"RADICAL CHANGE NEEDED TO IMPROVE URBAN INFRA"

K.P. Singh, Chairman Emeritus of DLF, on the dynamic nature of the real estate sector, challenges in urban planning, and more

- ARNAB DUTTA

KUSHAL PAL SINGH, credited with making Gurugram an urban metropolis, has had a remarkably successful career spanning over six decades. But there were disappointments for the 95-year-old visionary. One of them was the untimely death of former Prime Minister, the late Rajiv Gandhi. His loss impaired Gurugram’s growth potential. After the launch of his new book, Why the Heck Not? Blueprints for Success from the Man Who Built DLF, co-authored by Aparna Jain, the Chairman Emeritus of real estate major DLF sits down for a conversation with Business Today, and shares his vision for the real estate major and the sector. Edited excerpts:

What is your take on the current state of India’s real estate market, after years of turmoil and the Covid-induced shock?

The economy is growing rapidly, [and] along with the government, entrepreneurs are playing a big role. And it will continue to grow, despite its set of challenges.

Traditionally, unauthorised development has been a major challenge for the sector. However, after the RERA [Real Estate (Regulation and Development) Act, 2016] came into effect, a transformation has begun.

Today, 90% of the old developers are either in jail or out on bail or are bankrupt. A new breed of RERA-compliant developers are driving the market significantly, and not taking any shortcuts. Thus, I am optimistic.