NEW DELHI: The National Real Estate Development Council (NAREDCO) urged state governments to allocate 1% of the cess towards the welfare of labourers and workers in the real estate industry. The goal is to ensure that, by 2047, at least 30% of the labor force is free from alcoholism, and the consumption of gutka. The prevailing issue is that a significant portion of the workforce is currently engaged in these detrimental activities.
At the same time, NAREDCO urged real estate developers to take responsibility for their workforce’s well-being, utilising the 1% cess allocation, when permitted by the government.
Besides, NAREDCO has also set a target to increase its presence in 25 states by 2025.
It will host its 16th National Convention on February 2 and February 3, 2024, at Hotel Taj Palace in New Delhi.
G Hari Babu, national president of NAREDCO, “We look forward to fostering collaboration between the government and private sector stakeholders to ensure sustainability and pave the way for a thriving real estate industry that positively impacts the broader economy.”
NAREDCO will advocate for the government’s proactive role in promoting affordable housing during the convention. It will request the introduction of a home loan interest rate subvention scheme and demand concessions in the prices of construction materials, such as cement and steel, for affordable housing projects. These measures aim to incentivize and facilitate the development of the much-needed affordable housing segment.
