In a significant boost to Haryana's real estate sector, 27 members of the National Real Estate Development Council (NAREDCO), a prominent builders' association, have committed to investing ₹90,000 crore in the state over the next five years. This substantial investment pledge includes leading real estate developers such as DLF and M3M.
Investment Agreements
The memorandum of understanding were formalized between the members of NAREDCO and the Haryana government at the recent Happening Haryana Global Investors Summit held in March of this year, marking a pivotal moment for the region's economic development.
Key Investors and Their Commitments
DLF has pledged to invest ₹20,000 crore, while the M3M Group has committed a substantial ₹45,365 crore over the next five years. Furthermore, other major companies have also pledged significant investments:
- Suncity Project: ₹4,662 crore
- Orris Infrastructure: ₹8,000 crore
- Satya Developers: ₹2,300 crore
- Ansal Properties and Infrastructure: ₹2,370 crore
- Jindal Reality: ₹1,800 crore
- Express Projects: ₹1,500 crore
- Conscient Infrastructure: ₹1,210 crore
Focus on Affordable Housing
Praveen Jain, the president of NAREDCO, has stated that the primary focus of these investments will be on affordable housing projects in Haryana, encompassing both residential and commercial sectors, thereby catering to a wide range of needs.
Request for Smart City Inclusion
The realtors' body has appealed to the central government to include Gurgaon in the 100 Smart City project, highlighting the city's potential and need for further development and modernization.
Increased Floor Area Ratio
The Haryana Government has made a decision to double the floor area ratio for construction buildings in areas surrounding the proposed extension of Metro lines in Gurgaon. It will facilitate higher density development and better utilization of land resources.
Leadership Changes at NAREDCO
NAREDCO has recently undergone changes in its top leadership. Rajeev Talwar assumed the position of chairman in April. Parveen Jain, the CEO of DLF, was elected as the President of NAREDCO in September of the previous year. The person is the CMD of Tulip Infratech.