Under PM housing schemes sector expected to attract investments of around Rs 10 lakh crore; Rs 1 lakh crore Urban Challenge Fund will transform cities, develop them as growth hubs
Srinagar, Sep 25 (KNO): Lieutenant Governor Manoj Sinha on Thursday said that under the leadership of Prime Minister Narendra Modi, the real estate sector is emerging as one of the major contributors towards realising the vision of Viksit Bharat.
Addressing the Governing Council Meeting of All India Forum of Real Estate Regulatory Authorities (AIFORERA) here, LG Sinha, according to the news agency—Kashmir News Observer (KNO) said, “The rapid growth of the real estate sector is driven by the aspirations of the common man. It must move forward with equitable development and urban transformation at its core and ensure fairness and transparency for those who dream of owning a home.”
Welcoming the participants, LG Sinha said, “There has been growth in the luxury housing segment. Property prices have increased, with annual growth around 14–15%, and further increases are possible.”
He said, “Under PM housing schemes, new homes are being approved. This sector is expected to attract investments of around ₹10 lakh crore and could reach $1.04 trillion by 2040.”
He said, “After agriculture, real estate has become the second largest employment provider. There are challenges, as buyers have had to wait years for possession. Many developers merge projects, and those who wanted homes sometimes did not even get a roof.”
He said, “Earlier, India did not have mechanisms to handle these issues. Today, the entire country is realizing the dream of homeownership, and people are showing patience under PM Modi’s guidance.”
“Now all relevant information is in the public domain. Real estate development should benefit workers and their families, providing for their health and education,” he said.
LG Sinha said, “Rs 1 lakh crore Urban Challenge Fund will be a game changer in the transformation of our cities and developing them as growth hubs."
He said the initiative involving states/UTs and private players to redevelop 300 cities across India will promote innovation, robust infrastructure, improve ease of living and integrate sustainability into urban planning.
He called for adopting the ‘Whole of the Government’ approach for advancing this sector and ensuring accountability in timely project delivery.
“The transparency, accountability, and efficiency brought by RERA Act 2016 must protect homebuyers' interests and swift grievance redressal mechanism is required to transform this sector into a more regulated and efficient industry,” the Lieutenant Governor said.
He also spoke on the intricacies of the Real Estate Sector, its challenges, possibilities and opportunities.
LG Sinha called upon private players and real estate developers to play their greater role in promoting affordable housing. “I also want to see this sector becoming more competitive to encourage growth. There must be uniformity and harmony in housing regulations across the states and union territories,” he said.
The Lieutenant Governor also exhorted the real estate developers to pay special attention towards the health and education of families of workers engaged in housing development projects.
LG Sinha said the welfare of those who are building our homes should be the top priority. He urged the All India Forum of Real Estate Regulatory Authorities to work with developer groups like NAREDCO (National Real Estate Development Council) to ensure that workers and their families are not deprived of their basic rights in any way.
LG Sinha emphasised on real-time monitoring of housing development projects and awareness campaigns for the buyers. On the occasion, the Lieutenant Governor released the Journal and Annual Report 2024-25 of AIFORERA.
Anand Kumar, Chairman, All India Forum of Real Estate Regulatory Authorities (AIFORERA); Satish Chandra, Chairman, J&K Real Estate Regulatory Authority (JKRERA); Mandeep Kaur, Commissioner Secretary, Housing and Urban Development Department; Chairpersons of various Real Estate Regulatory Authorities and senior officials attended the inaugural session of the Governing Council Meeting of AIFORERA—(KNO)