Mumbai: The Indian real estate sector may touch a market size of $1.3 trillion by 2034. It will cross 5.17 trillion by 2047. A report released by the Confederation of Real Estate Developers’ Association of India (CREDAI) revealed this. The report titled ‘Building Viksit Bharat-Transformative role of the real estate sector in India’ was unveiled during the organisation’s YouthCon event.
At present, Indian real estate sector is valued at Rs 24 lakh crore (approximately $300 billion). The Indian real estate market is divided between residential and commercial segments, with an 80-20 split respectively.
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‘Indian Real Estate today stands at an extremely important junction amidst India’s journey to become a developed economy by 2047. Due to its strong multiplier effect coupled with robust real estate demand, the sector is bound to play a critical role in multiplying GDP value,’ said CREDAI President Boman R Irani.
According to the report, Indian real estate sector may contribute 13.8 percent of the GDP by 2034 and 17.5 percent by 2047. CREDAI predicts a requirement of 7 crore additional housing units by 2030, with over 87.4 percent of the demand anticipated to be for houses priced above Rs 45 lakh. Within the residential segment, it is noted that 61 percent of current supply exceeds the Rs 45 lakh mark.
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