Indian Real Estate Sector Growth Forecast
The Indian real estate sector is poised for significant growth in the coming decades, with promising forecasts indicating a transformative role in the country’s economic landscape.
Market Size Projections
- By 2034, the sector is expected to reach a market size of $1.3 trillion.
- By 2047, the market size is projected to soar to a staggering $5.17 trillion.
Market Segments
The Indian real estate market, currently valued at ₹24 lakh crore, is divided primarily between residential and commercial segments:
- Residential segment holds 80% of the market share.
- Commercial segment accounts for the remaining 20%.
Contribution to GDP
The real estate sector is expected to play a pivotal role in India’s economic growth:
- By FY 2034, it is projected to contribute 13.8% to the GDP.
- By 2047, this contribution is estimated to increase to 17.5% of the GDP.
Housing Demand
CREDAI anticipates a substantial demand for housing in India:
- An estimated requirement for seven crore additional housing units by 2030.
- Over 87.4% of the housing demand is expected to come from properties priced above Rs 45 lakh.
Industry Leaders’ Perspectives
Key figures within CREDAI emphasize the sector’s significance in India’s economic journey:
- Boman R Irani, President of CREDAI, highlights the multiplier effect of the real estate sector on GDP growth.
- Manoj Gaur, Chairman of CREDAI, correlates real estate performance with India’s GDP numbers, stressing its role in economic growth.
- Shekhar G Patel, President Elect of CREDAI, acknowledges India’s economic resilience and the sector’s contribution to GDP growth.
These insights position Indian real estate as a critical driver of economic progress and development in the country.
