Union Minister Piyush Goyal Urges Real Estate Developers to Adopt Sustainable Construction Methods
Addressing the Confederation of Real Estate Developers’ Associations of India (CREDAI) on its 25th foundation day, Union Minister Piyush Goyal called upon real estate developers to embrace environmentally sustainable practices in construction. The Minister emphasized the importance of adopting modern construction techniques, such as steel and precast fabrication, to reduce pollution levels and increase project efficiency.
Goyal proposed the creation of a team within CREDAI to assess the impact of construction activities on air quality in 20 major cities. He stated that implementing sustainable methods will not only streamline construction timelines but also allow developers to expedite capital turnover, enhance customer satisfaction, and improve overall construction quality.
Affordable Rental Housing as a Solution to Slum Expansion
In his address, Union Minister Piyush Goyal underscored the significance of providing affordable rental housing to mitigate the growth of slums in urban areas. He expressed the government’s commitment to rehabilitating slum dwellers by ensuring they have proper homes. Goyal believes that enhancing access to rental housing can help prevent the further development of slums.
Net-Zero Projects and Eco-Friendly Features Encouraged
Minister Goyal urged real estate developers to prioritize net-zero projects that have a neutral carbon footprint. He emphasized the need for incorporating eco-friendly features, such as electric vehicle charging points, waste recycling systems, and comprehensive green amenities. These initiatives will contribute to sustainable urban development and reduce environmental impact.
Push for Greater Formalization within the Real Estate Sector
In his address, Union Minister Piyush Goyal stressed the significance of greater formalization within the real estate sector. He called upon developers to provide social security, healthcare, and retirement benefits to their workers. He urged developers to enroll their workers in the Employment State Insurance Corporation (ESIC) and the Employees’ Provident Fund Organization (EPFO). This move will ensure the welfare of the industry’s workforce and benefit both the employees and the developers.
RERA Boosting Consumer Trust and Removing Unreliable Developers
Minister Goyal recognized the positive impact of the Real Estate Regulation and Development Act (RERA). The implementation of this law has played a significant role in streamlining the real estate sector. RERA has boosted consumer trust by removing unreliable developers and ensuring timely property delivery. Goyal commended the Modi government’s efforts over the past decade to improve the ease of doing business, strengthen bank balance sheets, and reduce non-performing assets (NPAs).
CREDAI, founded in 1999, is an industry body that represents over 13,000 real estate members across India. With the backing of influential voices such as Union Minister Piyush Goyal, CREDAI continues to work towards promoting sustainable construction practices, affordable housing solutions, and the overall development of the real estate sector in India.
Source: Business Standard
