NAREDCO Maharashtra is set to launch a significant initiative aimed at bolstering innovation and technological advancements within the Indian real estate sector, while also extending support to startups in this domain. Announced during their annual event, ‘The Real Estate Forum 2023,’ the organization will introduce the RealTech Fund (RTF) with an initial corpus of Rs 50 crore.
The primary objective of the RTF is to propel and expedite growth within India’s real estate industry by harnessing the potential of innovation and technology. Furthermore, it will play a pivotal role in nurturing startups operating within the real estate sector.
NAREDCO Maharashtra, an apex body representing real estate developers, expressed their commitment to allocate Rs 50 crore to this fund initially. However, they remain open to scaling up the fund’s size based on the response and demand it garners. The Real Estate Forum 2023, where this initiative was unveiled, serves as a platform for discussions on various critical topics, including government policies, private equity funding, real estate financing, commercial and retail growth strategies, and the future of redevelopment, among others.
Sandeep Runwal, President of NAREDCO-Maharashtra and Managing Director of Runwal Group, emphasized the significance of this event, stating, “The Second Edition of the NAREDCO Maharashtra Real Estate Forum 2023 promises to be an insightful and influential gathering that will shape the future of Maharashtra’s real estate sector. With a lineup of esteemed dignitaries and industry experts, the event is set to foster growth, innovation, and collaboration in this dynamic field.”
The event is expected to be inaugurated by Maharashtra Housing Minister Atul Save. Additionally, senior government officials will participate in the event, sharing valuable insights into the state’s real estate development landscape. Among these distinguished guests are IAS Valsa Nair, Additional Chief Secretary, Housing Department; IAS Sanjay Mukherjee, Metropolitan Commissioner, Mumbai Metropolitan Region Development Authority (MMRDA); and IAS Praveen Darade, Principal Secretary of the Environment Department.