Indian real estate sector has been a critical engine of India’s growth story, providing large-scale employment and the sector has shown immense resilience in the last few years with the active support of the government.
This was stated by the Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution, and Textiles, Piyush Goyal while addressing the National Investiture Ceremony of Confederation of Real Estate Developers Associations of India today.
Goyal pointed out 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 said adding that the Real Estate sector will provide huge business opportunities, employment and big avenues for startup ecosystem.
Budget 2023 also focused significantly on infrastructure with nearly ₹10 lakh crore direct investment of Central government, he pointed out. This sends a signal to the world that India is evolving and preparing ourselves to become a major global superpower.
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 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, he added.
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.
Crediting Prime Minister Narendra Modi of setting the goal of Good governance with the focus on being inclusive, sustainable, driven by principle of zero effect, zero defect and transparent, Goyal said that Modi has been a leader that the world holds in high esteem, and looks up to in times of difficulty and trusts to deliver.
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, he said. As we enter Amrit Kaal, the next 25 years, we are globally recognised as the bright spot, he added.
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.
