The Confederation of Real Estate Developers Association of India (CREDAI) is of the opinion that housing policy of India need to be improved for the development of real estate sector in the country. It says that every country’s economy has come up with housing sector which needs focus.
“Strong housing policy will help real estate and infrastructure development in India and for that we need to improve our housing policy,” CREDAI president Lalit Kumar Jain said during a recent property show in the city.
“Once real estate and infrastructure industry becomes strong, other related industries will automatically improve and it will make our economy stronger," he added.
Jain had come to Rajkot to attend property show organised by Rajkot Builder Association (RBA).
Talking to media persons, Jain raised the issue of urban development and said, “Urban development plan should expand keeping in mind the nation. Urban area wants good development plan and it is not only government’s responsibility but developers should also need to play their role. ”
According to CREDAI, India has shortage of 1.81 crore houses.
"We have to improve our supply to provide affordable houses to the middle class people," he said. “For affordable housing, land and tax reformation is necessary.”
As per CREDAI, real estate plays a crucial role in the Indian economy. It is the second largest employer after agriculture and is slated to grow at 30% over the next decade. The Indian real estate market size is expected to touch $180 billion by 2020.
The housing sector alone contributes to 5-6% of the country’s GDP. Retail, hospitality and commercial real estate are also growing significantly, providing the much-needed infrastructure for India’s growing needs.
