'Housing for All' drive requires $ 2-tri by 2022

According to Partner and Head Building Construction, KPMG India, Neeraj Bansal, 'Housing for All' initiative requires an investment of $2 trillion by 2022, which include 432 projects of Rs. 6.5 trillion for roads, more than 400 projects of Rs.6 trillion in railways, 70 projects of Rs.670 billion for the development of airports, and 75 projects of Rs.551 billion for ports. The report further added that with every sixth person getting urbanized globally being an Indian, the real estate and construction sector holds significant opportunity for both global and domestic companies engaged across value chain. As a matter of fact, real estate and construction sector in India is expected to be the third largest globally by 2030 contributing over 15% to the Indian GDP and emerge as the largest employer in India, providing employment opportunities to over 75 million people. The report released by KPMG India and the National Real Estate Development Council (NAREDCO) provides an overview of the key programs launched by the Central Government in the recent past to address the key challenges in urbanization and the real estate sector. It highlights India's urban population is forecast to increase about 40% to over 580 million by 2030 from 420 million in 2015. Nearly 110 million houses would be required by 2022 in urban as well as rural India to provide housing to all citizens. This includes the current shortage of over 60 million houses, out of which around 20 million exist in urban areas. The report said, real estate and construction sector has attracted over $24 billion Foreign Direct Investment (FDI) between 2000 and 2015.