5 YEARS OF RERA PROGRESS
The Real Estate sector is an essential segment of the Indian economy which has linkages with more than 250 ancillary industries and employs more than 10% of India’s workforce. The growth of the real estate sector in the last two decades has had a multiplier impact on the Indian economy. After agriculture, real estate is the second highest employment-generating sector. Since India is a fast-growing economy, the demand and delivery of quality and affordable real estate have been of prime concern for the Government and the industry. The rapid urbanisation being witnessed in India since the last decade has further accentuated the need for affordable housing and demand for commercial and retail spaces, warehouses, education and hospitality assets. The growth of Indian real estate has further shifted from metro cities to tier 1 and 2 cities. This pace of growth in the sector has attracted a significant amount of domestic and foreign investments and further increased the demand for affordable housing, which has always remained a focus for the Central Government. The Government of India has been supportive of the growth and development of the real estate sector and has been addressing various issues through policy interventions and reforms from time to time. RERA has improved the sector’s operational performance by instilling higher transparency and trust. A higher number of new real estate projects are now getting registered under RERA across states. Another positive factor is that real estate agents operating without any regulations have also been brought under the ambit of the RERA.
Tags : RERA progress Deepak Sood Secretary General -ASSOCHAMI