New Delhi: Housing policies for affordable housing will be the driver of reviving growth in the realty sector, a senior government official said today.
Housing for all by 2022 is also the key agenda of the new government. Despite the visible benefits, the housing sector is facing myriad challenges in terms of regulatory and policy challenges, Ministry of Housing and Urban Poverty Alleviation Karan Bir Singh Sidhu said.
Mr Sidhu was speaking at the conference on real estate -- Reviving Growth for Real Estate in the National Capital Region jointly organised by Confederation of Indian Industry (CII) and CREDAI NCR, here today.
"Government policies for affordable housing will be the key enabler for the reviving growth in real estate in National Capital Region," Mr Sidhu said in a statement.
Speaking at the same event, CII Northern Region and president-building & industrial systems Zubin Irani said that the real estate sector is the growth engine of the Indian economy and the economic contribution of the sector is projected to double by 2025.
Mr Irani added that Delhi NCR markets are currently undergoing a trough phase in the real estate market cycle which also helps in reviving the growth in terms of real estate.
Real estate sector body CREDAI NCR Rohit Raj Modi said that Delhi NCR represents around 55 per cent of housing market.
"All NCR states are attractive investments destinations for the real estate. To discard the shortage of housing sector, not only private sectors, but also lots of policies and efficient surface transport are required,"Mr Modi said.