Real estate likely to reach market size of $1 trillion by 2030: Amitabh Kant
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Niti Aayog CEO Amitabh Kant has said that the real estate sector plays a multiplier effect in the development of the economy and is expected to reach a market size of $1 trillion by 2030, accounting for 18-20 per cent of India's GDP. Further, Kant said the last 18 months have been challenging for India and the economy in general, and the real estate sector was not left untouched.
However, he said ‘We see a silver lining as the vaccination rate has picked up and the infections are slowly coming down.’ He noted that the real estate sector and its stakeholders also play a critical role in supporting the 'housing for all' initiative of the government.
Besides, he said the Securities and Exchange Board of India (Sebi) has already given its approval for Real Estate Investment Trusts (REITs), which will create an opportunity worth Rs 1.25 lakh crore in the coming years. Moreover, he stated the smart city project with a plan to build 100 cities is a prime opportunity for real estate companies, He that a slew of measures introduced by the government, including monetary and fiscal stimulus, have supported businesses and industries through these challenging times.
