Real estate sector needs formal recognition as key economic contributor: CREDAI president-elect G Ram Reddy

CREDAI-NATCON 2026: CREDAI president-elect G Ram Reddy said the real estate sector should be formally recognised by government as one of the key contributors

The real estate sector should be formally recognised by the government as one of the key contributors to India’s economic growth and employment, CREDAI president-elect G Ram Reddy told Hindustan Times during the three-day CREDAI-NATCON 2026 in Kolkata.

Real estate sector should be formally recognised by the government as one of the key contributors to India’s economic growth and employment, CREDAI president-elect G Ram Reddy.

Addressing discussions at the convention, Reddy said the sector’s contribution extended far beyond housing and construction, with its linkages to several allied industries and its large workforce making it a critical part of the economy. CREDAI’s latest report, released at NATCON, projects the Indian real estate market to grow from around $600 billion in 2025 to $1 trillion by 2030.

Reddy in an exclusive discussion with Hindustan Times said an industry of this scale, which provides employment to millions and contributes significantly to GDP, needed greater recognition and policy support. He also emphasised that while there were instances of problems involving individual developers, the entire industry should not be blamed for them.

On complaints regarding delayed delivery of homes, Reddy said developers were often held responsible even when delays involved factors outside their direct control. Delays in approvals, occupation certificates, and water and electricity connections could all affect project timelines, he said.

“Complaints about delays in apartment delivery are common, but there are several reasons behind them. Developers often do not receive approvals, occupation certificates, or water and power connections on time. All these factors affect project delivery, yet the developer is held responsible for the delay,” Reddy said.

Another major concern raised during the discussions was the shortage of skilled manpower. Reddy said construction remained heavily dependent on human labour and the industry had yet to see the scale of mechanisation required to overcome workforce challenges.

He said India did not necessarily face a shortage of workers but lacked adequately skilled and certified workers. The industry, he said, also needed to give construction workers greater recognition and dignity.

“A worker should also have a visibility. I am a carpenter or electrician — there should be recognition. They are not paid well and the support from the government for skilling them is missing,” he said.

Reddy called for greater government focus on skill development, certification and employment opportunities. Certification, he said, could help workers secure better jobs and higher wages, while customers were also willing to pay more for skilled labour.

CREDAI is working with the National Skill Development Corporation and other organisations on the issue, he said, but much more needed to be done.

The convention also saw discussions on technology, AI, investment and the changing structure of the real estate industry. NATCON 2026, being held in Kolkata from October 2 to 4, has brought together developers, investors, policymakers and industry experts.

Reddy said the industry should ultimately reach a stage where developers could identify themselves with pride and confidence. “A developer should say, ‘I am a developer’ and should feel proud of it,” he said, adding that several aspects of the sector were now moving in a better direction.