AKIPRESS.COM - India's real estate sector is set to become a USD 180-billion industry by 2020, building on initiatives such as smart city mission and tax sops for investment trust REIT, a top NHB official said today.

"The real estate sector is set to become a 180-billion dollar industry by 2020," National Housing Bank (NHB) Managing Director and CEO Sriram Kalyanaraman was quoted as saying in a CII statement.

"On the basis of the Smart City projects, land record digitization, withdrawal of corporate tax from REIT structure, the real estate sector growth is bound to attract funds and confidence of the investors as well in a big way," he added.

Addressing the conference, CBRE – India and South East Asia Chairman Anshuman Magazine said: "A balanced regulatory framework and healthy financing environment are the two key pillars for the sustainable development of the real estate sector. Recently announced policy amendments, including those on RERA and REITs, will aid the growth of the sector."

The government is working with industry stakeholders to address development bottlenecks and help bring confidence back into the real estate market in India, Magazine said.

President of realtors' body CREDAI, Getambar Anand said e development of the real estate sector cannot happen without the private sector.

"Documented demand for housing proves that the real estate sector is doing much better now. The government must ensure that over regulation does not discourage investment flow into the sector," he added.

CII Chairperson Rumjhum Chatterjee said the Real Estate Regulatory and Development Act 2016 will create the much- needed institutional framework to bring back the confidence among investors.

Smart City projects announced for 100 cities by the government will also give a big fillip to the real estate sector, she added.