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MUMBAI, 01 SEPTEMBER 2016: With the intent of reviving construction and real estate, the Cabinet Committee on Economic Affairs (CCEA) has approved an array of measures on Wednesday (31 August 2016). These include easing of rules for quicker settlement of disputes, pumping liquidity into the system as also reinvigorate stalled projects.
“The Indian Government has announced an array of measures to revive construction sector,” said Niranjan Hiranandani, CMD, Hiranandani Communitiesand Founder-First President, NAREDCO West welcomed the initiatives. “It is a welcome move, and I hope the implementation is done in a time-bound manner.” Describing the steps as being ‘in the right direction’, Niranjan Hiranandani said these steps have the potential to bring back movement to stalled and delayed projects, and bring them back on track.
The construction sector generates the highest level of direct and indirect jobs employing about 40 million people with a 2.7x multiplier effect on Economy, said Niranjan Hiranandani, adding that it is also the second largest contributor to the economy, accounting for nearly 8 per cent of economic activities to the GDP. “Given this background, the initiatives should have a positive impact and should enable further expansion in real estate, construction and infrastructure.”
“Some of these positive initiatives reflect the discussions which NAREDCO had with various government agencies during the recent National Convention of NAREDCO in August, and it is satisfying to find most of the points put up before the various officials being reflected in these positive announcements,” concluded Niranjan Hiranandani.
Niranjan Hiranandani is Founder &CMD, Hiranandani Group. His recent initiative is Hiranandani Communities. He is the Founder and First President (West), National Real Estate Development Council (NAREDCO), which works under the aegis of Ministry of Housing & Urban Poverty Alleviation, Government of India.
