Union Housing and Urban Affairs Ministry Secretary Durga Shanker Mishra has said that the real estate sector which has been stressed for quite some time now has started showing signs of improvement since the first quarter of the current fiscal (Q1FY22) and its contribution to the country's Gross domestic product (GDP) is expected to reach 10 percent by 2025 from the current 7 percent.
The Secretary has stated that the sector in India is set to be valued at $1 trillion in the next few years as the country aims at $5 trillion economy. He also said that the National Urban Digital Mission has taken up steps to connect nearly 2,535 cities across India to improve connectivity.
Mishra said that construction of 725 kilometres of metro railway tracks has been completed while 1,060 kilometres of tracks are being constructed in 18 cities. He noted that one lakh houses in urban areas were constructed last year to provide rental accommodation to poor street vendors and migrant workers.