Strengthen realty to spur economic growth: Om Birla

New Delhi: Lok Sabha Speaker Om Birla on Monday asked real estate developers to deliver apartments to homebuyers on time without compromising on the quality, while stressing on the need to strengthen the sector for faster economic growth and employment generation.

Addressing a real estate conference organised by realtors' body NAREDCO, he said the real estate industry needs to improve its image. Birla said the government's target to provide 'Housing for All' by 2022 will not be achieved without active participation from private developers.

"We need to strengthen the real estate sector, if the country has to achieve faster economic growth. If we want to tackle unemployment in the country, then real estate is the biggest industry to provide employment opportunities," Birla said.

Real estate and construction sector is the one sector which can provide jobs to skilled and unskilled people moving to urban areas for earning livelihood, he said.

"Real estate is the industry where maximum employment can be generated as 200 other industries are linked to it such as cement, steel, plumbing and electric etc," Birla said.

He emphasised that there should be a discussion in Parliament to discuss how to strengthen this sector. However, Birla pointed out that there is a wrong perception about the sector because of certain bad elements and the industry should work towards improving this image.

"You (private developers) should not compromise on the quality. Home should be delivered on time as per the commitment and agreed price," Birla said, adding that the association should stand with customers in case of grievances with its member-developers.

Unless private developers make available good quality homes at cheaper rates, the government would not be able to achieve the Housing for All target by 2022, he said.