PUNE – Union Minister of Road, Transport, and Highways, Nitin Gadkari, addressed the 40th annual general meeting of CREDAI (Confederation of Real Estate Developers’ Associations of India) in Pune on Friday. During his speech, he emphasized the need for a circular economy within the real estate industry and urged developers to leverage cutting-edge research and innovative technology to reduce costs while maintaining a commitment to ethics, economy, and ecology.
Gadkari noted the growing challenge of housing affordability, stating, “I think there is some saturation in the real estate market. I don’t think even 1% of our population can buy homes that cost more than Rs 10 lakh.” To tackle this issue, he encouraged organizations like CREDAI to collaborate with institutes such as IITs and similar institutions engaged in developing innovative technologies for cost reduction.
Furthermore, Gadkari highlighted the importance of focusing on rural areas and Smart Villages, suggesting that the real estate sector should diversify into projects such as logistic parks, tourism, and medical colleges. He also discussed the initiation of flyover projects in Pune, with an estimated cost of Rs 55,000 crore, set to commence in the next two months. Additionally, plans for a highway connecting Nagpur to Pune, reducing travel time to 4-5 hours, were revealed.
Chandrakant Patil, District Guardian Minister of Pune, addressed the gathering as well, expressing efforts to streamline the introduction of new projects for developers. He urged developers to increase the size of houses allocated in Slum Rehabilitation Authority projects. Environmental concerns and the responsibility of real estate developers toward sustainability were also discussed during the event.