The Indian economy is going through a rough phase in terms of growth. There has been considerable moderation in growth because of continues frailty in global economy mingled with uncertainty in the Indian economy. Slowdown in macro economy makes it essential to consider the significant facts about the realty sector and the crucial role which it plays in our economy. Around 19.5 per cent of GDP is accounted by the construction and real estate industry coupled with 20.5 per cent gross capital formation. A large number of employments are provided by this industry to skilled and unskilled labour.
It is estimated that more than 33 million people are employed in this industry. Industries like steel and cement is also regulated by real estate industry. In terms of population India is only 2 per cent behind china but it accounts a smaller share in world’s surface area due to which India is considered to be a densely populated country. These circumstances leave no choice but to go for denser developments. To achieve this target significant planning regarding supporting infrastructure is required. This suggestion favours the developers therefore the supporters of affordable housing may feel hesitant for implication of this new scheme.
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