NCR’s realty growth to be revived by govt’s ‘affordable housing’ policies
During a recent address at the inaugural session of the Conference on Real Estate organized by CII and CREDAI NCR, Karan Bir Singh Sidhu – Joint Secretary of the Union Ministry of Housing and Urban Poverty Alleviation – said that realty growth in the National Capital Region (NCR) will largely be revived as a result of the Government’s ‘affordable housing’ policies.
In spite of the fact that the housing sector in India has been hit by regulatory and policy challenges in recent years, Sidhu said in his address at the Conference that one of the key agenda’s of the Modi government is ‘Housing for all for 2022’
Pointing out that tier II and tier III cities have been witnessing a notable expansion in the demand for residential spaces in recent years, Sidhu said that the significant construction opportunities offered by the housing sector has triggered the spiralling growth of the real estate industry.
Meanwhile, addressing the attendees at the Conference, CII Northern Region Chairman Zubin Irani – who is the President-Building & Industrial Systems, United Technologies Corporation India – said that realty sector is the growth engine of India’s economy.
While Zubin projected that the economic contribution of the realty sector will likely increase two-fold by 2025, he also pointed out that the Delhi-NCR markets are presently passing through a ‘trough’ phase in the real estate market cycle. Nonetheless, he also added that one of the biggest employment-generating sectors is the housing and construction sector.
Source – IRIS
CREDAI, Housing for all for 2022, Karan Bir Singh Sidhu, Modi government, National Capital Region, Real Estate Industry, urban poverty alleviation
