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Real estate growth pegged at 180 billion dollars by 2020
'Paving the way for sustainable real estate development in India' formed the theme of deliberations of the 12th annual conference on the real estate sector organised by Confederation of Indian Industry (CII) at New Delhi, today. An esteemed panel of experts spoke on the perspective on future of Indian real estate for the next five years.

The chief guest on the occasion, Pinaki Mishra, Member of Parliament and Chairman of Parliamentary Standing Committee on Urban Development said, "The Parliamentary Standing Committee on Urban Development would invite CII in future deliberations of the committee. This is vital as vigorous hand holding by the Centre Government is crucial to help the real estate sector on the growth path."

He emphasised that the government and the private sector must work in tandem towards further development and growth of the vital sector of the economy.

According to a release, CII Chairperson Rumjhum Chaterjee said, "Real Estate Regulatory and Development Act 2016 will create the much-needed institutional framework to bring back the confidence among investors."

She added, "Smart City projects announced for 100 cities by the government will also give a big fillip to the real estate sector. Besides Smart Cities, increased inflow of investments under 'Make in India' from all over the globe will lead to positive development for the real estate sector. Raising the cap of Real Estate Investment Trusts (REITs) assets from 10% to 20% by SEBI recently will lead to increase in investor confidence in realty sector which is becoming more and more professional."

While addressing the conference, Anshuman Magazine, Chairman, CBRE - India and South East Asia said, "India is one of the fastest growing large economies of the globe. A balanced regulatory framework and healthy financing environment are the two key pillars for the sustainable development of the Indian real estate sector. Recently announced policy amendments, including those on RERA and REITs, will aid the growth of the sector, going forward. The Government is working with industry stakeholders to address development bottlenecks and help bring confidence back into the real estate market in India."

Getambar Anand, Chairman and Managing Director, ATS said, "Development of the real estate sector cannot happen without the private sector. Documented demand for housing proves that the real estate sector is doing much better now. The government must ensure that over regulation does not discourage investment flow into the sector."

Sriram Kalyanaraman, Managing Director and CEO, National Housing Board, said, "The real estate sector is set to become a 180-billion dollar industry by 2020. Home loan disbursements from NHB have been encouraging. Demand for Warehousing space will grow to 35% whenever the GST Bill is implemented. 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."

Participants took active part in the various sessions organised during the day on Improving India's Real Estate Regulatory Environment - Impact of RERA and Recommendations for Improvement', India's Urban Development Bottlenecks: Issues to be addressed', RFITs - Next wave of Financing for real estate' and 'Challenges in the RE Financing Environment later in the day. 

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