India to become 3rd largest construction market in 2-3 years
Real Estate sector will provide huge business opportunities, generate employment and provide big avenues for startup ecosystem,” says Commerce & Industry Minister Piyush Goyal.
The sector has been a critical engine of India’s growth story and has shown immense resilience in the last few years with the government’s active support, he pointed out.
The Minister gave this assessment at the Confederation of Real Estate Developers Associations of India’s National Investiture Ceremony on 15 Apr 2023.
Goyal highlighted that the Real Estate sector is one of the critical sectors that will serve to ensure good quality life to people.
He said that India is poised to become the 3rd largest construction market in the next 2-3 years.
There is a lot of potential in this sector with demand surge last year, he added.
Budget 2023 also focused significantly on infrastructure with nearly Rs.10 lakh crore direct investment of Central government.
“This sends a signal to the world that India is evolving and preparing ourselves to become a major global superpower,” he underlined.
Outlay for PMAY was increased by 66%. Urban Infrastructure Development Fund focuses on tier 2, 3 cities and building bigger and better infrastructure, he said.
Goyal said that the Real Estate Regulatory Authority (RERA) has played a transformational role in formalising the sector and bringing transparency and better governance practices.
Speaking on the government’s role in supporting the sector, he said that GST has been simplified to make real estate sector ‘more resilient and easy to work in’.
Insolvency and Bankruptcy Code has helped clean up the sector with banks willing to lend with confidence, he added.
Effective and speedy redressal of housing sector complaints has given a major impetus to this sector and the message has gone loud and clear that honest business will be respected, encouraged and promoted, the Minister said.
Goyal credited CREDAI with helping the growth in the country and expanded the term growth for the government to mean “Good governance, Rejuvenating real estate sector, Optimising zero carbon practices, Women empowerment, Transparency for home buyers and allied industries and Holistic and sustainable housing development”.
Goyal said that the government has taken significant efforts to decriminalise laws.
“The recent Jan Vishwas Bill also seeks to demonstrate our commitment to trust. As we enter Amrit Kaal, the next 25 years, we are globally recognised as the bright spot,” he said.
Goyal requested the leaders of the Real Estate sector to continue to promote young talent to bring about a revolution so that it can become the driver of sustainable growth. fiinews.com
