G. Hari Babu, president, NAREDCO, ET RealEstate

October 13, 2023

NEW DELHI: Government should incentivize the real estate industry and not kill it, said G. Hari Babu who has been elected as the new president of the National Real Estate Development Council (NAREDCO) for a two-year term.

Niranjan Hiranandani has taken over as chairman, Rajan Bandelkar as the vice chairman while M.V. Chowdhary has been appointed as the vice president of NAREDCO.

“Government is the biggest beneficiary of the real estate industry’s growth. If we are expecting 20% of the gross domestic product (GDP) from the construction industry by 2047 then real estate needs to be incentivized,” said Hari Babu.

Hari Babu, founder of Lahari Group, has previously served as president for four years at APREDA (Andhra Pradesh Real Estate Developers Association), chairman for the Andhra Pradesh chapter of NAREDCO, while also serving as an advisor within NAREDCO Telangana.

As the new president, he plans to expand memberships, state chapters and city chapters, interact with central and state governments on different aspects. “We will be making our first submission within a year where we are hoping that like Andhra Pradesh other states some kind of concession in steel and cement prices for affordable housing scheme.”

One of the recommendations that he wants to stress upon is the Title Insurance within the RERA. Under the Real Estate Regulatory Act, one of the clause protects buyers, builders from ‘Title Defects’. Title defects can arise for various reasons, such as errors in public records, undisclosed liens, fraud, or missing documentation. “Currently not a single state has implemented this, which has led to various litigations. There is no agency to extend Title Insurance, hence we want to ensure atleast some steps are taken towards this,” he said.

According to him, Dharani portal, an integrated land records management system introduced in Telangana, has only led to more litigations. Present digitization is not helping. There is no mention of co-owners in patta passbook, information has not been updated or verified. There has to be some kind of survey that helps update the information. Clear land titles are a must and will help in the growth of the real estate industry.

  • Published On Oct 13, 2023 at 06:30 PM IST

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