The Indian real estate industry is expected to reach $1 trillion by 2030, up from $200 billion in 2021, states a recently-released report.
According to a report jointly prepared by NAREDCO and EY and released at the NAREDCO Finance Conclave, the sector is expected to contribute 18-20 per cent to India’s GDP by 2030. The report highlights a positive demand-supply gap, which is likely to drive the growth of the industry.
The report comes as a series of MoUs have been signed among industry players to support real estate projects.
In a separate statement, NAREDCO said that more than 50 MoUs have been signed among developers, financial institutions and industry body for financing real estate projects.
“The total estimated value committed on the MoUs is estimated at over $15 billion in which NAREDCO would play the key role of a facilitator,” the industry body said.
The objectives of the MoUs is to mobilise funds from national and international funds to assist the developers. The National Real Estate Development Council (NAREDCO) has set up a committee to make it simpler for developers to get funding for projects on the basis of their viability and merit.
The industry body in the statement said these MoUs between various real estate developers and funding entities would enable India to build a USD 5-trillion developed economy. The first NAREDCO finance conclave happened on Friday (3).
Among two prominent entities that signed MoUs with Naredco comprised Shomik Chaudhuri inc. and the other one include Haad Investments Co. Shomik Chaudhuri Inc is a corporate that is based at Valley Stream, New York, US, and the second entity in located at Abu Dhabi, UAE, stated recent reports.