Housing for All will Attract US$ 1.3 Trillion by 2025

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The pace of transformation has been accelerated by the Central Government’s reformative steps aimed at ushering in ‘Acche Din’ to the realty sector. The market size of Indian real estate sector is expected to touch US$ 180 billion by 2020 and is poised to grow at the rate of 30% over the next decade. According to the Indian Brand Equity Foundation (IBEF), the number of Indians living in urban areas is slated to increase from 434 million in 2015 to 600 million by 2031. The housing sector alone is expected to contribute around 11% to India’s GDP by 2020.
Whether or not that has happened to the expected extent is debatable but certainly, a new regulatory environment is being created with the implementation of several disruptive policies. The Real Estate (Regulation and Development) Act, 2016 (RERA), Goods and Services Tax (GST), Real Estate Investment Trusts (REITs), the Benami Transactions (Prohibition) Amendment Act, 2016 and the Pradhan Mantri Awas Yojana (PMAY), among others, have all happened over the last four years. These policies are bringing in higher levels of transparency and accountability, financial discipline, focus and efficiency into the industry which could only be dreamed of in the past. Moreover, these reforms have opened new avenues for growth. Today, these are more than sufficient indicators to vouchsafe the country’s growth story and its positive repercussions on the Indian real estate sector.