NAREDCO organizes a knowledge exchange seminar on DCPR 2034 and EODB and Announces IDAC EXPO

Apex institution of the Indian real estate, National Real Estate Development Council (NAREDCO) felicitated the key officials for their contribution towards a successful DCPR 2034 and the rise in the ranking of Ease of Doing Business. The token of appreciation was presented at the hands of Honorable CM, Shri Devendra Fadnavis to eminent personalities. The dignitaries include Shri. Durga Shankar Mishra, Secretary, MoHUA, GoI, Shri. Ajoy Mehta, IAS Municipal Commissioner, MCGM, Dr Nitin Kareer, Principal Secretary, UDD I GoM, Shri Deepak Kapoor, CEO, SRA and Shri Milind Mhaiskar, CEO & VP, MHADA were honoured for their integral contribution towards the achievement of the rankings in Ease of Doing Business and a successful implementation of DCPR 2034. The evening commenced with an introductory speech followed by a knowledge sharing seminar in esteemed presence of Dr Niranjan Hiranandani, National President, NAREDCO and MrRajanBandelkar, President, NAREDCO West along with other prominent personalities. The motive of the seminar was to educate the stakeholders of the real estate community on the benefit of ease of doing business and highlights of the progressive DCPR. NAREDCO also Announced IDAC EXPO and unveiled the brochure of the Event at the hands of CM Shri Devendra Fadnavis. IDAC is planned to be the single platform for innovative building materials and new construction technologies The platform envisions to fulfill the market demands by upgrading building constructions, building materials, machinery, projects, methods and upgrading overall infrastructural developments, projecting an overall advancement of Indian Construction Sector. IDAC Expo will be jointly organized with NAREDCO and Nova Exhibition & Conferences. With the launch of new DCPR 2034, the confidence of Real Estate community has been reinstated. Key measures including opening up of land for affordable housing and unification of carpet-area definition are promising points that will prove to be a boon for home-buyers. The new DCPR has to offer something for all stakeholders’ right from the developers, to construction workers (skill development) and end-buyers, as stated by a report on DCPR 2034 by Knight Frank. Some of the pivotal findings in the research report includes linking of permissible FSI to road width, resulting in decongestion of the roads, adaption the definition of carpet area as per RERA’s definition to reduce ambiguity amongst buyers, reduction of the minimum irrevocable consent required for redevelopment of cessed and Maharashtra Housing and Area Development Authority (MHADA) buildings, from 70% to 51%, to name a few. Commenting on the report, Shishir Baijal, Chairman & Managing Director, Knight Frank India said, “With the release of DCPR 2034, the last level of uncertainty has ended. The developer community can now progress with confidence. The policy provides clarity and focus for future development of Mumbai. The development plan (DCPR 2034) is a crucial policy which can shape the future of our city; hence, it should be given paramount importance. The current DCPR 2034 has several positives and is a step in the right direction; however, we believe that there will be areas to work on further. The DCPR 2034 has provided a fillip to the commercial sector in Mumbai by way of incentivised FSI, however, the high cost of the FSI could be a challenge. On the residential front, measures such as opening up of land for promoting affordable housing and unification of carpet area definition will prove to be a boon for home-buyers. All in all, the current DCPR 2034 has something to offer to all stakeholders and we are optimistic that it will have far-reaching implications on Mumbai’s growth over the next two decades.” “NAREDCO as a body is delighted and expresses a bounty of gratitude to the designated officials for their sheer dedication towards developing a progressive DCPR 2034. This has opened new doors of opportunities for the developers with introduction of new impactful norms including increase in FSI for office development, creation for smart fin-tech cities, slum rehabilitation and adopting the RERA definition of carpet area which looks promising towards the growth of real estate sector. We are glad to honour the respected dignitaries under whose leadership and vision this DCPR 2034 has taken shape and India has climbed up on the ranking in EODB, thus further enhancing the prestige of Indian Real estate community”, said Mr. RajanBandelkar, President, NAREDCO West.