own There is good news for people who dream of having their own home. The Modi government will build 1 crore new affordable homes in the next 5 years. Kuldeep Narayan, Joint Secretary and Mission Director (Housing for All) of the Ministry of Housing and Urban Affairs, has said that the government aims to build one-crore houses in five years. At a conference organized in Abu Dhabi on Tuesday, Narayan said that in the last nine years we have built 90 lakh affordable houses, ten times the number of houses built in the previous decade. Our next goal is to build houses for one million inhabitants in five years. The National Real Estate Development Council (NAREDCO), the highest body for real estate companies, gave this information in a statement on Wednesday.
Emphasis on the development of new cities.
According to the statement, Narayan said in his speech that considering the rapid urbanization taking place in India, more efforts are needed in this direction. Our economic growth rate is estimated to average seven to eight percent over the next 20 years. In addition to this, the development of new cities and innovative urban planning are important for infrastructure. Narayan said we must adopt best practices from countries like the UAE so that we can create green, inclusive and future-proof urban environments. Speaking at the conference organized in collaboration with the Ministry of Housing and Urban Affairs, NAREDCO Chairman G. Hari Babu said that today India and the UAE are the best friends in the world. Representatives from 21 Indian states attended this conference and we came back with important lessons on sustainable urban development.
The real estate sector contributes 7% of GDP
He said the journey of India’s real estate sector has started from basic houses to affordable, sustainable and luxury houses. NAREDCO Chairman Dr Niranjan Hiranandani said that currently the real estate sector contributes seven per cent to India’s gross domestic product (GDP). According to NITI Aayog, with India becoming a $5 trillion economy, the contribution of this sector can reach 15 per cent. This growth has a positive impact on employment, investment and the 270 supporting industries. Strengthening the partnership with the UAE will drive innovation and accelerate sustainable development, he said.
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