Developers should adopt technology to sell homes at low cost: Gadkari

Developers should adopt new technology to sell low cost homes
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Developers need to adopt technologies that will reduce their construction cost and help them sell inventory at low cost: Central Minister Nitin Gadkari to developers

By Varun Singh

Nitin Gadkari, Minister of Road Transport and Highways, Central Government answered several queries of the real estate sector.

The Webinar was organized by NAREDCO a developers body led by Dr Niranjan Hiranandani. During the discussion the real estate sector urged the central government, to address the liquidity issue, one-time rollover, stimulus package from the government to restart the business and boost the Indian economy. 

The minister said, “The real estate industry should adopt new technologies and reduce their construction cost which will help the sector to generate more demand and sell inventory at a low cost.”

On the suggestion of generating cash flow for the real estate industry, Gadkari informed the webinar with around 1500 participants that, Central and State government is planning to purchase housing quarters for employees at large scale and if associations come forward with some plans that can be proposed to the Government , it will certainly help the developer in liquidity.

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“NAREDCO should propose the Government for investing some amount in NBFCs and ask NBFCs to borrow foreign funds which will help in reducing interest rates,” said the Central minister.

According to a report, Gadkari said that developers are sitting on huge inventories and they should sell flats at ‘no-profit, no-loss’ or whatever price they get for a liquidity boost and then move ahead.

Niranjan Hiranandi on the central ministers suggestions said, “He spoke of ‘out of the box’ thinking, which along with application of innovation, research, skill and technology will result in cost optimization, which will positively impact liquidity. His suggestion about real estate developers also diversifying from plain residential real estate to infrastructure and new asset classes like warehousing, infrastructure, logistics to keep liquidity flowing and functional was a brilliant suggestion.”

Also Read: Real Estate: 6 marketing tips during Covid 19

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