Ravi Reddy, the newly elected President of the NextGen (Next Generation of Real Estate Developers) launched under the aegis of NAREDCO, has stated that the platform would move with the commitment of Prime Minister Modi’s vision of Amritkal 2047 and make a beginning to build a new India by carrying out disruptive real estate activities in tier 2 and tier 3 townships.
According to him, the NextGen real estate developer would not be a replica of NAREDCO in its entirety, but it would work with an independent mindset in which young entrepreneurs of all hues would be stakeholders without inheriting real estate in their DNA, though the approach of the new initiative would be traditional to some extent.
"With the aforementioned approach and mindset, the new generation of real estate developers intends to shape the new India for a win-win situation for all stakeholders involved in the exercise, as per the Prime Minister’s vision, which aims at ensuring quality housing for all," he added.
According to him, as real estate assets become more and more expensive and going forward becomes a tedious job, overcoming this phenomenon involves the participation of technology and enlisting the participation of fractional ownership, which will be critical in the future. Therefore, the approach would be to work in unison, where the pool of talent would be of age less than 50.
Another milestone in the approach would be ensuring REITS participation through their smaller forms so that a pool of capital is generated for funding future real estate activities, in addition to institutional finances to fund and partially finance the take-off of such projects.
Reddy added, “There are traditional methods to carry forward housing projects of the next generation real estate also, in which there would be a lot of global capital that needs to come into Indian real estate. As of now, we still haven't tapped the big part of global capital. To tap into global capital, we need to address a few concerns. It could be in terms of sustainable development goals. It could be in terms of decarbonisation. It could be in terms of overall transparency and trust establishment that needs to be done at the legal front, at the policy front, at the bureaucratic front, and all of that.”
So, the next generation of NAREDCO and real estate will focus on building that gap where we become one with the world, where an institutional fund sitting even in Norway, let's say, can invest in a tier 2 or tier 3 city, project which is able to look through its lens that project and which is adhering to its ethos and still bring that capital into this project. So ultimately the aim is to create this kind of environment.
He shared that being a member of the national tourism advisory council, he would do his best to persuade real estate developers to get associated with tourism activities in the country by parking their surpluses into it so that inbound tourism accelerates in India with their participation and eco-tourism flourishes.
