New Delhi, Jan 7: Union Commerce Minister Kamal Nath today said that the developments in the real estate sector is a reflection of the growth in the Indian economy brought about by high GDP rate and India"s integration with the global economy.
Addressing the “National Convention 'NATCON 2008": Real Estate for All", Kamal Nath said: “With the economy on an upswing, the emphasis and requirement today is on creating international standard infrastructure and housing facility to sustain the growth rate projected in the 11th Five Year Plan." He said that the real estate has the capacity to pay for itself without straining the limited resources of the State Government.
In the recent years services sector has been the main driving force of Indian economy"s growth, he added. Kamal Nath further said that the country has already opened construction development sector for Foreign Direct Investment (FDI), adding that the policy permits wholly owned subsidiary in this sector by a foreign company.
“A number of global players have entered the Indian market and many more have shown interest. Growth and investment have also created opportunities for investment in real estate sector," he said.
While the Government"s role is expected to be primarily as a facilitator to the development process, Kamal Nath said, adding that the private sector participation is aimed at bringing technical and managerial expertise in delivering good quality mass housing projects.
He praised the State governments, who are joining hands with private entrepreneurs in resolving the acute housing problem in urban areas. The National Convention was organised by the Confederation of Real Estate Developer"s Association of India (CREDAI).