Progress in the Indian real estate sector represent the shifting appearance of nation and it is a mirror image of the growth in the Indian economy brought about by soaring rates of GDP and also by India’s incorporation with the worldwide economy, said K. Nath, Union Minister of Commerce and Industry. He was giving speech at the “National Convention ‘NATCON 2008′: Real Estate for each and every one” organized by the Confederation of Real Estate Developer’s Association of India. He also declared that in the current years, service sector, real estate sector in particular, has been the key driving force of Indian economy’s growth.
“With the economy on an upswing, the emphasis and prerequisite these days is on creating international standard infrastructure and residential real estate to carry on the growth rate projected in the 11th Five Year Plan. The real estate sector in India has the capability to deal with growth by itself without straining Government resources,” he stated. A number of worldwide players have entered the Indian market and many more have given away interest. Growth and investment have also produced chances for investment in real estate sector, he said.
“While the responsibility of the Government is expected to be primarily as a launch pad 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 symbol that many State governments are joining hands with private entrepreneurs in resolving the sensitive shortage of residential real estate in urban areas. The private sector and Government has to work in tandem towards a common goal.