India realising dream of home ownership under PM Modi's leadership: LG Sinha

Srinagar, Sep 25: Asserting that India is realising the dream of home ownership under Prime Minister Narendra Modi's leadership, Lieutenant Governor Manoj Sinha on Thursday said that real estate development should benefit workers and their families.

Addressing the Governing Council Meet of the All India Forum of Real Estate Regulatory Authorities here, LG Sinha said, "Under PM housing schemes, new homes are being approved. This sector is expected to attract investments of around ₹10 lakh crore and could reach $1.04 trillion by 2040.”

LG Sinha said, “After agriculture, real estate has become the second largest employment provider. There are challenges, as buyers have had to wait years for possession. Many developers merge projects, and those who wanted homes sometimes did not even get a roof.”

He said, “Earlier, India did not have mechanisms to handle these issues. Today, the entire country is realizing the dream of homeownership, and people are showing patience under PM Modi’s guidance.”

LG Sinha said, “Now all relevant information is in the public domain. Real estate development should benefit workers and their families, providing for their health and education.”

Lieutenant Governor Manoj Sinha while welcoming the participants said, “I welcome all to J&K. Over the past few decades, real estate has grown significantly and can become a key sector for the economy.”

He said, “There has been growth in the luxury housing segment. Property prices have increased, with annual growth around 14–15%, and further increases are possible.”

He stressed, “We must ensure that workers and their families can meet their needs.”

“J&K has successfully implemented systems with transparency and all other necessary measures," LG Sinha said—(KNO)