The Indian real estate market is estimated to touch $ 1 trillion by 2030 driven by rising demand and various reforms in the past seven years like new realty law RERA, Housing and Urban Affairs Secretary Durga Shanker Mishra said on Wednesday.
The number of people employed in the sector is also expected to rise to 7 crore in coming years, from 5.5 crore in 2019, he said while addressing a CII event on the real estate sector. The secretary further said that the states have been asked to soon implement the Model Tenancy Act, which was passed by the Union Cabinet in June this year.
Mishra also clarified that the law once implemented by the States will be prospective in nature and all disputes related to rent agreements will be dealt under the old laws of respective states.
He pointed out that the real estate sector suffered a "setback" during the first and second wave of the COVID-19 pandemic but said the housing demand has revived. PTI