It is time to reform India’s housing policy- CREDAI
New Delhi- For better development of real estate of India, it is necessary to improve the housing policy of India, says Confederation of Real Estate Developers Association of India (CREDAI).
CREDAI said that it is very important for every nation to focus on its housing sector for the sake of development of economy. Improving the housing policy will surely influence the infrastructure development and real estate in India. And making real estate and infrastructure industry strong will lead to the betterment of other allied industries and therefore make our economy stronger.
Urban development plan should be expanded based on the nation’s development scenario. Urban area need better development plans and it is not only government’s responsibility but developers should also contribute in this regard.
According to CREDAI, India has a shortage of 1.81 crore housing units. So there is great need to improve the supply and to provide affordable houses to buyers of the middle class segment. And to highlight affordable housing, reformation of land and tax norms is required.
Real estate sector plays an important role in the Indian economy. After agriculture, it is the second largest contributor of employment and is estimated to grow by 30 percent over the next ten years. The sector’s market size is likely to reach $180 billion by 2020.
India’s residential market alone contributes to 5-6% of the country’s GDP. Significant growth has been observed in retail, hospitality and commercial real estate sectors too.
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Affordable Housing, Confederation of Real Estate Developers' Association of India, CREDAI, housing policy, housing policy of India, Housing sector, India’s residential market, Real Estate of India, Urban development plan
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