Real estate is the second highest employment and revenue generating sector after agriculture in Maharashtra. Due to the Covid-19 pandemic leading to lockdown, the real estate sector has been adversely affected, even though it has a huge potential in terms of development and guaranteeing jobs.
What are the challenges confronting the real estate sector and the measures required to give a new impetus?
To debate these aspects and provide lasting solutions, Loksatta Real Estate Conclave 2021 will be held in Mumbai on Tuesday. The event has been organized by Loksatta, a Marathi daily published by The Indian Express Group.
Maharashtra Revenue Minister Balasaheb Thorat, Urban Development Minister Eknath Shinde and Housing Minister Jitendra Awhad will be the chief guests. They will address the conclave and reveal policy measures taken by the state government to boost the multiple facets of the real estate sector.
Almost all sectors have been hit by the pandemic followed by lockdown since March 2020. But among them, the real estate sector has been worst affected. After the first wave, the sector was slowly making attempts at revival, but the second wave thwarted these efforts. Now, there is a threat of a third wave.
Whether it relates to affordable housing projects, planned development of townships or redevelopment projects, real estate has huge potential to expand in Mumbai city, suburbs, Thane, New Mumbai, Kalyan Dombivali, Ambernath, Badlapur, Alibaug and Panvel. Overall, real estate has remained the mainstay of development, indirectly creating space for newer infrastructure projects. Unfortunately, the sector finds itself in the doldrums due to Covid restrictions.
Experts from the government, private sector and academics will address and participate in the conclave, which will focus on challenges thrown by Covid-19.
The Loksatta Real Estate Conclave is co-sponsored by Slums Redevelopment Authority (SRA) and LIC Housing Finance Limited. The sponsors are Runwal Group, Capacit’e Infraprojects Ltd, Magarpatta City Group and Regency Group.