Real estate biz will add USD 6 trillion to GDP in 2047

The President of NAREDCO Telangana, Sunil Chandra Reddy, said that when the Indian economy reaches USD 30 trillion by 2047, the real estate industry will contribute six trillion dollars to the economy.
The Federation of Telangana Chambers of Commerce and Industry (FTCCI) organised a seminar on RERA, ‘Concerns in Real Estate’ at the Federation House in Red Hills on Saturday.
“Right now India is a four trillion dollar economy and real estate contributes USD 800 billion to this economy. That is why the government also recognizes it as one of the most important sectors. That is why they moved this legislation on real estate. RERA is the biggest piece of legislation for real estate in India,” Sunil Chandra Reddy said.
CA Vinay Thayagaraj and Advocate Suhail Ahmed discussed the implementation of RERA and its effect on real estate with developers, real estate agents, builders, buyers, legal professionals, and industry enthusiasts.
They suggested that all organisations should give an advertisement before registration in RERA. RERA mandates that the agreement should be registered and should be visible in the advertisement.
Around 250 Developers, Real Estate, Agents, Builders, Buyers, Legal Professionals and Industry enthusiasts focused on navigating the challenges surrounding RERA.
Abhishek Tibrewala, Chair of FTCCI Infrastructure, Vijaya Sai Meka, Secretary General of NAREDCO, and PS Reddy also attended the programme.