Real Estate Sector To Contribute 15% To India’s GDP By 2050: NAREDCO President
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Indian real estate is rebounding and there is no doubt that it's an important contributor to the country's economy. While the sector is likely to touch a market size of $1 trillion by 2030, its contribution may increase to 15% to the country's GDP by 2050, feels G Hari Babu, National President of NAREDCO. The 3-day real estate workshop is jointly organised by The National Real Estate Development Council (NAREDCO), under the aegis of the Ministry of Housing & Urban Affairs, and Delhi RERA. Addressing the participants at the inaugural workshop at the 2nd Management Development Programme, 'RERA & REAL ESTATE ESSENTIALS', he said, "With a current market valuation of 250 billion dollars, the real estate sector is with the expected growth rate of 16-17% will almost contribute around 15% to the country’s GDP by 2050. Among other things, this industry requires a large number of trained professionals considering its size, time and value involved....