Real Estate's Share in GDP Estimated at 6.3 Pct: Report

New Delhi: The contribution of the real estate sector to India's GDP has been estimated at 6.3 percent in 2013, and the segment is expected to generate 7.6 million jobs in the same period, according to a report.
"The Indian real estate and construction industry is an integral part of the economy and plays an important role in the development of the country's infrastructure base and is one of the largest generators of economic activity," the report by global property consultant CBRE said.
The report, 'Assessing the Economic Impact of India's Real Estate Sector, was released by Minister of Housing and Urban Poverty Alleviation Girija Vyas at the inaugural session of Natcon 2013 in Moscow, the flagship real estate event of Confederation of Real Estate Developers' Associations of India (CREDAI).
India's real estate sector is estimated to have a total supply pipeline of close to 3.6 billion sqft lined up for completion in the year 2013, with about 98 percent of this being concentrated in the residential segment, the report said.
"The potential for development and growth in the real estate sector is tremendous. It is expected to generate over 17 million employment opportunities across the country by 2025, thereby making a significant contribution to the GDP," CBRE South Asia Chairman and MD, Anshuman Magazine said.

Also Read: Vastu: The Secret Key To Attract Health And Wealth At Home
Also Read: U.S. House Prices Go Up