The real estate business is at a critical juncture and it has to grow, for which the realtor community has to gain credibility as well as develop the industry sustainably. This was underscored by speakers at a two-day conference of the National Association of Realtors India (NAR), which began here on Friday. It is being organised by the Chennai Real Estate Agents Association (CREAA).

Chief guest and president of Confederation of Real Estate Developers' Associations of India (CREDAI) Tamil Nadu, T. Chitty Babu said transparency, trust and quality need to be adhered to gain more credibility among consumers.

Mr. Chitty Babu, who is the Chairman and CEO of Akshaya Homes, speaking on the marketing success of his company's Adora residential project, said joint venture, the research carried out before investing in the place, timing of the project, and same area apartments were crucial for its success.

Sustainable market

G.R.K. Reddy, Chairman and Managing Director, Marg Group said a sustainable market should be economically, socially and environmentally relevant and integrated townships are the solution to reduce congestion in cities.

“We need growth drivers such as educational institutions, research centres and light engineering units to take this forward,” he said.

450 delegates

Nearly 450 delegates are attending the convention, where leading players in the industry are sharing their strategies, trends in the market and new challenges facing the sector.

In a presentation on Chennai as the next real estate investment destination, Nakshatra Roy, Director, True Value Homes, said the city has not been a flamboyant market like Delhi or Mumbai but has maintained a steady growth. “The residential market is at a cusp of change with demand for cost-effective housing, but we also need more IT companies coming here,” he said.

Logistics

Speaking on modern retail practices, Irfan Razack, Chairman and MD, Prestige Group, said systems and processes have to be adhered in any sector, more so in the retail. Logistics and distribution centres are critical for modern retail to grow, he said.

The first copy of the CREAA souvenir released by Mr. Razack was received by P.S.N. Rao, Chairman NAR-India. Jayant Hemdev, co-chairman NAR Convention 2010 and M.R. Nazeer, secretary NAR Convention spoke.

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