Speaking at a virtual event Mr Durga Shanker Mishra, Secretary of Housing and Urban Affairs Ministry mentioned that the size of the real estate sector is projected to cross USD 1 trillion by 2030. Emphasizing the real estate sector the Secretary mentioned that it is a key driver for the Indian economy as it contributes to around 11% share in the total employment generations.
The secretary said the realty sector had undergone an immense transformation in the past seven years and the implementation of the Real Estate Act, a.k.a as RERA, has played a vital role in surfacing the paradigm shift. Clearing the air he specifically mentioned that we are projecting to surpass 10 trillion USD by 2030 of which a big share of nearly 10 % is expected to come from the real estate sector. This sector holds a lot of vibrant elements and a potential to serve and suffice the needs of youth as from the point of view of employment and highlighted that out of 50 crore jobs, real estate provides 5.5 crore employment opportunities.
While responding to a question, Mr Mishra has shown his long-sightedness and has given a display of excellent future planning as he gave his inclination towards the development of PropTech platforms. The secretary also emphasized having robust digital platforms for a smooth and transparent real estate buying-selling process.
To connect the dots further, Mr Mishra asked CREDAI and NAREDCO, the two major associations for real estate, to develop a digital platform for real estate, similar to Amazon etc. He said that the data will be collected from realty developers’ end and then the same will be analyzed through data analytics tech. The index generated will give an insight into the further growth of the sector. Moreover, the insights from the index will be beneficial for homebuyers as well as policymakers.