by THO
Housing and Urban Affairs Minister Hardeep Singh Puri said on March 15 that the real estate sector is expected to contribute 15% to the GDP and will touch a market size of $1 trillion by 2030.
He also said that a highly matured and developed real estate sector with an estimated market size of $1 trillion by 2030 is needed to achieve the vision of a developed India by 2047.
“It is estimated that the sector will contribute 15 per cent to the GDP and will reach a market size of $1 trillion by 2030,” he said at the CREDAI YouthCon event held in the capital.
He said that an additional 25 million units of affordable housing will be required by 2030 to meet the growing urban needs of the country.
He said that the establishment of Real Estate Investment Trusts (REITs) has helped in attracting investments into the real estate sector.
On RERA, he said that “RERA was a transformational development. It is unbelievable that one of the largest sectors in the economy didn’t have a regulator for nearly 70 years,” Puri said.
He said that 1,22,553 real estate projects and 86,262 real estate agents are registered under the RERA across the country. More than 1.2 lakh consumer complaints have been disposed of by regulatory authorities.
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Boman Irani, president, CREDAI and chairman and managing director of Rustomjee Group, said that the real estate sector’s target is to become a net zero carbon industry by 2047. He said that the construction and infrastructure industries add to pollution and the biggest challenge for the industry is to rise to the challenge of creating a sustainable future.
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