What is National Real Estate Development Council (NAREDCO)?

About National Real Estate Development Council (NAREDCO)

• It was established in 1998 under the Ministry of Housing and Urban Affairs of the Government of India.
• It is the leading industry association for the real estate sector in the country.
• Its primary objective is to provide a legitimate platform for the government, the real estate industry, and the general public to address their concerns and find effective solutions to the challenges faced by the real estate sector.
• NAREDCO's mission is to improve the real estate industry's building, construction, and marketing standards.
• It contributes to the development of national fiscal policies and acts as a catalyst for economic growth in the Indian real estate sector.
• With a membership base comprising over 10000+ members across India with its State NAREDCO chapters, NAREDCO plays a crucial role in policy formulation by representing the viewpoints of its members to various ministries on a regular basis.
• All major national developers and public sector organizations in the fields of housing and real estate development, finance, and marketing are members of NAREDCO.
• Structure:
  • The organizational structure of NAREDCO includes National, State, and City Councils. 
  • The councils ensure that the policy recommendations accurately reflect the real conditions on the ground and cover the entire geography.
  • The National Council focuses on macro-level issues, the State Councils address state-level concerns, and the City Councils tackle local and on-ground issues.
  • The Union Minister for Housing and Urban Affairs, Govt. of India, serves as the Chief Patron of NAREDCO.

Q1) What is the Real Estate (Regulation and Development) Act (RERA)?

It is an act passed by the Indian Parliament in 2016 for the regulation and promotion of the real estate sector in the country. This Act establishes a Real Estate Regulatory Authority (RERA) in every state to regulate the real estate sector and serve as the adjudication body to enable quick resolutions. The act applies to all under-construction projects with a plot size above 500 sq. m or projects with 8 apartments or more.

Source: NAREDCO plans event to showcase real estate opportunities in Ayodhya