The size of real estate sector is expected reach $1 trillion by 2030 from $200 billion at present, said Durga Shanker Mishra, Secretary, Ministry of Housing and Urban Affairs at a real estate conference held by CII on Wednesday.
Mishra said that in line with the Prime Minister’s vision of ‘Housing for All by 2022’, about 11.2 million houses have been sanctioned and five million have already been allotted to beneficiaries.
Giving an overview of slew of reforms, he said that RERA (Real Estate Regulation & Development Act) has greatly helped in transforming the image of the industry. With West Bengal slated to implement it, RERA is now applicable across the country.
He added that the recently introduced Model Tenancy Act would make rent laws more equitable and help unlock a large number of housing units which could be leased out, but are currently lying vacant.
He also clarified that the new law is prospective and wouldn’t affect existing rental agreements. On ease of doing business, he said India’s ranking on construction permits has improved significantly from 186 earlier and 27 now.
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