PropTech advancements to drive India's real estate market to $1 trillion by 2030

AURUM PropTech report, released at the India PropTech Summit in 2024, projects the Indian real estate The market to rocket from $350 billion in 2023 to a staggering $1 trillion by 2030, fueled by the rapid urbanization, digital adoption, and innovative technological solutions.

The urban population is expected to reach 680 million by the year 2047, triggering a profound transformation that goes beyond the confines of conventional property models. 230 million additional housing units are needed to accommodate this population growth.

According to AURUM PropTech findings, 2 crore urban residents across top 8 Indian cities are seeking rental housing, yet only 8 lakh organized and institutional rental units exist. The gap between demand and supply can be bridged with PropTech-driven rental solutions. Changes in consumption habits of Gen-Z and millennials, as well as rapid tech adoption, are transforming India's residential rental property.

Small and medium real estate investment trusts (SM-REITs) are democratizing investments in real estate by allowing individual investors to participate in high-quality commercial assets, according to the report. The regulation provides an opportunity to address financing of 32.8 crore square feet of SM-REITAble supply across the country.

The executive director of Aurum PropTech, Onkar Shetye, noted that "the ongoing advancement in technology has extended to real estate across businesses, consumers, and service providers. Innovation and disruption are spawned by the convergence of technology, shifting consumer habits, corporate acceptance, and supportive regulatory framework. We are looking forward to capitalizing on these factors.”