Latest News | Focus on Sustainable Development Amid Projection of Huge Demand Growth: CREDAI to Builders

Nashik, Mar 7 (PTI) Realtors' apex body CREDAI on Thursday said there is a huge potential for growth in real estate sector across all cities on rising demand for properties and asked builders to focus on sustainable development to protect the environment.

Addressing a CREDAI's 'New India Summit' here, the association's National President Boman Irani said that around 50 per cent of Indians will live in tier II, III and IV cities and therefore there is a need to find new cities for growth.

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He said there will be huge scope for real estate development across these smaller cities.

"We need to focus on sustainable development," he asserted.

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Irani mentioned frequent prohibitions on construction activities, especially during winter, in many major cities because of high pollution levels.

"There will be tremendous real estate development in Tier II and Tier III cities in coming years. We should not make mistakes that we made in the development of tier I cities," Irani cautioned.

The CREDAI President asked the real estate developers to adopt sustainable building technologies on their own, without waiting for the government directives.

CREDAI is organising the 6th edition of the New India Summit during March 7-8.

With Tier 2 and 3 cities accounting for an increasing share of real estate investments and housing demand, the association through this annual Summit makes efforts to navigate the evolving landscape of real estate in Bharat.

The Confederation of Real Estate Developers' Associations of India (CREDAI) is the apex body of private real estate developers in India.

Established in 1999, CREDAI represents more than 13,000 developers across 230 city chapters in 21 states.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)