Navin Raheja elected as Chairman and Sunil Mantri as President of NAREDCO

As an indication of their intent to restore growth, the Government and National Real Estate Development Council (NAREDCO) have drafted a blueprint to help boost the real estate sector. On Government's part, the seriousness behind the intent is visible clearly as Dr. Girija Vyas, Minister of Housing and Urban Poverty Alleviation, seem to be leading the initiative personally.

Among the first steps taken is to enhance the presence of Government's representatives on the Governing Board of NAREDCO. The larger representation of senior Government officials on NAREDCO's Governing Council is aimed at establishing a better connect with the leaders of the sector, thereby facilitating a closer coordination in formulating policy and other initiatives.

NAREDCO has also announced that Navin Raheja has been elected as its Chairman and Sunil Mantri would be its new President. The announcements were made at the Annual General Meeting recently.

Navin Raheja, the newly appointed Chairman commented, "we are grateful to the Government and the Hon'ble Minister Dr. Girija Vyas for these steps. This will help establish a seamless channel of communication between government and the industry players. Not only will the industry find its voice in the formulation of policies and other initiatives, this will also help the industry to understand the compulsions and priorities of the government too".

"Indeed, the real estate sector is facing severe challenges" said Sunil Mantri, President of NAREDCO. "The market conditions are tight. The liquidity crunch is getting worse and beginning to hurt every stakeholder, including the buyer. Also, there is a serious need for a better consistency and alignment in some of government's policies".

Sunil Mantri further shared that NAREDCO is working closely with the government on a number of vital issues. Enhancing liquidity into the sector is perhaps the most urgent challenge. "We want the government to grant us the industry status. The Union Government needs to take urgent steps to help us get single-window clearances for our projects across the country. There is an acute shortage of trained manpower in the sector. The real estate sector needs government support to upgrade technology. We are happy that the government is extending its full support in resolving all these issues" he concluded.

The Annual General Meeting of NAERDCO also witnessed a redrafting of key officials, governing council and advisory board. Navin Raheja Chairman Raheja Builders was elected as Chairman of NAREDCO and Sunil Mantri, CMD, Mantri Realty was elected as President of NAREDCO for a two-year term from2013 to 2015.

The government's representation in Governing Board now consists of K.B.S Sidhu, Jt. Secy. (Housing), Ministry of Housing and Urban Poverty Alleviation, Sanjeev Kumar, Jt Secy (RAY) & Mission Director (JNNURM), Manoj Parida, Jt Secy Dept. of Consumer Affairs, Dr. Shailesh Kumar Agrawal, ED-BMTPC, S. K. Chaudhary, Sr. Executive Director, HUDCO and G. R. Krishna, Member Advisory Committee, Tirumala, Tirupati Devasthan. The industry representation in the Governing Board comprises of five Vice Presidents. The Vice Presidents are Rajeev Talwar, Group Director, DLF, Sudharshan Jhavar, Director, Devkrupa Realty (India) Pvt Ltd, Chalapathi Rao, Chief Convener, APREDCO, Rajan Bandelkar, irector, Unnathi Estates (Raunak Group), Parveen Jain, MD, Tulip Infrastructure. Rajesh Arora, MD, Arora and Associates Infradevelopers Pvt. Ltd. is a Member, Finance.

NAREDCO's Advisory committee includes eminent names from the real estate sector, including Niranjan Hiranandani, MD, Hiranandani Constructions Pvt. Ltd., V. P. Baligar, CMD, HUDCO, Renu Karnad, MD, HDFC, Dr. P. S. Rana, Ex CMD, HUDCO, Rohtas Goel, CMD, Omaxe Ltd. and Brotin Banerjee, MD & CEO, Tata Housing Development Company Ltd.

Source : Equity Bulls

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