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The Secretary of Housing and Urban Affairs has stated that the Indian real estate industry will cross USD 1 trillion by 2030. Amidst the slowdown in growth of this sector, this news comes as a ray of hope for the developers and other players in the real estate sector. Statistics reveal that the real estate industry in 2019-2020 contributed to the GDP by around 7%, which accounted to around 200 billion US dollars. It is estimated that this figure would cross the 1 trillion mark by 2030. The Secretary also stated the importance of the real estate industry for the economy. Presently, this sector accounts for a share of around 11%, considering the overall employment numbers in India.
In case the realty sector crosses this estimate by 2030, it would contribute to nearly 10% of the country’s revenues. Experts also stated that the real estate sector holds tremendous importance from the perspective of employment. Presently, the real estate sector accounts for more than 5.5 crore career opportunities out of 50 crore available jobs. According to the Secretary, the real estate sector in India has shown a significant transformation over the last seven years. Besides, RERA has come into existence during this time. All these factors led to the shifting of the paradigm within the realty sector.
The Secretary, during the conference, stated that the implementation of central laws has already taken place across all the union territories and states, apart from Nagaland and West Bengal. Besides, he added that a significant number of projects in the real estate sectors have already been registered under RERA.
It is evident that the government, too, has taken adequate measures to leverage the real estate industry. In the last seven years, the real estate industry has also witnessed several changes for the good. Besides, every budget announcement has something for the real estate sector. The government has also put in significant efforts to ensure transparency within the realty industry. The Secretary also asked NAREDCO and CREDAI, two of the key real estate associations, to come up with a robust digital platform for selling real estate, which might be similar to Amazon. He also expressed satisfaction about the progress that has taken place in this regard. Besides, the concept of deploying advanced analytics to track trends in the sector would be beneficial for the industry.
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