PM to launch Global Housing Technology challenge in January to build bank of new construction technologies
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Synopsis
The projects would have active participation from the states. Modi would unveil the projects in the presence of state chief ministers, who are likely to give more support to the new technologies.
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NEW DELHI: Six cities, six technologies and six construction companies – this would be the setting of Global Housing Technology Challenge which would be unveiled by Prime Minister Narendra Modi in the next two weeks and would provide India a basket of new technologies to build cost effective houses in less time.
Re-instilling trust in the Indian real estate
The Indian real estate holds immense significance in the economy with the sector employing over 50 million people and being the third largest employer after agriculture and manufacturing in the country.
The COVID-19 pandemic outbreak is reshaping the ‘new normal’. The pandemic’s short-term detrimental impact has eroded business values and growth prospects for most sectors and economies globally including a consequential effect on the real estate sector as well. Supporting the economic contribution through more than 250 industries, the real estate sector in India is expected to be temporarily and ominously handicapped by the ongoing pandemic.