Navin Raheja



December 16, 2015

The Economic Times Entrepreneurs Summit 2015

From Left to Right : Riyaaz Amlani, Founder & CEO, Impresario Hospitality pvt Ltd, Dr. Sunil Shukla, ‎Director, Entrepreneurship Development Institute of India, Vikas Bahl, Founder, Phantom Films, Moderator: Mr. Mritunjay Kapur, Partner and Head of Risk Consulting, KPMG,  Navin Raheja, CMD, Raheja Developers, Padmaja Ruparel, President, Indian Angel Investor network

The Economic Times Entrepreneurs Summit 2015 held at EROS Hotel, New Delhi on 16th of December 2015.

Entrepreneurship in India isn't really a new phenomenon, but the attention it is getting now has increased manifold. Recent NASSCOM report informs that India has been declared as the youngest start-up nation in the world with the 5th largest start up ecosystem in the world that has created over 80,000 jobs last year.

 It is in a bid to bring the achievements and struggles of entrepreneurs to the fore as well as in applauding the path breaking initiatives by them, Economic Times brings the second edition of Entrepreneurship Summit.

Entrepreneurs from different backgrounds and passions would come together with venture capitalists, accelerators and others who are a part of this ecosystem.

The panel discussion was on 'Entrepreneurial Ecosystem - The Ease of doing Business'. Mr Navin Raheja stated that the government needs to work on one primary requirement, which is reducing the project cost to help achieve the mission of 'Housing for all by 2022'. Project costing can be reduced by the government by taking certain reforms such as implementation of single window clearance. This will help developers get quick approvals compared to two to three-year time involved under the present system of approvals. The developers can save up to 35 to 40 percent of project cost if approval timeline comes down to 2-3 months from 2-3 years. Speaking of the latest amendments in the Real Estate Bill, 2015 he welcomed the move to bring a regulatory authority but raised his concern on the compulsory deposit of 70% of the amount raised from buyer in an escrow account, he suggest that it should have been kept at a lower realistic level as per actuals, as the cost of land in the Metro cities contribute to 80% or more of the construction cost and this will lead to capital getting hold for five years and gradually lead to price escalation. He wishes that the government should device method which can be practically implemented to create an environment in which there is an ease of doing business in the real estate sector.