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NAREDCO President Sets Ambitious Target: Real Estate to Contribute 15% to India's GDP by 2050
Updated : May 20, 2024
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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.
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.
Growth Drivers:
NAREDCO highlighted several factors that can propel the real estate sector towards this ambitious goal:
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- 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.
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