New Delhi, July 10 : The Indian real estate has emerged as an economic growth engine and foreign direct investment (FDI) in the sector is expected to grow at 20 per cent by 2025, industry experts said on Wednesday.

The real estate sector has emerged as the largest employment provider and rapid urbanisation, smart cities, housing for all and relaxation in the FDI regulations will further boost the sector, said Sanjeev Kumar Arora, Member, Haryana RERA, at an Assocham event.

The government introduced the RERA Act, 2016 with an aim to bring transparency to the sector with disciplined growth and sustainability solutions. About 1.25 lakh projects have been registered under RERA in pan-India since its enactment, Arora said.

Pradeep Aggarwal, Chairman, National Council on Real Estate, Housing and Urban Development, ASSOCHAM and Chairman, Signature Global (India), said that in order to achieve the goal of 'Viksit Bharat' by 2047, the housing and real estate sector needs a constant push, which will also generate more employment opportunities.

"The vision is that every family will have a home and job opportunity, as this sector is crucial to make India the top economy. Real estate is a Rs 24 lakh crore market, and its GDP contribution is around 13.8 per cent," Aggarwal told the gathering.

In a boost for 'ease of living' and dignity for crores of Indians, the Cabinet has decided to further expand the Pradhan Mantri Awas Yojana (PMAY) and construct 3 crore additional rural and urban houses.

According to Prime Minister Narendra Modi, this decision "underscores the government's commitment to addressing the housing needs of our nation and ensuring that every citizen leads a better quality of life". "The expansion of PMAY also highlights our government's commitment to inclusive growth and social welfare," he said.

/IANS