KOLKATA: The Centre is in constant touch with West Bengal government for implementation of the new tenancy act, which could change the real estate landscape, feels Durga Shanker Mishra, the secretary of Union ministry of housing and urban affairs.

Addressing the members of the Bharat Chamber of Commerce at an exclusive e-Session on ‘Transformation in Real Estate and Urban Infrastructure’ on Thursday, he said that the Centre has separate rounds of discussion on this with several states.

Mishra observed that instead of being a stressed sector for quite some time now, the real estate sector is set to make a recovery and has started showing signs of improvement since the first quarter of the current fiscal. He stated that the real estate sector contributes an average of 7% to the nation’s GDP and is expected to reach 10% by 2025.

“The real estate sector in India is set to be valued at $1 trillion in the next few years, coinciding with the Prime Minister’s vision of a $5 trillion economy,” he added.