Real Estate Experts Discuss Future of Urbanisation

The inauguration of SOUTH-CON 2024, organised by the Confederation of Real Estate Developers’ Associations of India (CREDAI) in Vijayawada, witnessed a congregation of key figures in real estate and government, underscoring the significance of sustainable urban development across southern India. The event, held on August 24, brought together stakeholders from five southern States, aiming to foster collaboration and innovation within the real estate sector to achieve balanced growth and sustainable urbanisation.

The Minister for Municipal Administration and Urban Development (MAUD) emphasised the government’s commitment to the rapid development of Amaravati while ensuring that growth is evenly distributed across all districts in Andhra Pradesh. This dual focus is intended to achieve holistic development, preventing the concentration of resources in specific areas and ensuring that the benefits of progress are felt throughout the State. “Our aim is not just to develop Amaravati but to ensure that every district benefits from our growth strategies,” he stated during his address at the event.

The two-day conference served as a platform for industry experts to share insights on sustainable construction practices, innovative technologies, and efficient project management processes. The objective is to empower developers with the knowledge and tools needed to enhance operational efficiency and quality in their projects. Speaking at the event, the national president of CREDAI underscored the importance of such gatherings in shaping the future of urban development in Andhra Pradesh, especially as the State plans to transform Amaravati into a model of sustainable urbanisation. “This conference provides invaluable insights that will aid our member developers in adopting best practices for sustainability and efficiency,” he remarked.

Highlighting the pressing issues facing the real estate sector, the CREDAI president also called attention to the challenges posed by the current Goods and Services Tax (GST) framework. He noted that the inability to claim input tax credits is escalating project costs, particularly for smaller developers. “GST on real estate remains a significant concern, as it disproportionately impacts smaller players who are already grappling with high costs,” he explained. Additionally, he urged the government to reconsider the definition of affordable housing, advocating for an increase in the threshold from ₹45 lakh to ₹75 lakh. This adjustment, he argued, would more accurately reflect the effects of inflation over recent years, making affordable housing truly accessible to a broader segment of the population.

The Union Minister of State for Heavy Industries and Steel, who was also present at the event, echoed these sentiments and expressed the government’s readiness to address the concerns of various stakeholders. He reiterated the importance of aligning real estate policies with sustainable development goals to ensure a resilient future for India’s urban centres. As the conference progressed, discussions centred on the integration of sustainable technologies and practices in urban planning. The focus on Amaravati as a case study for sustainable development highlights Andhra Pradesh’s ambition to lead by example in building smart, inclusive cities that balance economic growth with environmental stewardship. The insights shared at SOUTH-CON 2024 are expected to influence not only the development strategies for Amaravati but also set a benchmark for urban development across southern India.