Economic Survey: Urbanisation to drive realty growth, half of India to live in cities by 2050
urbanization, the housing industry is poised for significant transformation as half of India's population is projected to live in urban areas, up from 31% in 2011, said the Economic Survey for 2023-24.
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Real estate and ownership of dwellings have accounted for over 7% of the overall gross value added (GVA) in the past decade, highlighting its integral role in the economy. The pandemic underscored the importance of homeownership, acting as a catalyst for growth in the sector.
The real estate sector in India is on a path of robust recovery and growth, driven by rising urbanization, evolving consumer preferences, and apt policies. This underscores the need to adapt strategies and policies to meet the rising demand for housing and offer viable, cost-effective, and sustainable solutions.
The digitization of land records is set to improve transparency in land transactions, reduce property ownership conflicts, and enhance land management efficiency. Implementing a single-window clearance system for construction approvals will also accelerate construction processes, minimizing delays and uncertainties, the survey noted.
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