‘India to become 3rd largest construction market in 3 years’

New Delhi: India is set to become the third largest construction market in the next two-three years, said union minister of commerce and industry, Piyush Goyal.

Addressing the National Investiture Ceremony of Confederation of Real Estate Developers Associations of India (CREDAI), the minister said that Indian real estate sector has been a critical engine of India’s growth story, providing large-scale employment and the sector has shown immense resilience in the last few years with the active support of the government.

“India is poised to become the 3rd largest construction market in the next 2-3 years. There is a lot of potential in this sector with demand surge last year,” an official statement quoted the minister as saying.

Goyal said that the real estate sector will provide huge business opportunities, employment and big avenues for startup ecosystem. Budget 2023 also focused significantly on infrastructure with nearly ₹10 trillion direct investment of central government, he added.

He also noted that the Real Estate Regulatory Authority (RERA) has played a transformational role in formalizing the sector and bringing transparency and better governance practices. Speaking on government’s role in supporting the sector, he said that GST has been simplified to make real estate sector more resilient and easy to work in. Insolvency and Bankruptcy Code has helped clean up the sector with banks willing to lend with confidence, he added.

Effective and speedy redressal of housing sector complaints has given a major impetus to this sector and the message has gone loud and clear that honest business will be respected, encouraged and promoted, he added.

Goyal requested the players of the real estate sector to promote young talent to bring about a revolution so that it can become the driver of sustainable growth.