Given the affable atmosphere and right policies, the Confederation of Real Estate Developers’ Association of India (Credai) believes the real estate sector in the country could contribute around 3-4 per cent towards India’s GDP.
Credai Vice President Getamber Anand maintained that with 300-odd affiliate industry and employment to nearly 30 million people majority of them illiterate, real estate sector in India held promise, provided the government supported it with the right kind of measures.
The commercial and retail sector, according to Credai, could take another two years before coming back on track and it would be the residential sector that could lead the revival for the real estate sector.
Predicting a renewed growth for the real estate sector in 2010, especially the residential sector, Anand maintained positive sentiments returning back in the market and shortage of estimated 24 million dwellings units could give a kick start to the real estate that was bogged by the economic downturn.
Maintaining that genuine shortage of housing demand still existed, especially at middle and bottom of the pyramid if not the top; Credai says it could propel the growth for the residential sector in 2010.
Commenting on the Punjab market, Anand maintained the potential for real estate developers was huge but the challenge remained to change the mindset of the people.
Anand said that with the state generating income close to Rs 2,500 crore from the agriculture activities alone, it was interesting to observe that people from Punjab were interested in purchasing land outside the state, especially in offshore locations.