Piyush Goyal recently said that the government is engaged in “deep negotiations” with Australia regarding a proposal to construct one million homes estimated at $500 billion.
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NEW DELHI — Commerce and Industry Minister Piyush Goyal recently said that the government is engaged in “deep negotiations” with Australia regarding a proposal to construct one million homes estimated at $500 billion. If realised, this can herald one of the largest international housing collaborations in recent history.
The minister said the scale of the project requires global partnerships, and he has reached out to the UAE to help on the financial front.
According to a report in The Australia Today on Tuesday, Goyal’s comments place the proposal at the intersection of India’s ambitions to export skilled labour, Australia’s urgent need for new housing, and the UAE’s appetite for global investment.
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Master Builders Australia has warned that the National Housing Accord is falling further behind schedule, “with its latest forecasts showing a deepening shortfall in new home construction”.
The national voice of the $200 billion building and construction industry, Master Builders Australia represents eight state and territory Master Builders Associations and 32,000 members nationwide.
Rising costs, falling productivity, lengthy build times and workforce shortages are preventing builders from keeping pace with demand, despite strong willingness from the industry to deliver, the organisation has warned.
“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.
It also revealed that 180,500 homes are expected to be started in 2024–25, nearly 60,000 short of the Accord’s annual target of 240,000. Over the full five-year period, the shortfall has now widened to 180,200 homes compared with the 160,000 projected in April.
Addressing the 'Bharat Buildcon 2026' conference in Mumbai late last month, Goyal drew attention to the acute housing shortage in Australia, where nearly 1 million homes are required.
He invited Indian businesses, workers, and experts to seize this opportunity, stating that Australia is open to financial collaboration, technical expertise, and workforce support from India.
Training and certification opportunities are also being offered so Indian professionals can meet Australian standards. “If we miss this opportunity, we will have only ourselves to blame,” he remarked, calling it a potential game-changer for India’s construction and financial sectors.