Real Estate Transparency: Minister Urges Agents to Focus on Trust

New Delhi, Mar 21 (PTI) Housing and Urban Affairs Minister Manohar Lal on Friday asked real estate agents to maintain transparency and trustworthiness in their business activities for the growth of the Indian real estate sector, which is estimated to reach Rs 85 lakh crore market size by 2030.

Addressing an annual convention of the National Association of Realtors India (NAR-INDIA), the minister also stressed the need to adopt best global practices and new technologies in the real estate sector.

NAR-India represents around 50,000 real estate agents.

Lal lauded the efforts of real estate agents in the growth of the real estate sector.

He said the property agents are an important link between real estate developers and consumers.

The minister asked real estate agents to focus on "transparency and trustworthiness", as these are very crucial for the growth in this sector.

He also assured the association that the government would examine their suggestions seriously.

The minister highlighted that the government brought a "noble reform" in 2016 by enacting a new real estate law called RERA that aims to regulate the sector and prevent disputes between real estate developers and consumers.

Lal said the government has allowed 100 per cent foreign direct investment in real estate and has also taken various to improve the ease of doing business.

To make India a developed country by 2047, the minister said industries have an important role in achieving higher economic growth.

He said the real estate sector is estimated to touch Rs 85 lakh crore by 2030.

By 2047, he said, around 50 per cent of the Indian population will live in urban centres from the current level of urbanisation at 35 per cent.

The minister also spoke on the need to take care of the interests of landowners.

Sumanth Reddy Arani, Chairman of NAR India, said, "The real estate sector in India is at a transformative juncture, driven by innovation, policy reforms, and global collaborations. Through strategic partnerships and professional development initiatives, we are committed to shaping a more transparent, efficient, and growth-oriented industry for all stakeholders".