New Delhi,01.08. 2020: In a bid to resurrect from a continuous decline in the housing sales and revive the demand amid the worst hit Covid pandemic, the country’s real estate developers will soon offer over 2.70 lakh ‘ready – to – move – in’ houses for online sales to the home buyers in a first and biggest ever housing festival, which will begin soon.

Initiated by National Real Estate Development Council (NAREDCO), in this festival, the developers from all over India will list their housing properties for sale on an exclusively created E-commerce marketplace ‘NAREDCO Housing For All’ developed in guidance with the Ministry of Housing and Urban Affairs.

This festival is expected to unlock the affordable housing properties worth over Rs 1.21 lakh crore and offer a great opportunity to the national and international homebuyers to buy RERA registered properties at the right prices anywhere in India.

Shri Hardeep Singh Puri, Minister, Housing and Urban Affairs, Government of India announced the launch of the e-commerce portal and also unveiled the recently approved ‘Affordable Rental Housing Policy’ knowledge pack to support a huge influx of people in urban India find affordable rental housing.

Shri Niranjan Hiranandani, National President, NAREDCO and President, ASSOCHAM, Shri Rajan Bandelkar, Convenor, NAREDCO Housing For All Portal and President – West, Shri Rajeev Talwar, Chairman, NAREDCO, Shri Praveen Jain, Vice Chairman, NAREDCO and other industry delegates were present at the Web-based event.

Congratulating NAREDCO on launching an innovative e-commerce portal, Shri Hardeep Singh Puri, Minister, Housing and Urban Affairs, said, “The visionary step of creating an e-marketplace for the homebuyers designed by NAREDCO and implementation of the affordable rental housing policy will change the dynamics of the sector, as many people will be able to find their dream houses under these programmes. The Affordable Rental Housing Policy is necessary for migrant workers who cannot afford buying houses and also for younger professionals in the cities. The Government has been speedily working towards meeting the Housing For All targets and the demand assessment shows that about 70% of projects have been grounded.”

Shri Durga Shanker Mishra, IAS, Secretary, Housing and Urban Affairs, appreciated the initiative and expected positive sentiments to return in the realty sector in the near future.

The already beleaguered sector is pinning high hopes on this mega online sales for pushing the demand and much needed liquidity. Mr Niranjan Hiranandani, National President of NAREDCO & ASSOCHAM said, “The real estate sector needs an immediate demand shock and unlocking the potential of unsold housing inventory is the immediate remedy. This e-commerce platform is curated supporting the Government’s ‘Digital India’ initiative which will not only disrupt sales process; but also instil confidence among the respective stakeholders like consumers, developers, banks and financial institutions.”