India's Commerce and Industry Minister Piyush Goyal has announced that India is in "deep talks" with Australia on a grand proposal to construct one million houses worth approximately $500 billion. If taken forward, it would be one of the biggest global housing projects in recent years.
Goyal clarified that the project's scale requires international cooperation, and contacts have already been made with the UAE to look into financial support.
According to The Australia Today on Tuesday, this project is at the intersection of India's efforts to export skilled workforce, Australia's pressing housing needs, and the UAE's increasing focus on large-scale international investments.
At the same time, Master Builders Australia has warned that the National Housing Accord is further behind schedule, stating that "with its latest forecasts showing a deepening shortfall in new home construction".
Reporting for the $200 billion building industry, Master Builders Australia is the national peak body for eight state and territory Master Builders Associations and 32,000 members across the country.
The organisation says rising costs, falling productivity, construction delays, and skilled shortages are all holding back attempts to meet demand, even with the industry's strong desire to get the work done.
“Australian builders are keen to get on with the job, but under current conditions, the Accord’s 1.2 million home goal looks less achievable every day,” said Master Builders CEO Denita Wawn in a statement.
The group also pointed out that only 180,500 homes are expected to start in 2024–25—short of the Accord's annual target of 240,000 by almost 60,000. The gap over five years has grown to 180,200 homes, compared with the 160,000 shortfall forecast in April.
Addressing the 'Bharat Buildcon 2026' conference in Mumbai last month, Goyal emphasized the urgent requirement for housing in Australia, where almost one million houses are presently needed.
He appealed to Indian businesses, workers, and experts to capitalize on the opportunity, pointing out that Australia is open to financial assistance, technical expertise, and manpower support from India.
To equip Indian professionals for the endeavor, training and certification schemes are being launched to suit Australian norms. "If we miss this opportunity, we will have only ourselves to blame," Goyal said, terming the proposal as a potential game-changer for India's financial and construction sectors.
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