Piyush Goyal says India in talks to build 1 million homes in Australia, seeks UAE funding
Mumbai: Union Minister Piyush Goyal on Sunday said India is in “deep negotiations” with Australia to build 1 million homes, a project estimated to be worth USD 500 billion, The Economic Times reported.
Speaking at an event in Mumbai, the Commerce and Industry Minister revealed that the Indian government has also approached the United Arab Emirates (UAE) to finance the massive housing plan.
“I am in deep negotiation with my counterpart in Australia to create 1 million homes. 1 million homes. Anybody wants to do the maths? A million homes in Australia would be at least USD 500 billion opportunity,” Goyal said.
He did not share details such as the project’s location, Australia’s exact spending, or India’s specific role in its execution.
However, he added that India has proposed sending Indian workers to Australia for skill training so that they can construct homes in line with local standards.
Reports suggest Australia faces a serious housing crisis, with demand outpacing supply due to soaring property prices.
The issue was also a key talking point in the country’s recent national elections.
Goyal said he had also spoken with UAE Trade Minister Thani bin Ahmed Al Zeyoudi about a possible funding partnership. “I talked to Thani to see if we can do a partnership to help us fund this massive opportunity,” he said.
The minister emphasised that India must seize such global opportunities.
“It’s for us to grasp these openings. If we miss out, we will have only ourselves to blame,” he added.
Trade agreements in focus
Goyal also highlighted progress on several free trade agreements (FTAs).
India and Australia are currently negotiating a trade pact, while Goyal said he expects a balanced and mutually beneficial agreement with Oman in the next two weeks.
A pact with New Zealand is expected within two months, followed by a potential deal with the European Union (EU) by year-end.
“The agreement with the EU, a USD 17 trillion bloc, could be concluded earlier,” he said, noting that Union Commerce Secretary Sunil Barthwal will hold meetings in Brussels on Monday and Tuesday.
India is also finalising terms for an agreement with Qatar, while Chile and Peru are pushing to accelerate discussions. Goyal added that South Africa and several Eastern European countries have recently shown interest in trade pacts with India.
Despite facing US tariffs of up to 50 percent, Goyal said India’s exports will cross USD 825 billion in FY25 as New Delhi looks to diversify markets. “India will not be deterred. We will continue to expand exports and tap newer markets,” he stressed.
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