India’s real estate sector is set to become a USD 180-billion industry by 2020, building on initiatives such as smart city mission and tax sops for investment trust REIT.
“The real estate sector is set to become a 180 billion dollar industry by 2020,” National Housing Bank (NHB) Managing Director and CEO Sriram Kalyanaraman was quoted as saying in a CII statement.
“On the basis of the Smart City projects, land record digitization, withdrawal of corporate tax from REIT structure, the real estate sector growth is bound to attract funds and confidence of the investors as well in a big way,” he added.
The CEO of NHB said that home loan disbursements from NHB have been encouraging and the demand for warehousing space would grow in the likely case of the GST Bill being implemented.
The government is said to actively engaging and working with industry stakeholders to address development bottlenecks and help bring confidence back into the real estate market in India.
President of realtors’ body CREDAI, Getambar Anand said the development of the real estate sector cannot happen without the private sector.
Smart City projects announced for 100 cities by the government is expected to boost the real estate sector in the country.