The minister was speaking at the recently held RICS International Conference 2013 in New Delhi.
Kamal Nath stated that JNNURM was created by the Indian Government on December 3, 2005, with an estimated investment of over Rs. 1,00,000 crore. He stated that the JNNURM projects aim at the planned development of certain cities, with a heavy emphasis on urban infrastructure and service delivery mechanisms. He stated that the lack of professional manpower has affected the speedy and successful completion of the projects in some Indian states.
The minister also stated that India is on a growth path, and there has been a significant increase in investment in infrastructure. However, there are several challenges that the country is facing, obstructing it from achieving the desired level of growth. He stated that land prices, anomalies in Floor Area Ratio (FAR) in smaller cities and archaic laws are some of the common challenges hindering growth.
He stated that the Indian government is making considerable efforts to build a better environment in the country. Efficient land economics, regulatory reforms, and country-specific best practices are essential to build India’s position as a world-class real estate hub, he stated.
Kamal Nath also went on to state that the Public Private Partnership (PPP) model has been adopted for the successful implementation of several projects and growth.