Real Estate Sector will play a crucial role in making India a 10 trillion dollar economy by 2030 : Hardeep Singh Puri, Minister of State forHousing and Urban Affairs

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“Real estate sector will play crucial role in making India a 10 trillion dollar economy by 2030,” said Mr Hardeep Singh Puri, Hon’ble Minister of Statefor Housing and Urban Affairs at CII Conference on Real estate held today in New Delhi. He added that contribution of private sectoris vital and game changer in real estate sector. He added that Government is working on introducing Rental tenancy Bill shortly. He further added that introduction of RERA is revolutionary and has been resounding success. He said that developer should focus on technology, which is green, ecofriendly. He mentioned that target for housing for all will be achieved by 2022.

Mr Sunil Kant Munjal, Past President, CII and Chairman, Hero Enterprise said that Real estate sector is potential source of growth for our economy. He added that we should look and support policy to facilitate its positive impact in the sector. He empathized on necessary changes are required to make the sector more dynamic to retain its glory ahead. He opined that as Real estate player we need concerted effort to turnaround the sector towards growth and usher new opportunity of growth.

Mr Anshuman Magazine, Chairman – CII Realty 2019 & Co-Chair, CII National Committee on Housing & Real Estate and Chairman & CEO – India, Southeast Asia, Middle East & Africa, CBRE said that In the wake of positive policy reforms, emergence of a strong workforce, introduction of new technologies and growth of newer asset classes, the momentum of India’s realty sector is growing substantially. He also said that today’s conference theme ‘Real Estate – A Relook’ reviews the emerging factors that will build the future of real estate sector. He furher added that India has one of a kind growth story; real estate as the country’s growth propeller and we at CBRE are committed to be at the centre of this growth trajectory.

Co-Chairman, CII Realty 2018 and Chairman & Managing Director, ASF Group, Mr Anil Saraf said that CII Realty is an interactive platform designed for its fraternity to discuss on the emerging industry trends and assess global practices that are influencing the sector. He added that the Indian real estate sector is amidst a metamorphosis which is being shaped by rapid technological progress, changing policy scenario, shifting end-user demand and this report echoes that. He emphasize that at CII, we are committed to partner in this transformation and achieve a re-built real estate sector that is full of opportunities.

Mr Sanjaya Gupta, Managing Director, PNB Housing Finance Ltd said that we need to build sentiments and promise to be disbursed in time. He added that people have to create positive atmosphere and it’s high time we start doing that. He said that concrete, focused deliberations to find out what are the reasons.

Mr Sriram Khattar, Managing Director – Rental Business, DLF Group said that we have to develop strong relationship and trust with customers and have a strong understanding of commercial real estate. He further said that slowdown is all that is set to change for the better.He emphasized on commercial space and the demand for premium office spaces is bound to expand despite temporary hiccups like the ongoing economic slowdown. He opined thateconomy and the segment-specific demand-supply dynamics play a critical role in determining the way forward.