Towards a Transparent Tomorrow: India's Real Estate Sector on the Rise

Housing and Urban Affairs Minister Manohar Lal emphasized the importance of transparency in India's real estate sector at a recent convention. As the sector targets an Rs 85 lakh crore market size by 2030, the minister called for the adoption of global practices and technologies, emphasizing transparency and trust.

On Friday, Housing and Urban Affairs Minister Manohar Lal highlighted the critical need for transparency and trust in the real estate sector. Speaking at the National Association of Realtors India (NAR-INDIA) convention, Lal predicted the sector will reach an Rs 85 lakh crore market size by 2030.

The minister underscored the necessity for adopting best global practices and emerging technologies, crucial for the industry's growth. Addressing around 50,000 real estate agents represented by NAR-India, he praised their contributions to the sector's progression and emphasized the implementation of 2016's RERA legislation.

Lal announced the government's commitment to examining industry suggestions, and noted policies such as 100% foreign direct investment. He stressed the industry's role in the nation's economic advancement, with aspirations for India to become a developed country by 2047, amid rising urbanization levels.

(With inputs from agencies.)