Union Minister Piyush Goyal has urged the Indian real estate sector to formalise salary payments via digital means and embrace sustainable construction practices. Addressing industry leaders at CREDAI’s 25th Foundation Day, Goyal emphasised the significance of digital payments to ensure workers receive vital social security benefits such as ESIC and EPFO. This formalisation, he noted, would reflect the sector’s actual workforce in national statistics, portraying its true socio-economic impact on millions of families.
The minister called upon CREDAI’s 14,000 members, including major developers like DLF and Jaypee Group, to lead the shift towards digitisation. Digital payments, he argued, not only ensure transparency but also align with India’s growing digital infrastructure. With the real estate sector employing a significant portion of India’s unorganised workforce, formal salary structures could bridge gaps in social welfare. Goyal further suggested setting up dedicated teams to explore innovative construction methods, such as steel and precast fabrication, which promise faster, cleaner, and more efficient building processes.
Sustainability emerged as a core theme in Goyal’s address, aligning with India’s larger goals of combating climate change and reducing urban pollution. By adopting eco-friendly construction practices, developers can lower air pollution and improve AQI in metropolitan cities. These voluntary measures, Goyal stressed, could transform the industry while enhancing its civic responsibility. Sustainable development would not only meet urban housing demands but also preserve environmental health for future generations.
With major metros battling pollution and resource challenges, Goyal’s appeal underscores the urgency for transformative industry reforms. The real estate sector, long associated with environmental degradation, has a unique opportunity to redefine itself as a catalyst for cleaner, smarter urban growth, setting benchmarks for global sustainability practices.
