Policy Shifts: Reshaping real estate dynamics and the economy

financialexpress.com:

The real estate sector holds a crucial position in any nation’s economy, its influence extending from employment creation to overall economic growth. However, this sector’s dynamics are intricately tied to various factors, notably policy and regulatory alterations. Governments, over the years, have initiated regulatory reforms to streamline the real estate industry, aiming for heightened transparency, stakeholder protection, and economic advancement. Predictions indicate that by 2030, India is set to rise as the world’s third-largest real estate market, reaching an impressive value of USD 1 trillion. This constitutes a significant chunk, about 18-20 percent, of India’s GDP.

The real estate sector has already positioned itself as a formidable contributor to the country’s Gross Domestic Product (GDP), underscoring its pivotal role in the economic landscape. Forecasts paint an encouraging picture, indicating that by 2025, this sector might constitute a substantial 10-13 percent of India’s GDP. With its current growth momentum, it’s quite plausible that it could surpass the remarkable milestone of $1 trillion in market value by 2030. These forecasts accentuate the indispensable role the real estate sector plays in fortifying the nation’s economic vitality.

One of the most significant regulatory changes in recent years has been the introduction of RERA. This act aims to bring transparency, accountability, and efficiency to the real estate sector. It mandates the registration of real estate projects and real estate agents, ensuring adherence to project timelines, quality, and fair practices. The implementation of RERA has boosted consumer confidence, leading to increased investments in the real estate sector.

Also Read: