Real Estate Identified as Key Catalyst for India’s Viksit Bharat Ambition

New Delhi: India’s real estate sector is emerging as a significant driver of economic growth, investment and urban transformation, with policymakers and industry leaders calling for predictable regulation, digital land governance, faster approvals and stronger public-private collaboration.

The issue was highlighted at ASSOCHAM’s National Conference on “Real Estate for Viksit Bharat: Enabling Growth, Investment & Ease of Doing Business” held in New Delhi.

Delhi Master Plan 2047 Sets Direction for Investment

Addressing the conference, D. Thara, Secretary, Department of Capital Development, Ministry of Housing and Urban Affairs, Government of India, said the Delhi Master Plan 2047 provides specific directions for the real estate sector and sends a clear signal regarding where and how investments can be made.

She emphasised that effective implementation of urban plans will require digitisation of land records, improved coordination between government agencies and stronger collaboration between the government and real estate industry.

Thara also urged developers to consider the wider impact of development projects, including requirements related to water, green spaces, drainage, sewage treatment, roads and safety, rather than focusing solely on financial returns.

Real Estate Contributes Around 7% to India’s Annual GVA

A major highlight of the conference was the launch of the ASSOCHAM–Knight Frank India Knowledge Report, “Building Viksit Bharat: Real Estate as a Catalyst for Growth.”

The report examines the role of real estate in supporting India’s economic expansion, investment and urban development.

According to the report, real estate and ownership of dwellings have contributed approximately 7% of India’s annual Gross Value Added (GVA) over the past decade.

The construction sector accounted for around 12% of total employment in 2025, highlighting its importance as a major source of employment and economic activity.

The report positions real estate as more than a housing sector, describing it as the physical foundation supporting households, businesses, manufacturing, services, logistics and emerging digital infrastructure.

Predictable Regulation Takes Centre Stage

Devesh Singh, Member, Real Estate Regulatory Authority for NCT of Delhi, said the objective should be to establish a regulatory environment that strengthens confidence among consumers, developers and investors.

He highlighted the role of RERA in improving transparency and accountability and called for faster grievance resolution, stronger institutional capacity and more effective implementation under RERA 2.0.

Technology Could Shape the Next Phase of RERA

Parneet S. Sachdev, Chairman, Real Estate Regulatory Authority, Haryana, highlighted the growing importance of technology in real estate regulation.

According to him, the next phase of RERA should move towards a technology-driven regulatory framework, making greater use of artificial intelligence, data analytics and predictive tools.

Such technologies could help identify early warning signals in stressed projects and enable regulators and other stakeholders to intervene more effectively.

Faster Approvals and Digital Land Records Needed

Pradeep Aggarwal, Chairman, National Council on Real Estate, Housing & Urban Development, ASSOCHAM and Founder & Chairman, Signature Global (India) Ltd, said India’s next phase of real estate growth will depend on regulatory certainty and faster project execution.

Key areas highlighted included:

• Time-bound project approvals
• Digitised land records
• Standardised approval processes
• Greater government-regulator-industry coordination
• Wider adoption of land pooling
• Increased participation through REITs
• Sustainable urban infrastructure

The emphasis, according to Aggarwal, should not be on reducing regulation but on making the regulatory environment predictable, transparent and time-bound.

Real Estate Growth Must Move Beyond Top Eight Cities

Gulam Zia, Senior Executive Director – Research, Advisory, Infrastructure and Valuation, Knight Frank India, said India’s real estate growth story needs to extend beyond the country’s top eight cities.

He highlighted the importance of bringing emerging cities and affordable housing into the mainstream of India’s real estate development agenda.

The expansion is particularly relevant as urbanisation and infrastructure development create new opportunities across Tier-II and Tier-III cities.

Private Sector Important for Delhi Master Plan 2047

During a fireside discussion, Chittaranjan Dash, Principal Commissioner, Delhi Development Authority, highlighted the importance of private-sector participation in implementing Delhi Master Plan 2047.

He identified land pooling, redevelopment, transit-oriented development and high-density corridors as important elements of Delhi’s future urban growth strategy.

Greater private-sector participation, supported by an enabling regulatory environment, could contribute to expanding housing supply and improving urban infrastructure.

Construction Safety Must Move Beyond Basic Compliance

A.K. Malik, Chief Fire Officer, Delhi Fire Service, called for a more proactive approach towards fire and construction safety across the real estate sector.

He stressed that developers and other stakeholders should move beyond minimum statutory compliance and adopt safety practices exceeding basic regulatory requirements.

Real Estate’s Role in Viksit Bharat

The conference brought together policymakers, regulators and industry representatives to discuss issues shaping India’s real estate sector, including RERA 2.0, digital land governance, Delhi Master Plan 2047, GCCs, REITs and SM REITs, infrastructure, sustainability, technology and construction safety.

The discussions highlighted the role that real estate could play in India’s continuing economic and urban transformation.

With greater digital governance, predictable regulation, faster approvals, sustainable development and increased private-sector participation, the sector is being positioned as an important component of India’s Viksit Bharat ambition.

Key Highlights

• Conference: Real Estate for Viksit Bharat: Enabling Growth, Investment & Ease of Doing Business
• Organiser: ASSOCHAM
• Location: New Delhi
• Knowledge Partner: Knight Frank India
• Report: Building Viksit Bharat: Real Estate as a Catalyst for Growth
• Real Estate & Ownership of Dwellings: Around 7% of annual GVA over the past decade
• Construction Employment: Around 12% of total employment in 2025
• Key Regulatory Focus: RERA 2.0 and predictable regulation
• Governance Priorities: Digital land records and time-bound approvals
• Urban Development: Delhi Master Plan 2047, land pooling and transit-oriented development
• Investment: REITs and SM REITs
• Growth Markets: Tier-II and Tier-III cities
• Other Priorities: Sustainability, technology and construction safety