Rajya Sabha MP Sanjay Seth Seeks Industry Status For Real Estate Sector

New Delhi, August 9 (TNA) Rajya Sabha lawmaker Sanjay Seth on Friday advocated for the designation of industry status to the Real Estate Sector. While addressing the Upper House, the Member of Parliament highlighted how the Real Estate Sector constituted a major chunk of the nation’s GDP (Gross Domestic Product), underscoring the need for it to be granted the status of an industry.

India is making unprecedented strides towards the aim of becoming the world’s third largest economy, with the Real Estate Sector significantly contributing over 7% to the GDP of the country. The sector, which was valued around 120 billion dollars in 2017, is projected to reach the value of 1 trillion dollars by 2030.

Seth elaborated that his demand stems from the immediate benefits the sector will witness including easier access to lower-interest loans; the inclusion of significant investors as financing partners; the attraction of equity investment in the industry; lower cost of real estate projects. He emphasised that these advantages for real estate developers would ultimately benefit the general public as well.