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The real estate has a catalytic role in fulfilling the demand for housing for the various socio-economic classes. Equally important is need to provide the backup infrastructure covering utility services such as water supply, sewerage, drainage, roads, and transport requirements as well as social infrastructure like schools, health, and recreation facilities, commercial infrastructure like markets/malls, office complexes, technology parks etc. The cumulative effect of these demands places the onus on the real estate and construction sector, providing an excellent opportunity for conferring social benefits which could act as a major vehicle for kick-starting the economy.
IBEF Report (2016) estimates that India’s real estate sector’s market size is expected to grow up to USD180 billion by 2020 from USD93.8 billion in 2014, that reflects an increase of 1.92 times. It is further estimated to be worth USD853 billion by 2028. Further, the real estate sector is the fourth largest sector in terms of FDI inflows which is estimated to grow to USD25 billion by FY22. The number of Indians living in urban areas is increasing rapidly and are expected to be about 600 million in 2031.