NAREDCO’s Portal Can Be Amazon For Real Estate: Housing Secretary
A residential building under construction in India. (Photographer: Dhiraj Singh/Bloomberg)  

NAREDCO’s Portal Can Be Amazon For Real Estate: Housing Secretary


Housing and Urban Affairs Secretary Durga Shanker Mishra on Tuesday launched realtors' body National Real Estate Development Council’s e-commerce platform for marketing of completed residential units and said the portal has potential to become "Amazon of Indian real estate".

The portal '' should be credible and transparent, he said, adding that there should also be redressal system for consumers' grievances.

"This website is not for NAREDCO but for consumers and homebuyers who can take informed decision," Mishra said in his address after launching the portal.

A similar portal would be launched by realtors' body Confederation of Real Estate Developers Association of India, he added.

The NAREDCO, formed under the aegis of Union Ministry of Housing and Urban Affairs, would list only completed Real Estate (Regulation and Development) Act-registered housing projects on the platform.

After the launch, the portal will be open for one month only for the real estate developers to register their projects (Jan. 14, 2020 to Feb. 13, 2020).

The portal will be opened for home buyers with a 45-day Sale period starting from Feb. 14. For the initial 15 days, buyers will be able to view offers and shortlist their homes and will be able to start making the purchase of homes from March 1 till March 31, 2020.

NAREDCO expects over 1,000 projects would be listed in the online home-buying festival for ready-to-move-in homes.

Buyers can directly book/reserve a unit from the portal with a refundable payment of only Rs 25,000. They will also get money-back guarantee where their initial deposit made on the portal is completely secured and fully refundable in case buyer elects not to purchase the unit. Customers will be immediately notified if any units they have shortlisted are already sold.

CREDAI-MCHI, Confederation of Indian Industry, Federation of Indian Chambers of Commerce and Industry, Associated Chambers of Commerce and Industry of India, Builders Association of India, and Indian Merchant Chambers are also partners in this initiative.

Speaking at the event, RERA Haryana Chairman KK Khandelwal said there are a total of 13 lakh unsold housing units across the country and 4 lakh such units in major seven-eight cities. This portal would contribute to the growth of the sector, he added.

RERA Uttar Pradesh Chairman Rajive Kumar described it as a good initiative and said all projects listed on the portal should be registered under the RERA.

NAREDCO Chairman Rajeev Talwar demanded that the government should allow one-time restructuring of debt taken by real estate developers. He also pitched that subvention scheme should be permitted again.

Rajan Bandelkar, who is President of NAREDCO Maharashtra, said subvention scheme benefits customers. Under this scheme, which was banned by the National Housing Bank last year, developers used to pay interest on a home loan on behalf of the customers for a certain period, usually till possession.

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.