Realty’s Role In $5 Trillion Dream

Accelerating the economy in a business climate currently straddled with challenges and uncertainty is a hard task. Such being the case, good health of the housing sector is a non-negotiable pre-requisite for India to become a $5 trillion economy in the next five years. Contributing about six-seven per cent to the country’s overall GDP, development of real estate, particularly housing, is a strong indicator of economic growth. This is because it is the third-largest employer after agriculture and manufacturing. Besides generating taxes for the government, growth in housing has a direct and positive impact on a vast number of ancillary industries such as steel, cement, transportation and paint. Besides, architects, civil engineers, property brokers, contractors, plumbers, interior decorators, furnishers also gain tremendously from increased housing activity. Various industry...