Realty to touch $180-bn mark by 2020, CREDAI

Given the current trend prevailing in the country, the market size of the Indian real estate sector is expected to reach $180 billion by 2020 with the housing sector contribution doubling to 11.2% of GDP, said a report recently released by the Confederation of Real Estate Developers' Associations of India (CREDAI) jointly with international real estate consultant JLL. The report concluded that RERA, GST, FDI policy, affordable housing, real estate investment trust, technology and alternative asset classes are the major altering trends that would transform the Indian realty sector in the near future. Fast changing developments like RERA and GST have created a strong base for the sector to grow and virtually turned out to be a game changer in the sector. As a matter of fact, the report is focused on providing a sneak-peak into the future of the sector, identifying the emerging trends, CEO and Country Head, JLL India, Ramesh Nair said. However, the experts felt that there are several issues that need to be immediately addressed with regard to affordable housing segment. Finance for the land, rationalization of GST, single window clearance and clarification on the credit linked subsidy scheme (CLSS) are the four major issues that need to be looked into in the affordable housing segment, President, CREDAI, Jaxay Shah said.