Union Minister of Commerce and Industry Piyush Goyal said that India is poised to become the 3rd largest construction market in the next 2-3 years, adding that the Real Estate sector will provide huge business opportunities, generate employment and provide big avenues for the startup ecosystem.
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Addressing the National Investiture Ceremony of the Confederation of Real Estate Developers Associations of India on Saturday, he said that the Indian real estate sector has been a critical engine of India’s growth story.
Real Estate Regulatory Authority has played a transformational role in formalising the sector and bringing transparency and better governance practices, Piyush Goyal said.
He said that the Indian real estate sector has been a critical engine of India’s growth story, providing large-scale employment and the sector has shown immense resilience in the last few years with the active support of the government.
Goyal pointed out that the Real Estate sector is one of the critical sectors that will serve to ensure good quality of life for people.
He said that India is poised to become the 3rd largest construction market in the next 2-3 years. There is a lot of potential in this sector with the demand surge last year, he said, adding that the Real Estate sector will provide huge business opportunities, employment and big avenues for the startup ecosystem.
Budget 2023 also focused significantly on infrastructure with nearly Rs10 lakh crore direct investment of the Central government, he pointed out. This sends a signal to the world that India is evolving and preparing itself to become a major global superpower. The outlay for PMAY was increased by 66%. Urban Infrastructure Development Fund focuses on tier 2, and 3 cities and building bigger and better infrastructure, he said.
Goyal said that the Real Estate Regulatory Authority (RERA) has played a transformational role in formalising the sector and bringing transparency and better governance practices.
Speaking on the government’s role in supporting the sector, he said that GST has been simplified to make the real estate sector more resilient and easy to work in. Insolvency and Bankruptcy Code has helped clean up the sector with banks willing to lend with confidence, he added.
Effective and speedy redressal of housing sector complaints has given a major impetus to this sector and the message has gone loud and clear that honest business will be respected, encouraged and promoted, he added.
Goyal requested the leaders of the Real Estate sector to continue to promote young talent to bring about a revolution so that it can become the driver of sustainable growth.