In the dynamic canvas of India’s economy, the real estate sector emerges as a challenging force balanced for remarkable growth. A recent report from CREDAI unveils a promising narrative, projecting unprecedented expansion and transformative impact.
At present, Indian real estate commands a market size of Rs 24 lakh crore (about USD 300 billion), but this is just the beginning. By 2034, it’s estimated to skyrocket to a whopping USD 1.3 trillion, constituting a significant 13.8 percent of the projected GDP.
Looking even further, by 2047, the sector is forecasted to soar to an astounding USD 5.17 trillion, marking 17.5 percent of the GDP. These projections not only signify immense growth but also highlight real estate’s pivotal role in shaping India’s economic journey.
Delving into specifics, the report illustrates the split between residential and commercial segments, with residential properties dominating at 80 percent. Notably, a considerable 61 percent of current residential supply exceeds the Rs 45 lakh mark, indicating a rising demand for higher-value properties.
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The report also forecasts a demand for 7 crore additional housing units by 2030, with over 87.4 percent expected to be priced above Rs 45 lakh. This reflects evolving consumer aspirations and lifestyle preferences, driving a qualitative shift in the housing landscape.
Beyond economic metrics, CREDAI emphasizes real estate’s broader impact, from generating employment to contributing to government revenues and banking systems. The sector’s significance is unmistakable in India’s march towards development, as articulated by CREDAI President Boman R Irani and Chairman Manoj Gaur.
Despite global challenges, India’s resilience shines through, with significant GDP growth. President-Elect Shekhar G Patel acknowledges this resilience, highlighting India’s economic strength amid turbulent times.
In essence, the journey of Indian real estate embodies resilience, growth, and transformation. As it charts a course towards a USD 5.17 trillion market by 2047, the sector not only promises prosperity but also heralds a new era in India’s economic landscape.
With each milestone, the vision of a ‘Viksit Bharat’ (Developed India) becomes increasingly tangible, fueled by the unwavering momentum of the real estate sector.
