Khattar Emphasizes Real Estate's Crucial Role in India's Economic Growth
New Delhi: Union Power, Housing, and Urban Affairs Minister Manohar Lal Khattar recently emphasized the significant impact of the real estate sector on India's economic growth. During a high-level meeting, Khattar highlighted the sector's potential to create jobs, attract investments, and enhance urban infrastructure.
The real estate industry in India has been a key driver of economic growth over the past few decades. It not only contributes significantly to the GDP but also plays a crucial role in generating employment opportunities. According to Khattar, the sector has the potential to create millions of jobs across various segments, from construction and architecture to sales and management.
Khattar also discussed the government's efforts to streamline regulations and policies to support the growth of the real estate sector. Initiatives such as the Real Estate (Regulation and Development) Act, 2016 (RERA) and the Housing for All by 2022 mission have been instrumental in bringing transparency and accountability to the industry. These measures have helped to restore consumer confidence and attract both domestic and foreign investments.
The Union Minister further noted that the real estate sector's growth is closely tied to the development of urban infrastructure. Projects such as smart cities and affordable housing schemes are not only improving the quality of life for urban residents but also contributing to the nation's economic resilience. Khattar highlighted the importance of sustainable and inclusive urban development, emphasizing that these initiatives should cater to all segments of society, including low-income groups.
In addition to economic benefits, the real estate sector also has a positive environmental impact. Khattar emphasized the need to promote green buildings and sustainable construction practices. The government is encouraging the use of green technologies and eco-friendly materials to reduce the sector's carbon footprint and contribute to India's climate goals.
Looking ahead, Khattar expressed his confidence in the future of the real estate sector. He stated that with the right policies and collaborative efforts, the sector can continue to thrive and play a vital role in India's journey towards becoming a $5 trillion economy. The Union Minister called for increased public-private partnerships to accelerate the development of infrastructure and housing projects, making them more accessible and affordable for everyone.
Overall, Khattar's remarks underscore the government's commitment to supporting the real estate sector and its pivotal role in driving economic growth and development in India.
