Prashant Sharma appointed as the new President of NAREDCO

The coveted position of President of the National Real Estate Milestone Council (NAREDCO) Maharashtra has been assumed by Shri Prashant Sharma, Chairman of the GHP Group, in a noteworthy milestone for the real estate industry.

The holder of this distinguished position, Sandeep Runwal, is now moving on to become Vice Chairman of NAREDCO Maharashtra. This solemn transfer of power was marked by an official President Induction Ceremony held at the Sofitel BKC in Mumbai. In India’s real estate industry, NAREDCO, an autonomous self-regulatory organisation operating under the Ministry of Housing and Urban Poverty Alleviation of the Government of India, is a key player with an emphasis on sectoral development and national policy creation.

Prashant Sharma’s appointment is well-timed, as the real estate industry is undergoing revolutionary expansion, as highlighted by the perspectives presented at the event by Anuj Puri, Chairman  & Founder of Anarock. Over 5 lakh units were sold in 2023 in the top 8 cities, Puri noted, highlighting the sector’s strong success and the biggest sales in 15 years. Despite rising real estate costs, he stressed, affordability is still at its highest point in the previous ten years. With the Mumbai Metropolitan Region (MMR) accounting for 47 percent of new home sales, there has been a noticeable shift in the market.

Prashant Sharma expressed his dedication to the growth of the real estate sector, stating, “With government support, NAREDCO Maharashtra will strive to promote the development of the real estate sector, particularly in the affordable housing segment, driving the ‘HousingForAll’ momentum. My focus is on reinforcing the industry’s role in economic development and revitalising Maharashtra’s major real estate markets. With equal zeal, my priority is to implement innovative ideas to positively influence customers’ perceptions of the sector.”

Sandeep Runwal, a significant contributor to sectoral growth, extended his best wishes to the incoming President, and added, “My best wishes to the new president on this exciting journey of guiding and shaping the future. Prashant Sharma brings a wealth of experience and a fresh perspective that will undoubtedly contribute to the continued success of NAREDCO Maharashtra.”

Shri Rajan Bandelkar, Vice Chairman of NAREDCO, also welcomed Sharma, highlighting his extensive experience in the real estate sector. “Shri Prashant Sharma’s long-standing knowledge and experience are assets that will lead to impactful initiatives along with growth and innovation in the sector,” remarked Bandelkar.

Anuj Puri’s observations also show a dramatic change in the industry, with the average age of homebuyers falling from 42 to 30 and the greatest quantity of land being acquired by developers in 2023. This suggests a young, healthy market that is ready for creative expansion. His information on the 4,82,000 units developers supplied last year highlights the potential and capacity of the industry.

With these developments, the function of Shri Prashant Sharma is even more important. Advocating for industrial interests and addressing homebuyer concerns, Prashant Sharma envisions holistic development throughout Maharashtra. His responsibilities include resolving issues facing the sector, promoting workable housing alternatives, and bridging the gap between the government and the industry. In addition, he intends to strengthen customer and developer trust and increase NAREDCO’s visibility throughout Maharashtra.

Prominent figures from the real estate sector as well as Hon. Shrikant Shinde, a member of parliament for the Lok Sabha, attended the changing of guard ceremony. Renowned veterans of Bollywood and the music industry, like Shri. Hariharan, Lesley, Jolly Mukherjee, and Jasvinder Narula, were also present at the event. NextKraft Parking Technologies, City Lift India, ASAP RealTech, and OM Steels—all of which offer a range of solutions to the real estate industry—all supported the event.

For more info visit: https://www.naredco.in/

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