New Delhi: The Narendra Modi government’s dream of building 1 crore houses in the next 5 years come were explained by Kuldeep Narayan, Joint Secretary and Mission Director in the Ministry of Housing and Urban Affairs. Addressing a conference held in Abu Dhabi, Narayan said that in the last 9 years, the Modi government had built 90 lakh affordable houses, which is 10X the number of houses built in the previous decade. The government now aims build 1 crore houses in 5 years.
What is Modi government’s big plan for affordable housing
The real estate industry’s apex body NAREDCO organised a conference to strengthen relations between India and the UAE. Attending the conference, Narayan said that owing to the rapid urbanisation in India, more efforts are needed in this direction. India’s estimated economic growth rate is 7-8 per cent CAGR in the next 20 years. This will have to be supported by the development of new cities and innovative urban planning.
What is Urban housing ministry’s plan
Narayan said India needs to adopt the best practices from countries such as the UAE to create eco-friendly, inclusive and future-ready urban environments. National Real Estate Development Council President G Hari Babu said that today India and the UAE are best friends in the world. The industry has gathered valuable lessons in sustainable urban development from the conference which was attended by representatives from 21 states of India, said Hari Babu. India’s housing sector journey started with basic homes and has now reached affordable, sustainable and luxury housing, he added.
India set to become $5 trillion economy
NAREDCO Chairman Dr. Niranjan Hiranandani said that currently the real estate sector contributes 7 per cent to India’s GDP. According to the Niti Aayog, with India becoming a $5,000 billion economy, the real estate sector’s contribution can reach 15 per cent. This is expected to have a positive impact on employment, investment and 270 supporting industries.
The strengthening of the partnership with the UAE will promote innovation and accelerate sustainable development, Hiranandani added. The conference was organised during the 4-day study tour of NAREDCO. More than 350 participants, 35 representatives from the Government of India, real estate industry and the UAE participated in the conference.
In the last nine years, the government has built 90 lakh affordable houses, which is ten times the number of houses built in the previous decade. The vision of the Modi government is to build 1 crore new houses in the next 5 years. Let us understand how this dream will be fulfilled. Economy Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
