Unleashing the Potential of Indian Real Estate: A Key to Viksit Bharat
India's real estate sector is poised to become the primary economic engine of the country
Real EstateIndian EconomyInfrastructureEconomic GrowthGdpReal Estate NewsMay 30, 2024
In India's current dynamic economic landscape, the real estate industry plays a pivotal role in fuelling substantial growth and setting a definitive roadmap towards the collective $5 Trillion goal. The sector has the potential to become the primary economic engine of this country. The holistic growth impact that real estate possesses is also validated by the recent sheer volume that has coincided with strong Quarter-on-quarter GDP numbers.
Positioning real estate as a focal point of economic growth is crucial. Policies aimed at fostering growth should prioritize stability, transparency, and efficiency within the sector. Incentivizing homebuyers and developers through effective policymaking, rationalizing the cost of raw materials, and implementing measures to boost affordable housing are key to unlocking the sector's complete potential.
A thriving real estate sector serves as a linchpin for bolstering various macroeconomic indicators, including employment generation, GDP growth, and per capita income. The sector's impact transcends mere infrastructure development, intertwining with multiple facets of the economy. Consequently, policies aimed at nurturing real estate should be accorded the highest priority, recognizing its pivotal role in driving sustained economic expansion.
Real estate and infrastructure have been the keystone of India's economy, consistently serving as a barometer for the nation's progress. With India's economic liberalization in 1991 and subsequent GDP acceleration, the late 1990s marked a crucial growth phase where the Indian real estate sector emerged as a key driver of comprehensive development, leveraging its multi-sectoral impact.
CREDAI National is the apex body of real estate developers in India, working towards promoting the sector's growth and development. The organization aims to create a conducive ecosystem for the sector, fostering collaboration between stakeholders and policymakers.
Frequently Asked Questions
What is the potential of the Indian real estate sector?
The sector has the potential to become the primary economic engine of the country driving growth and development
How can the Indian real estate sector contribute to GDP growth?
A thriving real estate sector serves as a hub for GDP growth with its performance having a multiplier effect on the overall economy
What are the key areas that policymakers should focus on to unlock the sector's complete potential?
Policymakers should focus on incentivizing homebuyers and developers rationalizing the cost of raw materials and implementing measures to boost affordable housing
What is the impact of a thriving real estate sector on employment generation?
A thriving real estate sector generates employment opportunities spanning from construction workers to architects and urban planners with the sector currently generating a total employment of 6 08 CR
How does the real estate sector contribute to per capita income growth?
The influx of jobs and the subsequent rise in disposable income translate into improved living standards for citizens fuelling consumption and spurring demand across various sectors
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