The National Real Estate Development Council (NAREDCO) announced on Friday its intention to conduct a builders’ conference in Ayodhya, capitalizing on the city’s emerging commercial and residential prospects following the inauguration of the Ram temple on January 22, which is expected to draw a large number of tourists.
G Hari Babu, the National President of NAREDCO, highlighted the potential for establishing hotels, resorts, and apartments in Ayodhya as the tourist influx is projected to rise in the upcoming months. He expressed the industry’s keen interest in exploring opportunities in Ayodhya, stating that a significant conference would be organized in the city soon, bringing together a thousand builders to showcase both commercial and residential possibilities.
Regarding budget expectations, Babu disclosed that NAREDCO has submitted a representation to the finance ministry, advocating for “Micro, Small and Medium Enterprises (MSME) status” for small builders and proposing the introduction of a scheme for individuals earning salaries up to Rs 40,000 per month.
During a press conference, he also announced that the 16th National Convention of the real estate body, themed “The Changing Real Estate Landscape,” is scheduled for February 2-3 in the national capital. This convention aims to gather key stakeholders to explore the dynamics of growth and transformation within India’s real estate sector.
It was noted that Finance Minister Nirmala Sitharaman is anticipated to present a ‘Vote on Account’ on February 1, with the full Budget for 2024-25 expected to be presented by the newly elected government after the general elections.