Achieving Net Zero: Housing Minister and CREDAI Youth Wing Collaborate for Sustainable Real Estate Future
Housing and Urban Affairs Minister Hardeep Singh Puri emphasized the importance of a highly matured and developed real estate sector to achieve the vision of a developed India by 2047. He stated that the sector should aim for an estimated market size of USD 1 trillion by 2030.
Speaking at an event organized by CREDAI’s youth wing, Minister Puri highlighted the significant impact of the Real Estate Regulatory Authority (RERA) law, calling it a transformational development for the entire sector.
Puri stressed the need for both residential and commercial segments to be highly matured and developed. He noted that investments are flowing into commercial real estate, particularly in areas like data centers and warehousing. The establishment of Real Estate Investment Trusts (REITs) has also played a crucial role in attracting investments.
The minister praised the implementation of RERA, stating that over 1,22,553 real estate projects and 86,262 real estate agents are registered under the law. Regulatory authorities have resolved more than 1.2 lakh consumer complaints, although there is variation in implementation across different states.
Highlighting the significance of the real estate sector, Puri mentioned that it is the second largest employer in the country, with linkages to over 250 sectors. He projected that the sector will contribute 15% to the GDP and reach a market size of USD 1 trillion by 2030.
Puri emphasized the need for an additional 25 million units of affordable housing by 2030 to address the growing urban needs of the country. He commended CREDAI’s commitment to making the real estate industry net zero by 2047.
However, Puri also cautioned against potential bubbles in the real estate sector, reminding builders of the global financial crisis of 2008-09, which had its roots in real estate.