More than half of India’s population will live in cities by 2047, says Joshi
The Indian real estate sector is expected to expand to Rs.65,000 crores by 2050, up from Rs. 20,000 crores today, says Anand Kumar, Chairman, Delhi RERA.
“Today, the sector is second in terms of importance in employment generation and its role in nation building is second to none,” he told delegates at the CII Annual Conclave on Indian Real Estate on 14 Oct 2022.
Kumar argued for greater focus on understanding the carrying capacity of the city, town and district being developed. The planning on various aspects like amount of water availability, setting up of pipelines, getting environmental clearances, all needs to be done in advance with synergies being built across departments.
“This well-timed planning can help save precious resources and avoid encroachments.”
Talking about sustainability, the Delhi RERA Chairman spoke on how recycling of water, use of renewable energy and adoption of latest technology can help augment existing resources, improve quality of roads, and bring down cost of construction, energy and transmission in urban areas.
The CII-CBRE launched ‘India Real Estate: Resilient, Adaptable and Affordable Report’ at the event. The report focused on a blend of primary and secondary research and examines the current state and the future of real estate sector in India from a multi-dimensional perspective.
Kumar added another theme and dimension to the conclave – that of Reliability.
While praising the introduction of RERA, he called on CII to create greater real estate awareness among consumers and provided a vision where industry and government work holistically & synergistically to make Indian Real Estate the leading sector in the world.
“The real estate sector and urban planning will be one of the most important areas as India moves towards Amrit Kaal and becomes a developed country by 2047,” added Manoj Joshi, Secretary, Ministry of Housing and Urban Affairs.
The conclave focused on key themes of Resilient, Adaptable and Affordable real estate.
Stating that more than half of India’s population will live in cities by 2047, Joshi said that a lot would depend on what type of cities were created, how organized they were and how many jobs they create.
Joshi also spoke about the immense scope for industry-government collaboration in water treatment and in overcoming the resistance to residential usage of treated-water in urban areas.
On the theme of affordability, the Secretary argued for greater technology adoption as a means to affordable housing for all.
The government reforms like RERA, GST, and IBC have brought transparency and made the real estate sector much more organized, added Mohit Malhotra, Co-Chairman, CII National Committee on Real Estate and Housing and Managing Director, Godrej Properties Ltd. fiinews.com
