Real estate can revive economy after Covid

Mushrooming urban slums and the exodus of migrant workers during the two-month lockdown period highlight the failure of urban planning in India, says billionaire realty mogul K P Singh, adding that real estate business can be a major driver for reviving the economy in the post-Covid world.

"One of the most important sectors of the economy, which is called urbanisation, includes real estate, construction and urban infrastructure. Now these all three are the most highly neglected sectors. Unfortunately, these should be the most important sectors of the economy," Singh said. Wrong urban development policies and inaccurate assessment of urbanisation by the Planning Commission led to creation of slums that eventually caused the migrants crisis, he said just before stepping down as Chairman of India''s biggest real estate firm DLF Ltd, handing over his post to son Rajiv. Singh is now chairman emeritus of DLF.

A major structural change is required to set things right, and Prime Minister Narendra Modi is in the best position to do it because he has the capacity and the mandate, said the 90-year old industry veteran.

Singh rued that the real estate, construction and urban infrastructure sectors have been completely neglected in India, unlike other nations such as America where the growth of these industries are considered as major economic indicators.