Housing and Urban Affairs Minister Hardeep Singh Puri on Friday said a highly matured and developed real estate sector with an estimated market size of USD 1 trillion by 2030 is needed to achieve the vision of a developed India by 2047.

Addressing an event organised by realtors' body CREDAI's youth wing, the minister said the enactment of real estate regulatory law 'RERA" has been a transformational development for the entire sector.

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The establishment of Real Estate Investment Trusts (REITs) has also helped in attracting investments into the real estate sector, the minister added.

"RERA was a transformational development. It is unbelievable that one of the largest sectors in the economy didn't have a regulator for nearly 70 years," Puri said.

The minister highlighted that 1,22,553 real estate projects and 86,262 real estate agents are registered under the RERA across the country. More than 1.2 lakh consumer complaints have been disposed of by regulatory authorities.

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