NAREDCO plans event to showcase real estate opportunities in Ayodhya

NAREDCO National President G Hari Babu said there are opportunities to set up hotels, resorts and apartments in Ayodhya as the tourist flow would increase increase

Real estate body NAREDCO on Friday said it plans to organise a builders' conference in Ayodhya to tap its commercial and residential opportunities as the holy city gears up to attract lakhs of tourists post inauguration of the Ram temple on January 22.

National Real Estate Development Council (NAREDCO) National President G Hari Babu said there are opportunities to set up hotels, resorts and apartments in Ayodhya as the tourist flow would increase in the coming months.

"The entire Indian real estate industry wants to look at Ayodhya ...We want to organise a conference in Ayodhya in the coming months in a big way and call a thousand builders there to showcase the commercial and residential opportunities," he told reporters.

On expectations from Budget, Babu said NAREDCO has submitted a representation to the finance ministry seeking "Micro, Small and Medium Enterprises (MSME) status" for small builders and introduction of a scheme for those earning salaries up to Rs 40,000 per month.

Earlier addressing the press conference, he said the real estate body will host its 16th National Convention on February 2-3 with theme "The Changing Real Estate Landscape" in the national capital to bring together key stakeholders to understand the dynamics of growth and transformation of India's real estate sector.

Finance Minister Nirmala Sitharaman is expected to present a 'Vote on Account' on February 1. The full Budget for 2024-25 would be presented by the new government that will be formed after general elections.