Union minister Khattar highlights real estate’s role in India’s economic growth

New Delhi: Union Power, Housing, and Urban Affairs Minister Manohar Lal Khattar underscored the vital role of the real estate sector in driving India’s economic growth, noting its significant contribution of nearly 18 percent to the Gross Domestic Product (GDP).

Marking World Real Estate Day on Monday, he extended his best wishes to industry professionals, emphasizing their crucial role in nation-building.

“…India’s transformation into a prosperous nation by 2047 depends on a strong economic foundation, with real estate playing a key role in this journey. Through continuous innovation, reforms, and skill development, the sector is poised to expand to Rs 85 lakh crore by 2030, creating employment opportunities and strengthening the economy,” Khattar stated.

Speaking at the 17th NAR-India Annual Convention, organised by the National Association of Realtors (NAR-India) in New Delhi, the Union minister highlighted the significance of regulatory frameworks such as the Real Estate (Regulation and Development) Act (RERA).

He stressed that such measures foster transparency, accountability, and professionalism, reinforcing the government’s commitment to industry reforms to improve the ease of doing business and protect consumer interests.

The two-day convention brought together policymakers, industry leaders, and professionals from across the country. Discussions focused on key industry issues, including the proposed “One Nation, One Licence” policy for brokers, structured certification programs, and evolving market trends.

Industry leaders welcomed regulatory advancements and called for continuous professional education to equip real estate professionals with modern skills and ethical standards.

NAR-India Chairman Sumanth Reddy Arani stated: “This year’s event has been another milestone in our journey toward a more professional and transparent real estate sector. NAR-India remains committed to promoting education, advocating policy reforms, and empowering professionals to lead in this transformative era.”

The convention also featured speakers such as boAt CMO Aman Gupta, Keller Williams India’s Sahil Kapoor and author Chetan Bhagat.