The real estate sector to cross $ 1 trillion by 2030: Secretary of Housing

The size of the real estate sector is expected to exceed $ 1 trillion by 2030, Housing and Regional Secretary Durga Shanker Mishra said on Monday. “In 2019-20, the real estate sector accounted for about seven percent of our GDP. Its total contribution was $ 200 billion in our GDP,” he said.

He also pointed out that real estate is an important sector of the economy with around 11 shares per share in full employment numbers. The secretary was speaking at the launch of the Housing Price Index, hosted by realty portal Housing.com and the Indian School of Business (ISB) in partnership with industrial organization NAREDCO.

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“By 2030, when we campaign for our economy to grow to USD 10 trillion, about 10 percent of that will come from the real estate sector itself,” he added. Mishra said the sector was also very important in terms of employment and pointed out that out of 50 crore jobs, real estate offers 5.5 jobs.

The secretary said the real estate sector has changed over the past seven years and the implementation of the Real Estate (Regulation and Development) Act, popularly known as RERA, has played a key role in changing attitudes. He said central law had already been implemented in all provinces / UTs, except West Bengal and Nagaland.

Mishra said a large number of real estate projects and real estate agents are registered under RERA. Government has taken various steps in the Budget for the past seven years to encourage growth in the real estate sector, he added.

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“Each budget has a specific announcement in the real estate sector.” The secretary emphasized the need for strong digital forums for the process of real estate transactions.

Mishra said he had asked CREDAI and NAREDCO, two major real estate agencies, to build a digital real estate platform, similar to the Amazon, and that progress had been made. In the Housing Price Index by Housing.com and ISB, Mishra said data would be collected from developers and the same would be analyzed through data analytics.

The secretary said the index would provide insight into the ongoing growth of the sector. Mishra said the guide would be useful to local consumers as well as policy makers.

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