by THO
The real estate sector is projected to touch a market size of $1.3 trillion (13.8% of projected GDP) by FY 2034 and $5.17 trillion (17.5% of projected GDP) by 2047, according to a report by the builders’ apex body Confederation of Real Estate Developers’ Association of India (Credai).
The real estate market currently stands at 24 lakh crore, split between residential and commercial in the ratio of 80% and 20% respectively. Among the residential segment, 61% of current supply is priced above ₹45 lakh. Over 87.4% of housing demand by 2030 is expected to be of homes priced more than ₹45 lakh, said a report by Credai titled ‘Building Viksit Bharat-Transformative role of the real estate sector in India’, that was released at its event YouthCon.
Over 28 crore Indian citizens want to buy a house, among the 40-crore population that is yet to own a house in the country. CREDAI also projects that there will be a 7-crore additional housing demand by 2030.
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CREDAI President Boman R Irani said that “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 – for both housing and commercial – the sector is bound to play a critical role in multiplying GDP value and increasing revenues, per capita incomes that will aid further growth as a part of a self-sustaining cycle due to ever increasing consumption.”
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“As the premier body of Indian Real Estate, we feel extremely proud at what we’ve achieved as an industry – and are even more excited at the potential that this sector currently holds as the primary economic engine of this country. To achieve Viksit Bharat, real estate is going to be at the nucleus of growth which is also validated by the recent sheer volume that has coincided with strong QoQ GDP numbers,” said Manoj Gaur, chairman, Credai.
“Currently, India is witnessing significant GDP growth despite global headwinds which is a testament to our economic and sectoral resilience…Through our findings, we have devised a roadmap of Indian real estate’s contribution towards Viksit Bharat as we jointly work towards achieving the feat,” said Shekhar G Patel, president elect Credai.
The Confederation of Real Estate Developers’ Associations of India (CREDAI) is the apex body representing private real estate developers in India. Established in 1999, Credai has over 13,000 members across 21 states and 230 city chapters.
