New Delhi, May 20, 2024: The National Real Estate Development Council (NAREDCO), the country’s leading real estate industry body, has set a bold target. NAREDCO President [NAREDCO President Name] (replace with the actual name) recently announced that the real estate sector aims to contribute 15% to India’s GDP by 2050.
Things we covered for you
+
Current Scenario:
Currently, the real estate sector contributes approximately 8% to India’s GDP. This ambitious target signifies a significant increase, reflecting the industry’s belief in its potential to be a major growth driver for the nation.
Read: ₹106.4 Cr Invested in Gurugram’s The Camellias: A Magnet for Business Leaders
Book Best Packers & Movers with Best Price, Free Cancellation, Dedicated Move Manager
This is third
This is third
This is fourth
This is fourth
This is fifth
This is fifth
This is six
This is six
This is seven
This is seven
This is eight
This is eight
Growth Drivers:
NAREDCO highlighted several factors that can propel the real estate sector towards this ambitious goal:
- Urbanisation: India’s rapid urbanisation, with millions migrating to cities, will fuel demand for housing, commercial spaces, and infrastructure.
- Affordable Housing Push: Government initiatives like ‘Housing for All’ by 2022 and continued focus on affordable housing will create a significant market segment.
- Infrastructure Development: Investments in infrastructure projects like smart cities, industrial corridors, and improved connectivity will create new growth opportunities across various real estate segments.
Challenges to Overcome:
NAREDCO acknowledges the challenges that need to be addressed to achieve this target. These include:
- Streamlining Approvals: Simplifying regulatory processes and obtaining timely approvals are crucial to expedite project completion and attract investments.
- Focus on Sustainability: Developing sustainable and green buildings will be essential to meet environmental regulations and cater to evolving consumer preferences.
- Skilled Workforce Development: The industry needs a skilled workforce to manage the projected growth. Investment in skill development programs is crucial.
The Road Ahead:
NAREDCO’s ambitious target underscores the real estate sector’s confidence in its future. By addressing existing challenges and leveraging growth opportunities, the industry can play a significant role in India’s economic development in the coming decades.
Industry experts and market analysts will be keenly watching the sector’s progress towards achieving this ambitious target.
