Indian realty market to reach Rs 13 trillion by 2023: CII Delhi chairman

The Indian real estate industry is expected to reach Rs 13 trillion by 2023 contributing almost 13 per cent to the country’s GDP, said Madhav Singhania, chairman of the  CII-Delhi and managing director of  JK Cement in his welcome address during a CII-CBRE conference.

On Tuesday, Confederation of Indian Industries (CII) organised its 12th edition of the conference in association with CBRE which was their knowledge partner. This time, the conference was themed at Project Management in the new age.

The conference stressed upon the critical role technology will play in this sector in improving processes in the infrastructure - construction sector to support the construction in mitigation and repetitive and existing challenges of accuracy margin, safety concerns, project schedule which is further presumed to drive the market growth in the coming years.

Delhi’s CII chairman also talked about the GreenCo Rating that evaluates companies on the environmental friendliness of their activities using a life cycle approach. He highlighted that the first 90 rated companies, after implementing GreenCo, have achieved an annual recurring saving of Rs 3,032 crores.

Addressing the conference, Harsh Bansal, managing director of Unity Group spoke about how necessities lead to innovation & technology. He also highlighted how during the pandemic, malls have used technology for crowd management through a unified access control system.

“The new age technology of flexible housing in which walls could be moved to fit different requirements at different times. Over 50 per cent of India’s 2030 building stock yet to be built, the industry has immense potential to go green and abate the ever-increasing operational energy requirements of buildings,” Bansal said.

Another speaker Harinder Singh, director, AIPL Group speaking stressed on the need for gender diversity and inclusion in real estate sector and how this can go a long way in creating impact in the sector.

India has the unique advantage of a large and youthful labour market and has risen in the global business environment ranking. Despite the moderation in growth projections and global headwinds, construction activity is expected to remain strong in the near term, said Gurjot Bhatia, managing director, India, Southeast Asia, Middle East & Africa, CBRE.

As the government remains committed towards infrastructure development and real estate growth across the country, overall construction activity has remained buoyant. Additionally, there is also a greater emphasis on sustainability and wellness as they have taken centre stage especially post the pandemic, he added.