Indian realty will flourish in next 10 years

King Johnson Koyyada, Sharm El-Sheikh, Egypt : Boman R. Irani, national chairman of Credai, stated that after RERA’s introduction, there have been noticeable improvements in the Indian construction industry. In accordance with the central government’s thoughts, he stated during a special meeting held at the Rixos Premium Seagate in Sharm El-Sheikh, Egypt, that they are taking the necessary steps to prevent pollution while carrying out construction. They claimed to be making efforts to lessen their carbon footprint. According to him, the builders who were constructing the structures up until yesterday are gradually becoming more responsible.

He claimed that they are utilising new software, adopting current technology, placing cameras on construction sites to check their performance, and working to construct buildings as efficiently as they can. He claimed that initiatives were being taken to enhance the personnel’s abilities to assist Credai members. Additionally, he stated that they are building roughly 1 lakh green buildings in accordance with IGBC standards. He said that the Union Ministry of Housing had extended an offer to develop modern knowledge in the field of construction.

An estimated six million people will require housing by the year 2030. As a result, significant investment in planned development is required. He said that solid waste management and sustainable development practises are being included into every project for better management. Developers have determined that only eight or nine lakh square feet must be constructed in this case, rather than 10 lakh. According to him, the real estate industry would account for up to one trillion dollars of India’s five trillion dollar economy. Five research cells have been established to support the building industry. Five reports have been provided by the relevant committees.

The real growth

Credai Chairman Manoj Gaur said that this is the first time that a Prime Minister of a country is coming to an event organized by Credai. After COVID, the Indian construction sector is moving in the right direction. He said that, mainly after the establishment of RERA, radical changes have taken place in the real estate sector of India. A new development has taken place in the construction sector.

Solution to GST problems

On this occasion, Credai National Secretary Gummi Ram Reddy said that many problems are arising in the proportion of landlords regarding GST. He said that due to the absence of input tax credit in GST, the final price of the flat is being reduced. In this regard, Finance Minister Nirmala Sitharaman has expressed the hope that a positive decision will be taken soon. He said that the construction sector is facing difficulties related to redevelopment and environmental clearance in Mumbai. He said that the government will not lose any revenue while solving some of the problems faced by the construction sector. Therefore, they said that they are working to solve such issues by focusing primarily on them.

Trillion dollars by 2030!

Presently, the share of India’s real estate sector is 25 billion dollars, and it is likely to reach one trillion dollars by 2030, Credai President Elect Shekhar Patel said. He revealed that about 7-8 percent of India’s GDP comes from the real estate sector. He said that this sector, which is based on more than 250 industries, directly provides job opportunities to three crore people. They wanted to bring apartments of 1,000 square feet into the category of affordable housing. He said that the Indian real estate sector will reach trillions of dollars by 2028 if the central government provides support.

What is required from the centre?

Credai National demanded that the Centre should give special encouragement to the Indian construction sector, which provides employment and employment opportunities to a large percentage of people after agriculture. It is appealing to announce many incentives to fulfil the common man’s dream of owning his or her house. Here’s what they want.

• The flat size of the available houses should be confirmed as 1,000 square feet. Only then will most people easily fulfil their dream of owning a house.
• The price will depend on the location, cost, project level, and specifications instead. So no maximum limit should be imposed on the rate.
• The GST levied on real estate and various construction materials should be reduced.
• On a flat of Rs 1 crore, about Rs 35–40 lakhs have to be paid in various taxes. Therefore, taxes on this sector should be reduced.
• Listen to the field-level problems related to the construction sector and find solutions for them.
• Environmental regulations should be eased.
• Credit-linked subsidy scheme should be reintroduced along with a reduction in interest on home loans.