Saturday, July 2nd, 2022
CECR

Real Estate Sector Will Contribute 10% Of The GDP By 2030: Housing Secretary

 

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Real estate sector will contribute 10% of the GDP by 2030, according to Union Housing and Urban Affairs Secretary, Durga Shanker Mishra. He was speaking on the launch of housing price index (HPI) in association with the industry body NAREDCO.

“The Housing Price Index jointly developed by the Indian School of Business and Housing.com has the potential to emerge as a good indicator of the country’s real-estate market health. The real-estate sector has been impacted due to the COVID-led slowdown and overall uncertainty. At this time, it is essential to track the growth via credible sources that will help authorities make quicker and informed decisions during such exogenous shocks,” said Mishra.

“Buyers as well as policymakers are mostly forced to rely on market anecdotes and guesswork about property price movements in Indian cities in the absence of quality high-frequency data, especially locality specific data. The entire idea behind the launch of the Housing HPI is to address this issue. Aside from benefitting buyers, investors and policymakers, data from our HPI will also be immensely valuable for real estate developers who are considering a new locality to launch new developments. For real estate builders, having access to information such as this has become more crucial than ever now, with the demand landscape rapidly evolving due to the emergence of the “work-from-home” concept in the wake of the COVID-19 pandemic,” said Dhruv Agarwala, Group CEO, housing.com.

“It has been a long hauling grind for the Indian Real Estate sector to undergo a system reboot on the back of various structural policies introduced recently. In the current pandemic, the sector witnessed an increased use of and reliance on technology. The transition in the Digital Era has been quite phenomenal,” said Niranjan Hiranandani, National President – NAREDCO; Founder & MD of Hiranandani Group.

 

 

 

 

 

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