Focusing on increasing the potential of the housing sector in the country, the Confederation of Real Estate Developers’ Association of India (Credai) will hold a two-day national conclave with the theme ‘Housing the game changer: leading to double-digit GDP growth’ in New Delhi from December 13.
Credai national vice-president Sanjeev Srivastava told reporters here on Tuesday, “The real estate sector is the largest generator of economic activity contributing 6.3 per cent to the GDP of our economy. Hence, to maximise this growth to a double digit, we are making a focused attempt to synergise all the efforts in creating a common platform on a large scale for industry players, policymakers, to put across and engage in the vision for the sector.”
Credai national joint secretary DS Tripathy said that over the past two years the stagnating global economic conditions have led to a declining GDP of 5 per cent and the Credai aims at facilitating a correct fillip to the economy through Governmental and policy decisions. Currently, the real estate sector has a share of about 6.3 per cent in the GDP.
The sector would witness a huge potential in the coming decade since urbanisation has been increasing at an unprecedented rate with almost 71 million people added to the urban population from 2001 to 2011. At this rate, close to 534 million people (greater than the combined population of the United States, Russia, and France) would live in Indian cities by 2026, observed Tripathy.
Many Union Ministers along with the Planning Commission Deputy Chairman and Chief Ministers of various States are scheduled to address the conclave, said Tripathy, adding that a white paper would be unveiled focusing on the contribution of real estate sector to the country’s economy.