Recently, the long-standing opaque real estate industry in India has undergone a makeover and development has been fast and steady in the backdrop of several economic reforms since 2016. Though the pace of growth was initially slow due to the reorganization of the industry through implementation of demonetization, GST and RERA, greater transparency brought in by these measures have led to a surge in confidence among stakeholders, buyers and investors in both national and international markets (NRI buyers). In case you are interested in investing in real estate in India, you can choose property online through various real estate websites.
In addition to the residential and commercial sector, the government is also pushing for increased infrastructure development that is providing further impetus to Indian realty. However, amidst this commercial growth, the industry and the government are also taking initiatives to provide support to those who are affected in this process in order to ensure a more equitable and sustainable growth. Those who are dependent on the land for their livelihood lose their source of income and residents in that area are displaced. In this backdrop, the onus taken by the real estate industry to provide economic rehabilitation such as by providing the farmers and agricultural labourers employment and housing facilities to ensure inclusive growth.
A recent example of this is the commitment by the Confederate of Real Estate Developers Association of India (CREDAI) to provide support to 2,200 farmers in Jewar who will be displaced during the construction of the ambitious Jewar international airport. Kopinfra have jumped at the opportunity and promised to provide jobs to family members of the farmers in their companies according to their qualifications and also provide further skill enhancement programs.
Such good initiatives are a welcome step, as itwill encourage and motivate the industry to adopt more proactive strategies to augment their corporate social responsibility framework and promote overall sustainable development. Going a step further, the real estate companies have also extended a helping hand by putting a plan in place to acquire land from the Yamuna Expressway Industrial Development Authority (YEIDA) at reasonable rates to create a township for the farmers with hospitals, schools and numerous other facilities. This will also go a long way in improving the availability of essential amenities to financially weaker sections. Also, CREDAI has announced in a special scheme aimed at farmers that it will provide 20% discount in the housing projects of its members. This initiative to provide housing to the farmers is a motivating move and sets a precedent for stakeholders to focus on promoting holistic growth.
In addition to standalone measures, the industry is also providing support to the district administration to promote holistic development. The authorities have provided special identification cards to the displaced farmers that they can use for availing incentives and facilities provided to them by the government. In this way the overall measure will be very transparent. They will also get concessions and preference by showing these cards. In addition, these cards will enable the farmers to get benefits in terms of medical facilities in government as well as private hospitals vastly bridging the void in their access to these services.
All in all, the priority of the real industry at this juncture is to put a plan of action in place to ensure that they can bring about change in all facets of an ecosystem is progressive and all-encompassing. Since the industry has begun to gather steam, it will be important to ensure a perfect harmony between revenue and social development as a whole.