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Addressing an event organized by the youth wing of the Confederation of Real Estate Developers' Associations of India (CREDAI), Housing and Urban Affairs Minister Hardeep Singh Puri emphasized the necessity of a highly matured and developed real estate sector to fulfill India's vision of becoming a developed nation by 2047. Minister Puri underscored that achieving a market size of USD 1 trillion by 2030 is imperative for realizing this vision.
During his speech, Minister Puri lauded the transformative impact of the Real Estate Regulatory Authority (RERA) Act, describing it as a pivotal development for the sector after decades without proper regulation. He highlighted the significant strides made in regulating the sector, with over 1,22,553 real estate projects and 86,262 real estate agents registered under RERA nationwide. Additionally, he noted that more than 1.2 lakh consumer complaints have been resolved by regulatory authorities.
Minister Puri emphasized the critical role of the real estate sector as the second-largest employer in India, with extensive market linkages across 250 sectors. He projected that the sector would contribute 15% to the GDP and reach a market size of USD 1 trillion by 2030.
Acknowledging the growing urban needs of the country, Minister Puri stressed the necessity of an additional 25 million units of affordable housing by 2030. He commended CREDAI's commitment to making the real estate industry net-zero by 2047, aligning with India's broader sustainability goals.
However, Minister Puri also cautioned against potential risks within the real estate sector, highlighting the possibility of bubbles. He urged builders to remain vigilant, citing the global financial crisis of 2008-09 as a stark reminder of the sector's vulnerability.
In conclusion, Minister Puri reiterated the significance of fostering a matured and robust real estate sector, emphasizing its pivotal role in India's journey towards becoming a developed nation by 2047.
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