The size of the real estate sector is expected to reach $ 1 trillion by 2030 from $ 200 billion today, Durga Shanker Mishra, secretary of the Ministry of Housing and Urban Affairs, said at a real estate conference held by the IIC on Wednesday.
Mishra said that according to the prime minister’s vision of ‘Housing for All by 2022’, around 11.2 million houses have been sanctioned and five million already allocated to beneficiaries.
Giving an overview of a host of reforms, he said that RERA (Real Estate Regulation and Development Act) has greatly helped transform the image of the industry. With West Bengal scheduled to implement it, RERA is now applicable nationwide.
He added that the recently introduced Model Rental Law would make rental laws more equitable and help unlock a large number of housing units that could be rented, but are currently vacant.
He also clarified that the new law is prospective and would not affect existing rental contracts. On the ease of doing business, he said India’s ranking for building permits has improved significantly from 186 before and 27 now.
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