NITI Aayog CEO, Mr. Amitabh Kant today said that India’s real estate sector is expected to reach a market size of 1 trillion dollars and contribute 18-20 percent of the country’s GDP by 2030.

Addressing the 13th Edition of Confederation of Indian Industry – CII Realty and Infrastructure Conclave 2021 in Mumbai, Mr. Kant said housing sales are recovering, buoyant by the decade low mortgage rates. He added that the Smart City Project, which aims to build 100 smart cities, is a prime opportunity for real estate companies. Mr. Kant said the realty sector and its stakeholders also play a critical role in supporting the ‘housing for all’ initiative taken by the government.

Accepting that the past 18 months have been challenging, Mr. Kant said the Atmanirbhar Bharat Package 3.0 that provides tax relief for real estate developers and home buyers and the setting up of Alternative investment Fund, Affordable Housing Fund and National Housing Bank with an initial corpus of 35,000 crore rupees is likely to revive the sector in coming months.

He added that the Real Estate Investment Trust Platform, as approved by Securities and Exchange Board of India, will create opportunities worth 1.25 trillion rupees in coming years.