The Honourable Kaushal Kishore, Minister of State at the Ministry of Housing and Urban Affairs, recently shed light on the vast opportunities within the real estate sector, particularly emphasizing the significant potential within luxury real estate.
Speaking at an event organized by the PHD Chamber of Commerce and Industry (PHDCCI) in New Delhi, Kishore highlighted the pressing need for affordable housing to fulfill the fundamental needs of all citizens in India.
He underscored the pivotal role of governmental initiatives aimed at providing housing for all, stressing the importance of affordability. Chittaranjan Dash, Principal Commissioner of the Delhi Development Authority, echoed these sentiments, projecting substantial growth for the real estate sector over the next 10 to 15 years.
With the real estate sector contributing around 13% to the GDP and impacting ancillary industries such as warehousing, education, and healthcare, regulatory and policy changes are poised to play a crucial role in shaping the trajectory of the luxury real estate segment.
Additionally, Rajeev Talwar, former president of PHDCCI, noted that the present era presents unparalleled opportunities in the real estate domain, thanks to improved access to finance and available land.
He acknowledged the positive impact of the Real Estate Regulatory Authority (RERA) in enhancing transparency and ensuring accountability for the timely delivery of projects within the real estate sector.