Union Minister Khattar Emphasizes Real Estate's Impact on India's Economic Growth

New Delhi: Union Power, Housing, and Urban Affairs Minister Manohar Lal Khattar recently addressed a conference on urban development, where he emphasized the significant role of the real estate sector in India’s economic growth. Khattar highlighted that the real estate industry is not only a major contributor to the GDP but also a key driver of employment and infrastructure development.

Khattar stated, “The real estate sector has the potential to transform the urban landscape of our country and contribute significantly to our economy. It is essential to implement innovative policies and create a conducive environment for investment in this sector.” He further added that the government is committed to addressing the challenges faced by the real estate industry, including regulatory hurdles and financing constraints.

One of the key focus areas, according to Khattar, is the development of affordable housing. He mentioned that the government’s Pradhan Mantri Awas Yojana (PMAY) aims to ensure housing for all by 2022. “We are working closely with stakeholders to streamline processes and attract more investment in affordable housing projects. This will not only improve living conditions but also boost the overall economy,” he said.

Khattar also emphasized the importance of smart cities and the role they play in modern urban development. He cited the Smart Cities Mission as a flagship program that is transforming urban areas across the country. “The Smart Cities Mission is designed to promote sustainable and inclusive growth. It encourages the use of technology and citizen participation to create efficient and livable cities,” he explained.

The minister further discussed the need for infrastructure development to support the growth of the real estate sector. He said, “Investment in infrastructure is crucial for the success of the real estate industry. We are focusing on developing roads, public transport, and other essential services to make cities more livable and attractive for both residents and businesses.”

Khattar concluded by reiterating the government’s commitment to the real estate sector. “We are committed to creating a robust regulatory framework and providing the necessary support to ensure the sustained growth of the real estate industry. This will not only benefit the economy but also improve the quality of life for millions of Indians,” he said.

The real estate sector in India is one of the largest contributors to the economy and is expected to continue its growth trajectory. With the right policies and initiatives, it has the potential to become a key driver of economic transformation in the country.