NAREDCO announces launch of Uttarakhand Chapter, Strengthening Real Estate Sector in the State

New Delhi, July 26, 2024: The National Real Estate Development Council (NAREDCO) announced the launch of its Uttarakhand chapter, marking a significant milestone in the development of the real estate sector in the state. NAREDCO is the apex national body representing the real estate sector and plays a crucial role in fostering growth, promoting transparency, and advocating for policy reforms. The announcement was made by the delegation of NAREDCO Governing Council Members from across India during the event "Emergence of NAREDCO Uttarakhand" on July 20 in Mussoorie, Uttarakhand.

The event saw the presence of Chief Guest Premchand Aggarwal, Minister of Housing & Urban Development, Government of Uttarakhand; Guest of Honour Shri Ganesh Joshi, Minister of Agriculture, Government of Uttarakhand; Parveen Jain, Chairman Emeritus; G Hari Babu, National President, NAREDCO; and Rajan Bandelkar, now Vice Chairman, NAREDCO.

"There is immense potential for development in Uttarakhand. The population in the state's big cities is increasing rapidly. In response, the government is planning to develop 22 new townships, with work proceeding at a rapid pace. This initiative will generate employment and boost real estate revenue. Under Prime Minister Narendra Modi's leadership, good roads have already been constructed in Uttarakhand, further supporting this growth. Also, there should be development of environment-friendly townships incorporating sustainable practices like renewable energy, efficient waste management, and green building materials. This will preserve Uttarakhand's natural beauty and provide healthier living conditions. Moreover, by creating local employment opportunities, we can prevent youth migration to other states. The synergy between real estate and tourism will further boost the local economy and create a vibrant community,” said Premchand Aggarwal, Minister of Housing & Urban Development, Govt. of Uttarakhand.

"Being a tourist state, Uttarakhand has immense potential for real estate development. We see a constant flow of tourists, pilgrims, and travel enthusiasts throughout the year. Moreover, land scarcity in metro cities has shifted companies' focus towards smaller towns. The growing technology sector requires more residential space for professionals. Considering this, Dehradun is being encouraged to develop into theme townships," said Ganesh Joshi, Minister of Agriculture, Government of Uttarakhand.

G Hari Babu, National President, NAREDCO, stated, "We are delighted to establish the NAREDCO Uttarakhand chapter, which will serve as a catalyst for growth and development in the real estate sector. Uttarakhand holds immense potential for investment and offers a conducive environment for the industry to thrive. Through this chapter, we aim to promote best practices, foster innovation, and advocate for policy reforms that will propel the state's real estate industry to new heights."
"Uttarakhand's unique geography offers diverse opportunities for real estate growth. From serene mountain retreats to bustling urban centers, we are seeing increased demand across various segments. The state's improving infrastructure and connectivity are attracting both domestic and international investors. With a focus on sustainable development, we are balancing economic growth with environmental preservation. The rise of remote work has also sparked interest in Uttarakhand as a destination for second homes and co-working spaces, " said  Dinesh Kapila, Economic Advisor, Ministry of Housing and Urban Affairs, Govt. of India.

The NAREDCO Uttarakhand chapter will focus on several key objectives, including advocacy and policy reforms, knowledge sharing and capacity building, and industry collaboration. "Recognizing that land is a state subject, it is imperative for the government and industry stakeholders to collaborate closely, ensuring transparent policies, efficient approvals, and conducive regulatory frameworks. By creating a favorable environment for real estate development, Uttarakhand can attract investments, generate employment opportunities, and contribute to the overall economic growth of the state," said Rajan Bandelkar, Vice Chairman, NAREDCO, while saying that every chapter must have broader vision to gain respect.

Talking about engaging with government authorities and policymakers, Manoj Joshi, President, NAREDCO Uttarakhand Chapter, said, "We will work towards creating a favorable regulatory environment that encourages sustainable growth and investment in the real estate sector. The chapter will work diligently to undertake research and analysis to provide valuable insights into the real estate market, identifying trends, and informing industry stakeholders and policymakers. We will facilitate networking opportunities, foster partnerships, and encourage collaboration among real estate developers, industry experts, and other stakeholders to drive collective growth and development."

The launch of the NAREDCO Uttarakhand chapter is expected to strengthen the real estate sector in the state, attract investment, and create employment opportunities. With its vast network and industry expertise, NAREDCO aims to contribute significantly to the overall growth and prosperity of Uttarakhand. NAREDCO took the opportunity to invite real estate developers, builders, industry professionals, and stakeholders to become members of the Uttarakhand chapter, utilizing the platform to shape the future of the state's real estate sector.