmes, expositions, panel discussions, brain-storming sessions and cultural activities.

“It also helped create a platform for over 26,000 companies and 1.2 million members across the globe to network seamlessly and do business,” said Farook Mahmood, president, World Council of Brokers (FIABCI) and Chairman NAR-India 7th Annual Convention.



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