From around $200 billion two to three years ago, the size of India’s real estate sector is expected to touch $1 trillion by 2030, said Durga Shanker Mishra, secretary in the housing and urban affairs ministry.
Speaking at the event titled ‘Real Estate – Creating Demand: The REset 2021 and Beyond,’ organised by the Confederation of Indian Industry, the secretary said rising demand for housing and reforms of the past seven years such as the Real Estate (Regulation and Development) Act, the Model Tenancy Act and steps taken to facilitate doing business in India would drive the real estate market.
Also, he said that the government predicts a rise in employment opportunities through the real estate sector from 55 million in 2019 to around seven crores (70 million) soon.
“RERA has transformed real estate and changed the perception of the sector. Consumers now have confidence that their investments are safe,” housing and urban affairs secretary Mishra said, reports Moneycontrol.
“About 67,000 real estate projects and 52,000 property agents are registered under RERA. Real estate authorities set up under this law have cleared more than 70,000 cases. All states, except West Bengal, have implemented RERA. The ministry has written to the state government about this,” he added.