President and COO of Times Network Digital Rohit Chadda highlights the role of the real estate sector in job creation and economic growth at the ETNOW.in Real Estate Conclave and Awards

Updated May 28, 2024, 7:45 pm EST

Times Network President and Chief Operating Officer Rohit Chadda highlighted growing opportunities in affordable housing and commercial real estate. The latest data from Magic Bricks shows a 6.9% increase in housing demand and a 2.9% increase in prices in the first quarter of 2024, with Noida, Greater Noida and Chennai leading the growth.

Times Network President and Chief Operating Officer Rohit Chadda highlights the role of the real estate sector in job creation and economic growth at ETNOW.in real estate conference and awards

President and COO of Times Network – Digital, Rohit Chadda, highlighted the crucial role real estate sector in job creation and economic growth in ETNOW.in Realty Conclave and Awards Ceremony was held on Tuesday, May 28, 2024. The event aimed to recognize and celebrate the contributions of the real estate industry to nation building.

In his speech, Rohit Chadda highlighted the significant contribution of the real estate sector to the Indian economy. “Real estate is not just a pillar of the Indian economy; it is a cornerstone of our nation’s growth story, generating approximately 7% of GDP. This sector is expected to reach a staggering $1 trillion by 2030,” he said.

Chadda emphasized the key role of this sector in urban development and infrastructure. It is expected to grow to $5 trillion by 2047, increasing its share of GDP to 15%. He noted the sector’s significant impact on job creation and economic expansion as it has created millions of employment opportunities and fueled various ancillary industries.

“Real estate has been transformed in the last decade thanks to smart cities and sustainable buildings. New construction techniques and proptech are revolutionizing the design, construction and management of real estate, increasing efficiency, sustainability and living standards,” added Chadda.

He praised government initiatives such as the Smart Cities Mission, Real Estate Regulation and Development Act (RERA) and affordable housing schemes for their role in driving the sector forward. These policies have increased transparency, accountability and accessibility, creating an environment conducive to growth and development.

Chadda also highlighted growing opportunities for affordable housing and commercial real estate. The latest data from Magic Bricks shows a 6.9% increase in housing demand and a 2.9% increase in prices in the first quarter of 2024, with Noida, Greater Noida and Chennai leading the growth.

The event was graced by a special speech by G Hari Babu, President NAREDCOand panel discussions on the role of real estate in economic growth and regulatory insights. Notable participants included Niranjan Hiranandani, CEO, Hiranandani Group, Navin Raheja, Chairman and CEO of Raheja Developers and Hemant Sud, Founder and Chairman, Institute of Indian Interior Designers (IIIID-DRC).

The first of its kind ceremony brought together key stakeholders from the Indian real estate industry. The event began with a welcome speech by Rohit Chadda, followed by a lamp lighting ceremony. The distinguished guests included G Hari Babu, President NAREDCO, JP Dalal, Minister of Haryana, Harsh Vardhan Bansal, President NAREDCO Delhi and Anand Kumar, Chairman Delhi RERA.