Goyal urges real estate sector to embrace eco-friendly practices

The Minister emphasised the use of modern construction practices, such as steel and precast fabrication, to reduce pollution levels and expedite project timelines. “Adopting these methods will allow developers to expedite capital turnover, grow their businesses more efficiently, satisfy clients better, and improve overall construction quality,” Goyal stated. He encouraged CREDAI members to see this initiative as a mission and report back to the government.

Goyal also highlighted the importance of affordable rental housing to curb slum expansion in urban areas and reiterated the government's commitment to rehabilitating slum dwellers into proper homes. “Making rental housing more accessible can help prevent further slum development,” he said.

The Minister urged developers to pursue net-zero projects and incorporate eco-friendly features like EV charging points, waste recycling systems, and comprehensive green amenities. He also stressed the need for greater formalisation within the real estate sector, calling for developers to provide social security, healthcare, and retirement benefits for their workers, with enrolment in ESIC and EPFO.

Noting the positive impact of the Real Estate (Regulation and Development) Act (RERA), Goyal said the law has helped remove unreliable developers and boosted consumer trust in timely property delivery. He underscored the Modi government’s efforts over the past decade to enhance the ease of doing business, strengthen bank balance sheets, and reduce NPAs. CREDAI, established in 1999, represents over 13,000 real estate members across India.

(Business Standard)