Realty contribution to GDP to reach 10% by 2025: Official

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 and its contribution to the country's GDP is expected to reach 10 per cent by 2025 from the current 7 per cent, a top government official said recently.

Union Housing and Urban Affairs Ministry Secretary Durga Shanker Mishra also said that the National Urban Digital Mission has taken up steps to connect nearly 2,535 cities across India to improve connectivity.

"The real estate sector's contribution to the GDP is 7 per cent now and it is expected to reach 10 per cent by 2025. The sector in India is set to be valued at USD 1 trillion in the next few years as the country aims at $5 trillion economy," he said at an interactive session with Bharat Chamber of Commerce.

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."One lakh houses in urban areas were constructed last year to provide rental accommodation to poor street vendors and migrant workers", he added.