New Delhi: The Indian government has set a target to build 10 million homes within the next five years with a plan that aims to transform the housing scenario in urban India significantly. A conference held in Abu Dhabi saw Kuldeep Narayan. The Joint Secretary and Mission Director at the Ministry of Housing and Urban Affairs. Outlining the vision for the development of India’s housing industry.
Narayan highlighted the advancements achieved in the nine years during Prime Minister Narendra Modi’s tenure. “We have constructed 9 million budget residences in the nine years—ten times higher than the quantity built in the previous decade,” he remarked. “Our goal now is to build 10 million homes within the next five years.”
The event, hosted by the National Real Estate Development Council (NAREDCO), aimed to enhance the relationship between India and the United Arab Emirates (UAE) with an emphasis on urban planning and development.
In his speech, India emphasized the importance of adapting planning and infrastructure development to keep up with India’s paced urbanization. He forecasted an economic growth rate of 7–8% per year over the next two decades. “To address the challenges posed by urbanization, we must focus on creating forward-thinking urban areas.” Drawing inspiration from the practices in the UAE can help us build friendly, inclusive, and innovative cities,” Narayan remarked.
India’s partnership with countries such as the UAE is essential for acquiring expertise in approaches to eco-friendly city planning administration’s goal of improving the quality of life for many individuals while prioritizing environmental preservation.
The conference was attended by representatives of 21 states and over 350 delegates, which included 35 individuals representing the government as well as industry leaders and officials of the UAE. G. Hari Babup, president of NAREDCO, acknowledged the relationship between India and the UAE as being among the exceptional bilateral friendships worldwide.
Emphasizing the possibility of both sides benefiting from the situation is Dr. Niranjan Hiranandani of NAREDCO, who mentioned that at present the real estate industry accounts for 7% of India’s GDP as it heads towards a $5 trillion economic goal; predictions from NITI Aayog suggest this figure could climb to 15%. This growth is expected to have an effect on job creation opportunities as well as investments, in addition to benefiting 270 related sectors.
During the conference on development attended by NAREDCO members during their four-day visit to the UAE region, they emphasized the importance of enhancing partnerships between India and the UAE to drive innovation and promote growth strategies.
In ten years, the housing industry in India has undergone changes, moving from addressing fundamental housing requirements to prioritizing affordability, sustainability, and luxury. With the government’s goal of constructing 10 million residences, this progress is set to gain momentum.
Narayan emphasized the importance of housing solutions to address the increasing population’s needs effectively. The Indian government is also looking into creating branded cities with infrastructure and contemporary urban layouts.
The ambitious proposal for housing development goes beyond statistics; it aligns with India’s objectives of economic advancement and sustainable urban development to enhance the lives of countless individuals in the country by collaborating with strategic international allies such as the UAE in crafting contemporary and sustainable urban environments.