Real Estate Spearheads Indian Economy

By: George Gonigal

Developments in the Indian real estate sector symbolize the changing face of nation and it is a reflection of the growth in the Indian economy brought about by high rates of GDP and also by India's integration with the global economy, said Kamal Nath, Union Minister of Commerce and Industry. He was speaking at the 'National Convention 'NATCON 2008': Real Estate for All' organised by the Confederation of Real Estate Developer's Association of India (CREDAI). He also stated that in the recent years, services sector, real estate sector in particular, has been the main driving engine of Indian economy's growth.

'With the economy on an upswing, the emphasis and requirement today is on creating international standard infrastructure and residential real estate to sustain the growth rate projected in the 11th Five Year Plan. The real estate sector in India has the capacity to manage growth by itself without straining Government resources,' he stated. The Minister further stated that we have already opened construction development sector for FDI and the policy permits wholly owned subsidiary in this sector in India by a foreign company. 'Of course, there are conditions regarding minimum area for real estate development and minimum capitalization to be brought in by the foreign investor. A number of global players have entered the Indian market and many more have shown interest. Growth and investment have also created opportunities for investment in real estate sector, he said.

'While the role of the Government is expected to be primarily as a facilitator to the development process, the private sector participation is aimed at bringing technical and managerial expertise in delivering good quality mass housing projects. It is a good sign that many State governments are joining hands with private entrepreneurs in resolving the acute scarcity of residential real estate in urban areas. The private sector and Government has to work in tandem towards a common goal. It is equally important to address the institutional and regulatory aspects as well as strengthen and expand the capacity of financing institutions for further growth of the sector,' Nath said.

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