New Delhi: The real estate and construction sector in India is expected to be the third largest globally by 2030 and contribute over 15% to Indian GDP, according to a report by jointly released on Friday by NAREDCO and KPMG.

National Real Estate Development Council (NAREDCO) is a real estate body under the aegis of ministry of housing and poverty alleviation. The sector would also become the largest employment generator, by producing jobs for 75 million people by 2030, the report added.

India’s urban population is expected to increase by about 40% to 580 million in 2030. Nearly 110 million homes would be required by 2022 alone to provide housing for all Indians, the report added.

Current shortage is pegged at 60 million homes, with 20 million in urban areas. To fulfil this requirement, India will need to construct 43,000 homes every day until 2022.

The government under its ‘Pradhan Mantri Awas Yojana’ is aiming to fill this vacuum by constructing 2 crore houses over the next seven years.

The report was released during the inauguration of NARDECO convention, a gathering of real estate industry stakeholders, which kicked off in New Delhi on Friday.

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