New Delhi: Real estate will stem a favourable economic outlook, making India a developed nation by 2047, said Kaushal Kishore, Union Minister of State for Ministry of Housing and Urban Affairs, while speaking at ‘Realty 2022’ organised by CII here recently.

He said that the real estate sector is clearly demonstrating a growth trajectory, helping in building the nation collectively. He added that under the Atma Nirbhar Bharat, the Central government has taken various measures for the real estate sector across the country to make it more sustainable. A CII-CBRE report on ‘Indian Realty Outlook – Demystifying Future Growth Opportunities’ was released during the conclave.

In his keynote address, Anshuman Magazine, Chairman, CII NR and Chairman and CEO – India, Southeast Asia, Middle East and Africa, CBRE said that India continues to be one of the world’s fastest-growing major economies powered by a favourable base effect. “Growth would be supported by investment undertaken by the private sector and by the government, which has introduced incentives and reforms to improve the business climate,” he said.

“The growth trajectory of the residential sector is a testament to its strong fundamentals because despite a rise in construction costs owing to high input costs and the RBI’s monetary tightening measures, both sales and new launches have remained firmly on a growth trajectory. Developers need to align their project launches with the real demand of the market,” added Magazine.

Anil Saraf, Chairman, CII NR Committee on Real Estate and Infrastructure and CMF, ASF Group, said that the real estate sector is undergoing transformation catering to sustainability and environment. He said that the residential sector is the prime driver of the real estate sector. The sector has witnessed a shift from real life to real-time. E-commerce, IT and Telecom has created huge opportunities and growth for the sector. “Indian real estate sector, being a major catalyst in the country’s economy, is currently prepping up for a revolution in terms of development,” added Saraf.

Speaking at the Inaugural session, Aditya Sikri, President, Indospace Development Management, said that the real estate sector drives a major and significant push for the Indian economy. warehouse and logistics have been a boost for foreign investment. The e-commerce sector is capitalizing on the demand for warehousing, he shared.

The conclave aimed to provide a platform to discuss the various aspects and an Industry lens for the future of the real estate industry with a strong focus on overall trends and opportunities in the sector. The conclave saw speakers from Brigade Group, Puravankara, RMZ Corp, Hines, HDFC Capital, Emaar India and others. /BI/