According to the latest survey report of the Delhi government, the construction sector of the city has contributed to over Rs 30,000 crore to Delhi’s total GDP of Rs 3.13 lakh crore in the last financial year. The sector thus continues to retain its position as one of the major driving forces in the city’s economy.
Delhi officials attribute the increasing demand for commercial and residential properties as well as infrastructure development projects by the government behind this robust growth. The construction of Delhi Metro has also contributed hugely to the growth of the real estate sector in the city.
According to Rajesh Goyal, managing director of RG Group, a real estate developer in the Delhi region, “Delhi property market is growing at an outstanding rate on account of various factors. These include humongous improvement in the transport system, expansion plans of Delhi Metro Rail which is going to cover its 3rd Phase.”
The survey report says that the industrial sector of the city has added a total of Rs 8,378 crore to the city’s GDP in 2011-12 as against Rs 6,600 crore during the previous fiscal.
The contribution of the service sector, also known as the tertiary sector, comprising of transport, real estate and financial services has also been increasing.
The real estate sector has been one of the major contributors to the country’s GDP growth and is considered among the largest employers in the country.
Sayantani Biswas, a resident of Delhi says, “The city has undergone a lot of infrastructural development in recent times and for the better. Consequently, both citizens as well as construction sector players are benefiting from it.”
Following the announcements in Union Budget 2012-13 and the adoption of Delhi Master Plan 2021, the construction sector in Delhi is expected to grow even further.