Govt lends an ear to builders' demand for realty growth

New Delhi: The government on Monday assured real estate developers that it will look into their legitimate demand for growth as the sector plays an important role in employment generation.

Addressing a national convention of NAREDCO here, Housing and Urban Affairs Minister Narendra Singh Tomar said the real estate sector contributes a lot to the country's GDP and provides huge employment opportunities.

The industry's contribution to GDP will further rise, he asserted.

He called on private players to play an important role in boosting housing supply and meet the target of Housing for All by 2022.

The government has enacted the Real Estate (Regulation and Development) Act last year and the law came into effect from May this year to protect buyers' interest, Tomar said.

Real estate developers have played an important part in implementation of this law in states.

The minister assured developers that all legitimate grievances relating to policy formulations will be addressed to the best of their satisfaction and in an equitable and fair manner, according to NAREDCO's statement.

"We are open to any suggestions for the growth of real estate sector," Tomar said.