India's realty sector to cross $1trn by 2030

New Delhi: The size of real estate sector is projected to cross $1 trillion by 2030, Housing and Urban Affairs Secretary Durga Shanker Mishra said. "In 2019-20, real estate sector contributed nearly 7 per cent to our GDP. Its total contribution was to the tune of $200 billion to our GDP.And projections are that by 2030 this number is going to cross $1 trillion," Mishra said.

He also noted that real estate is an important sector for the economy with around 11 per share in the total employment numbers.

The secretary was speaking at a virtual event to launch Housing Price Index, created by realty portal Housing.com and Indian School of Business (ISB) in association with industry body Naredco."By 2030, when we are projecting our economy to go up to $10 trillion, nearly 10 per cent of that will come from the real estate sector itself," he added. Mishra said the sector is also very important from the point of view of employment and highlighted that out of 50 crore jobs, real estate provides 5.5 crore employment opportunities.

The secretary said the real estate sector has transformed in the last seven years and implementation of the Real Estate (Regulation and Development) Act, popularly known as RERA, has played an important part in making a paradigm change.