National Council for Real Estate & Construction
Real estate plays a crucial role in the Indian economy. It is slated to grow at
30% over the next decade with a GDP contribution of approximately 5-6% per annum.
The Indian real estate market size is expected to touch $180 billion by 2020.
Favorable demographics, rising household incomes and growth in IT sector have led
the growth in the real estate industry even in the wake of financial meltdown. The
sector is also displaying considerable progress to evolve from an unorganized market
to an organized industry.
Historically, the real estate sector in India was unorganised and characterized
by various factors that impeded organised dealing, such as the absence of a centralized
title registry providing title guarantee, lack of uniformity in local laws and their
application, non-availability of bank financing, high interest rates and transfer
taxes, and the lack of transparency in transaction values.
In recent years however, the real estate sector in India has exhibited a trend towards
greater organisation and transparency, accompanied by various regulatory reforms.
With the same objective of bringing more transparency and better growth prospects
in Real Estate, IBCHAM (Indian Business Chamber) has constituted a separate and
dedicated National Council for Real Estate & Construction to ensure
sustainable growth and inclusive development along with highlighting the opportunities
and challenges for its stakeholders.