Squarefoot speaks to noted builder Niranjan Hiranandani about the real estate scenario...

Squarefoot speaks to noted builder Niranjan Hiranandani about the real estate scenario Courtesy


How do you feel about being elected the President of NAREDCO?

I am one of the founding members of NAREDCO so it’s like a homecoming. Prime MinisterNarendraModi has announced ‘Housing ForAll’ by 2022. I think the building fraternity should work closely with the government and see to it that such good schemes are implemented, especially in the field of affordable housing. It would be a great start-off.

Builders should be aligned with what the prime minister wants and see the issues at the ground level. Ease of doing business is very important in real estate. Also, there is huge amount of corruption. If we can control these factors, Housing ForAll can be achieved.

What do you think will the real estate scenario be in the next 3 years?

We’ve had difficult times but those could be due to various factors. What we can do for tomorrow is more important than what happened yesterday. The market is turning, the commercials are improving. Residential sales will start picking up soon. I think, with the GDP increasing and control in inflation, we are on a positive side.

Do you think the builders need to re-correct the prices?

I have no idea how builders will re-correct the prices because the land cost, construction, the govt. charges, inflation, FSI costs, TDR valuesare all going up. All in all,it’s difficult to correct those but new projects can start where land is available. With metro connectivity, we can improve this situation.

Will the growth be vertical or horizontal?

I don’t think it’s possible for any city in the world to grow horizontally now. The only country which can afford the luxury of going horizontal is USA. India has to grow vertically. That is why the government is increasing the FSI. The government should now allow marriage of FSI with improvement in infrastructure.