Vyas assures policy stimulus for realty sector

The government will continue to play a pioneering role in providing policy stimulus to the real estate sector, Housing and Urban Poverty Alleviation Minister Girija Vyas said Saturday.

Vyas was delivering the keynote address on "Realty favours the brave - Surviving against all odds" at the 13th national convention of Confederation of Real Estate Developers' Associations of India in Moscow, a statement issued in New Delhi said.

Exhorting the realty sector to come forward to supplement the government's efforts, Vyas said: "We solicit the realty sector to come forward and participate through capital and technology for up-gradation and creation of affordable stock to build an inclusive India."

"The investment required for this would be huge," she added.

Vyas said the Real Estate (Regulation and Development) Bill 2013 had been approved by the cabinet and was proposed to be introduced in parliament in next month's monsoon session.

"The bill is a pioneering legislation, which shall instil standardisation and professionalism in the sector and catalyse domestic and foreign investments," she said adding that from 2007-12, the housing shortfall declined from 24.8 million to 18.7 million.

The minister hoped experts from Britain, the US, Middle East, Africa and Asia, who were participating in the event "will not only share their experiences of dealing with market adversity, but also learning, best practices and advice on how to raise capital in challenging times".

Construction is the second largest sector in India after agriculture, accounting for 11 percent of India's Gross Domestic Product. Employing 32 million people, its total market size is estimated at Rs.2,480 billion, said Vyas.