New Delhi, Apr 15 (FN Bureau) Real estate sector will provide huge business opportunities, generate employment and provide big avenues for startup ecosystem as India is poised to become the 3rd largest construction market in the next 2-3 years, Union Commece Minister Piyush Goyal said on Saturday. Addressing the National Investiture Ceremony of Confederation of Real Estate Developers Associations of India here, he said Indian real estate sector has been a critical engine of India’s growth story, providing large-scale employment and the sector has shown immense resilience in the last few years with the active support of the government.
There is a lot of potential in the sector with demand surge last year, he said, adding the real estate sector will provide huge business opportunities, employment and big avenues for startup ecosystem. Goyal said the Real Estate Regulatory Authority (RERA) has played a transformational role in formalising the sector and bringing transparency and better governance practices. Speaking on government’s role in supporting the sector, he said GST has been simplified to make real estate sector more resilient and easy to work in. Insolvency and Bankruptcy Code has helped clean up the sector with banks willing to lend with confidence, he added. Effective and speedy redressal of housing sector complaints has given a major impetus to this sector and the message has gone loud and clear that honest business will be respected, encouraged and promoted, he added.