New Delhi, July 11 India’s urban population is projected to grow to approximately 88 crore by 2047 under the ‘Viksit Bharat’ vision, a senior government official said on Friday, emphasising that urbanisation is not a challenge but an opportunity to transform our cities into vibrant, sustainable hubs of growth.
According to Durga Shankar Mishra, former secretary, Ministry of Housing and Urban Affairs, real estate currently contributes around 13 per cent to the Indian economy, with the affordable housing and development sector growing at nearly 10 per cent, “making it one of the most impactful engines of national growth”.
Addressing the Assocham real estate conference in the national capital, Mishra, who also served as Chief Secretary of Uttar Pradesh, emphasised that urbanisation is not a challenge.
Gurjeet Singh Dhillon, Director (AMRUT), Ministry of Housing and Urban Affairs, elaborated on the transformational goals of the AMRUT mission. “The AMRUT mission's priority has always been to bring transformative change in urban infrastructure, grounded in sustainability, inclusivity, and long-term service delivery," Dhillon said.
"We are not merely building infrastructure; we are enabling cities to become engines of economic growth and social equity. Through strategic interventions in water supply, sanitation, green spaces, and mobility, the mission aims to improve the quality of life for all urban residents, especially the underserved," Dhillon added.
Anna Roy, Principal Economic Adviser at NITI Aayog, said that from enabling robust digital public infrastructure to promoting green transitions and urban innovation, we aim to ensure holistic economic progress.
"Initiatives like Transit-Oriented Development (TOD), municipal finance reforms, and capacity building at the grassroots level are crucial for creating sustainable, liveable urban ecosystems," Roy noted.
India's real estate sector will employ lakhs of people in both the formal and informal sectors in future.
“In addition, the sector has become a major enabler of urban transformation, infrastructure development, and new-age living,” said Pradeep Kumar Aggarwal, Chairman, National Council on Real Estate, Housing and Urban Development, Assocham.
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