Union Minister K Reddy Emphasizes Emotional Importance of Home Ownership in India
Union Minister G Kishan Reddy highlights the emotional and economic significance of home ownership, praising the real estate sector's growth and the government's initiatives.
Home OwnershipReal EstateReraPm Awas YojanaGdpReal Estate NewsAug 17, 2025
Reddy stated that owning a home is no longer just a dream but an essential emotional need for families. He noted that a house is not merely a structure but a place filled with memories and emotional bonds. “A customer buys a house from you and turns it into a home tied to a sentimental bond. That is why everyone—real estate developers, regulators, state governments, and the Centre—must work together to fulfill this dream,” he said.
Highlighting the government’s initiatives, Reddy mentioned the Real Estate (Regulation and Development) Act (RERA), introduced in 2016, as a significant step towards ensuring transparency and accountability in the sector. He noted that in Telangana alone, around 10,000 projects and 4,000 agents have been registered with RERA after the state government established a permanent regulatory system and appellate tribunal in 2024.
Reddy also pointed out that the economic policies of the Modi government over the last 11 years have helped lift 20 crore people out of extreme poverty. Schemes such as PM Awas Yojana, Swachh Bharat, Ujjwala, and Ayushman Bharat have significantly strengthened the middle class. “As the middle class grows, so does the aspiration for home ownership,” he added. He further noted that tax exemptions, lower inflation, and reduced interest rates have encouraged housing investments.
The Minister referred to Prime Minister Narendra Modi’s recent announcement on reducing GST slabs, stating that it would lower the tax burden on citizens and help families save more. “India has already become a USD 4 trillion economy and aims to achieve a USD 35 trillion economy by 2047. ‘Ease of Living’ is at the core of this vision, and the real estate sector has a key role to play in realizing ‘Vikasit Bharat 2047’,” Reddy said.
He praised CREDAI’s efforts in promoting responsible development and called for continued cooperation to meet the aspirations of the people. Reddy’s remarks underscore the government’s commitment to making home ownership accessible and emotionally fulfilling for all Indians, aligning with the broader vision of a developed and prosperous nation by 2047.
The Confederation of Real Estate Developers' Associations of India (CREDAI) is a leading organization in the real estate sector, dedicated to promoting ethical and sustainable development practices. CREDAI’s efforts in collaboration with the government and other stakeholders are crucial in ensuring the growth and prosperity of the real estate industry in India.
Frequently Asked Questions
What is the Real Estate (Regulation and Development) Act (RERA)?
RERA is an act introduced in 2016 to ensure transparency and accountability in the real estate sector, protecting homebuyers' interests and promoting responsible development.
What is the PM Awas Yojana?
PM Awas Yojana is a government scheme aimed at providing affordable housing to all by 2022, focusing on the economically weaker sections and middle-income groups.
How has the Modi government helped lift 20 crore people out of poverty?
The Modi government has implemented various economic policies and welfare schemes such as PM Awas Yojana, Swachh Bharat, Ujjwala, and Ayushman Bharat, which have significantly reduced poverty and strengthened the middle class.
What is the significance of reducing GST slabs for home ownership?
Reducing GST slabs lowers the tax burden on citizens, making it easier for them to save and invest in housing, thus promoting home ownership and economic growth.
What is the vision of Vikasit Bharat 2047?
Vikasit Bharat 2047 is a vision to transform India into a developed and prosperous nation by 2047, with a focus on ‘Ease of Living’ and the growth of various sectors, including real estate.
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