Vijayawada: 26th August 2024: The Confederation of Real Estate Developers’ Associations of India (CREDAI), the apex body of the private real estate developers in India organized SOUTH CON 2024, at the Ayana Hotel & Convention Centre in Vijayawada. This prestigious event hosted by CREDAI Andhra Pradesh was inaugurated by Shri Ponguru Narayana, Ministry of Municipal Administration & Urban Development, Government of Andhra Pradesh in the presence of Shri Bhupathiraju Srinivasa Varma, Union Minister of Heavy Industries and Steel, Government of India along with the leadership team of CREDAI National, leaders and members from all chapters of CREDAI in the southern states.
SOUTHCON 2024 aims to foster collaboration, innovation, and sustainable growth in southern India’s real estate sector across the states of Andhra Pradesh, Karnataka, Kerala, Tamil Nadu, and Telangana. This leading conference unites key industry figures to share insights, tackle challenges, and explore opportunities in the dynamic real estate landscape of South India. Key leaders and stakeholders came together to drive progress, exchange valuable insights, and strengthen connections within the real estate community. This prestigious gathering will provide a platform for influential figures to foster unity, share knowledge, and encourage cooperation across the industry.
According to Shri Boman Irani, President, CREDAI National said, “India is a diverse country and each zone has its unique challenges. The south Indian states are emerging as rapidly developing hubs for commercial, residential and retail real estate. The member developers here are developing amazing world class projects. We are delighted to host this edition of SOUTHCON in Vijayawada, as the state of Andhra Pradesh is at the cusp of rapid growth and transformation under the visionary leader Shri N. Chandrababu Naidu. SOUTHCON is a collaborative learning platform aimed at helping our member developers understand the nuances of the latest technologies, sustainable construction practices and project management processes to adapt them in their projects to improve the quality and efficiency of operations. As Andhra Pradesh develops Amravati into a sustainable city, SOUTHCON 2024 will provide valuable insights for this transformation. Together, we can seize these opportunities to advance real estate in South India.
He further added. “Just to highlight some interesting facts about Real estate sector –Real Estate sector contributes about 20% to the GDP so as India achieves $ 5 Tn GDP Real Estate sector will contribute $ 1 Tn to the economy. This sector is the largest employer for blue collar jobs in the country. Moreover, 60% of wealth in India is created by Real Estate Investments, as we as a society still believe in possession of physical assets. Also, GST on Real Estate is a cause of concern specially for the smaller developers in the country as in the present form we are unable to get the input tax credit for real estate sector, which is leading to higher cost of projects. Also, we would like the governments to revise the definition of affordable housing and make it Rs. 75 lacs from Rs. 45 lacs, which will be the right price taking into account the impact of inflation over the years so that more homebuyers can benefit from the schemes for Affordable housing”
Shri G. Ram Reddy, Secretary, CREDAI National, “SOUTHCON 2024 marks a pivotal moment for the South Indian real estate sector, showcasing the resilience of regional markets. South Indian states are at the forefront of the technology, automobile, healthcare, and startup revolution in the country, attracting investments across sectors. This requires a focused approach towards building world-class infrastructure as we move towards ‘Viksit Bharat’. These states are also leading the national office property market with a 54–56% share of India’s net office space absorption since 2022, led by Bengaluru’s 15–16 million square feet annually and 25% of total leasing in early 2024. Chennai and Hyderabad contribute 14% and 13%, respectively. Simultaneously, there is a rising demand for high-end and luxury residential properties, attracting developers focused on premium living spaces, although the need for affordable housing remains critical. The conference will bring together industry leaders and stakeholders to discuss the future of real estate in the region, fostering collaboration and sustainable growth. Together, we will unveil new opportunities and lay a strong foundation for the next generation of real estate development. We eagerly anticipate the collaboration of industry leaders in shaping the future of real estate in Southern India.”
Shri B. Raja Srinivas, Joint Secretary, CREDAI National said, “SOUTHCON 2024 represents a significant turning point for the real estate industry in South India, bringing together essential players to boost sustainable development and innovation. As we explore the ever-evolving environments of Andhra Pradesh, Karnataka, Kerala, Tamil Nadu, and Telangana, it is vital to leverage technological progress and investigate new market segments. By prioritizing sustainability and encouraging teamwork, we can tackle obstacles and capitalize on the abundant opportunities that await, paving the way for a brighter and more successful future in real estate.”
Speaking on the occasion Shri Sridharan Swaminathan, Vice President, CREDAI National said, “We are excited to share that SOUTHCON 2024, hosted by CREDAI Andhra Pradesh unites industry leaders from various states. It provides a dynamic platform for industry experts to participate in insightful panels and keynote discussions that tackle significant market challenges and opportunities. With a focus on trends such as sustainable building practices and technological innovations, SOUTHCON 2024 aspires to spark creativity and foster networking for strategic partnerships. By delving into the latest industry trends, the conference aims to promote eco-friendly, high-quality real estate solutions and influence the future landscape of the sector in Southern India.”
Shri Alla Siva Reddy, Chairman, CREDAI Andhra Pradesh said, “SouthCon 2024 marks a pivotal moment for the real estate sector in Andhra Pradesh, bringing together developers to foster collaboration, innovation, and sustainability. We should seize this opportunity to translate our ambitions into tangible outcomes and collectively strive towards creating a more promising future.”
Adding to this Shri Y. V. Ramana Rao, President, CREDAI Andhra Pradesh said, “As we kick off SOUTHCON 2024, we are happy to unite industry leaders, developers, and innovators from South India for this groundbreaking event. The conference aims to elevate our real estate sector and foster a sustainable future. This gathering offers exceptional opportunities for interaction, sharing ideas, and gaining valuable insights. With a focus on collaboration and local initiatives, including the transformation of Amravati into a green city, this conference is vital for progressing the real estate landscape in Southern India. We invite all participants to engage actively, network, and play a role in the mission to enhance both for the industry and region.”
Shri D. Rambabu, Convener of the SouthCon said, “SOUTHCON 2024, hosted by CREDAI Andhra Pradesh, is a key event for South India’s real estate leaders to foster collaboration, innovation, and sustainable growth. Request everyone to visit and join us for discussions on trends and challenges that will shape the region’s real estate future and gain insights to drive the industry forward.”