New Delhi- The size of the country’s real estate industry is expected to reach $1 trillion by 2030 from $200 billion in 2021, according to a joint report prepared by NAREDCO and EY. The report was released on Friday at NAREDCO Finance Conclave held here. The sector is likely to contribute 18-20 per cent to India’s GDP by 2030, NAREDCO said in a statement. As per the report, there is a favourable demand-supply gap which will propel the growth of this sector.
In a separate statement, NAREDCO said that more than 50 MoUs have been signed among developers, financial institutions and industry body for financing real estate projects. “The total estimated value committed on the MoUs is estimated at over $15 billion in which NAREDCO would play the key role of a facilitator,” the industry body said. The objectives of the MoUs is to mobilise funds from national and international funds to assist the developers. The National Real Estate Development Council (NAREDCO) has set up a committee to make it simpler for developers to get funding for projects on the basis of their viability and merit. (PTI)