Piyush Goyal Urges Realtors to Curb Cash Transactions and Promote Greater Formalization

2024-11-27 01:03:52

Piyush Goyal Urges Real Estate Sector to Promote Digital Payments and Formalization

Speaking at CREDAI's 25th Foundation Day in New Delhi, Commerce Minister Piyush Goyal urged realtors and industry associations to prioritize digital transactions and expand employee coverage under the Employees' Provident Fund Organisation (EPFO).  

“It’s time for the real estate sector to embrace greater formalization through digital payments and EPFO enrollment, which will accelerate growth,” Goyal emphasized.  

He appealed to the Confederation of Real Estate Developers' Associations of India (CREDAI) to discourage cash transactions entirely and ensure salaries are disbursed through digital modes. Goyal highlighted that formalization will not only strengthen the sector but also enhance its contribution to India’s GDP.  

Reflecting on earlier resistance to reforms like RERA and GST, Goyal acknowledged their role in fostering organized and transparent growth within the industry.  

“In the past decade, we have focused on streamlining processes to ease business operations and support honest entrepreneurs,” he said.  

Focus on Holistic Development

Goyal also urged developers to adopt a holistic approach to urban development, addressing challenges like vehicle parking and incorporating EV charging infrastructure and sustainable construction practices.  

As an MP from North Mumbai, Goyal noted that recent state election results in Haryana and Maharashtra underscore the importance of good governance in driving progress.