Report by CREDAI, "Indian Real Estate is on the threshold to touch 13 tn"

The report of realtors body CREDAI reveals that the Real estate Sector is poised to reach a market size of $1.3 trillion by 2034 and $5.17 trillion by 2047. It also explained that, the current market size of Indian real estate is Rs.24 lakh crore (around $300 billion), split between residential and commercial segments in the ratio of 80 per cent and 20%.

CREDAI explains that Indian real estate will have a significant impact on the Indian economy in the coming years with the sector projected to reach $1.3 trillion (13.8% of projected GDP) by FY 2034 and $5.17 trillion (17.5 per cent of projected GDP) by 2047. Among the residential segment, 61% of current supply is above the cost of Rs.45 lakh. The average home area also got noticeable increment 11% on an annual basis.

The report also stated that, there will be seven crore units of additional housing demand by 2030. With the extraordinary growth of homebuyers over 87.4% of housing demand by 2030 is expected to be of houses costing more than Rs.45 lakh.

CREDAI throws light on the significant growth of Indian Real Estate and its impact over the GDP and also highlighted, few most important factors of macro-economic indicators including employment, revenues for government and banking eco-system and increasing per capita income.

President of CREDAI, Boman R Irani quoted, "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..."

CREDAI Chairman Manoj Gaur said, "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 quarter-on-quarter GDP numbers." CREDAI President Elect Shekhar G Patel said, "Currently, India is witnessing significant GDP growth despite global headwinds which is a testament to our economic and sectoral resilience."