Driven by rising demand and various reforms like new realty law RERA, the real estate market in India is estimated to touch $1 trillion by 2030, housing and urban affairs secretary Durga Shanker Mishra said.
The sector will see a rise in the number of people that are employed from 5.5 crore in 2019 to 7 crore in the coming years.
The Model Tenancy Act which was passed by the union cabinet in June 2021 will soon be implemented in the states. The law is expected to be prospective in nature. All the rent agreement-related disputes will be dealt with by the old laws of the states.
Mishra pointed out that the first and second wave of the Covid-19 created a major setback on the real estate sector. However, the housing demand has started to revive.
“The size of the real estate sector was around $200 billion 2-3 years ago. We expect the real estate market to touch $1 trillion by 2030,” Mishra said. Real estate is an important sector of the economy. Nobody should have any doubt about it,” he added.
The housing demand in the first quarter of this fiscal year has risen as compared to the year-ago period.
Mishra said, the government has given a lot of focus on this sector in the past seven years and has taken measures in every budget since 2014.
It is estimated that around 88 crore people will be living in urban areas by 2051 as against the current 46 crore, creating huge potential for real estate development.
Describing the enactment of new realty law RERA as the biggest reform, Mishra said the new legislation has taken the industry to another level.
“RERA has transformed this sector and changed the perception of this industry. Consumers now have confidence that their investments are safe,” Mishra said.
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