India is expected as the world’s third-largest construction market in the next two to three years, according to Union Minister of Commerce and Industry Piyush Goyal. He also noted that the real estate industry will offer enormous economic prospects, create jobs, and offer significant pathways for the startup ecosystem. At the Confederation of Real Estate Developers Associations of India (CREDAI)’s national investiture ceremony on Saturday, Minister Piyush Goyal gave a speech to the gathering and pointed out that the Indian real estate market has been a critical engine of India’s growth story.
According to the minister, the Real Estate Regulatory Authority has transformed the industry by promoting transparency and better governance. He continued by saying that the Indian real estate industry has been a key driver of the country’s economic development, creating a significant number of job opportunities and that with the government’s active support, the industry has shown incredible resilience in the last few years.
The real estate industry will offer enormous economic prospects, create jobs, and offer significant pathways for the startup ecosystem
The Minister emphasised that one of the most critical sectors that will help to provide a high standard of living for people is the real estate industry. India is anticipated as the third-largest building market in the coming years, he noted. With the increase in demand over the past year, this industry has a lot of promise. Additionally, the real estate industry will provide enormous business potential, employment chances, and significant startup opportunities.
The Central Government’s over Rs 10 lakh crore direct investment in infrastructure was an important part of the Financial Budget for 2023. This communicates to the rest of the world that India is developing and getting ready to become a significant global superpower. The PMAY budget was raised by 66 per cent. The Urban Infrastructure Development Fund concentrates on developing bigger and better infrastructure in tier 2 and tier three cities.
The RERA (Real Estate Regulatory Authority) has transformed the industry by encouraging transparency and good governance practices
According to Minister Piyush Goyal, the RERA (Real Estate Regulatory Authority) has transformed the industry by encouraging transparency and good governance practices. Describing the government’s backing for the industry. The GST has been streamlined to increase the real estate industry’s resiliency and ease of operation. Banks are now willing to lend with confidence because of the Insolvency and Bankruptcy Code, which has helped clean up the industry.
Additionally, Minister Piyush Goyal stated that these actions will help banks in lending to the industry and to homebuyers with the certainty that good companies will support these groups. The housing sector has benefited greatly from the prompt and efficient resolution of complaints, and it has become evident that ethical business practices will be respected, promoted, and encouraged. And all of those who provided preferential or non-transparent favours in the past to specific players in the industry are now dealing with consequences, according to Minister Goyal. Minister Piyush Goyal has asked the real estate industry’s superior executives to keep helping young talent in order to spark a revolution that will make it the engine of long-term prosperity.