The Voice of Vizag's Real Estate Industry The Confederation of Real Estate Developers’ Associations of India (CREDAI), Visakhapatnam Chapter, is the apex body for private real estate developers in Visakhapatnam. CREDAI - Vizag represents over 600 developers across the city. It’s numerous initiatives and activities help developers come together and work towards better practices, improved customer service and a stronger realty industry.

Role of developers

Real estate developers play a leading role in the industry, bridging the gap between construction ability and the customer’s need. Developers offer value in terms of design, cost, functionality and location. They work hard to absorb international trends, analyse the customers’ expectations and deliver quality realty products based on their experience.

In India, real estate developers fulfill a critical need for infrastructure to serve a growing economy in areas like housing, office space, retail and entertainment, among others.

Growth Engine of Economy

Real estate plays a crucial role in the Indian economy. It is the second largest employer after agriculture and is slated to grow at 30% over the next decade. The Indian real estate market size is expected to touch $180 billion by 2020.

The housing sector alone contributes to 5-6% of the country’s GDP. Retail, hospitality and commercial real estate are also growing significantly, providing the much-needed infrastructure for India’s growing needs.

According to a study by ICRA, the construction industry ranks 3rd among the 14 major sectors in terms of direct, indirect and induced effects in all sectors of the economy. A unit increase in construction expenditure generates five times the income, having a multiplier effect across the board. With backward and forward linkages to over 250 ancillary industries, the positive effects of real estate growth spread far and wide. Truly, real estate is a growth engine for India’s economy.