The Confederation of Real Estate Developers’ Association of India (CREDAI) today released a report on Indian Real Estate’s contribution towards Viksit Bharat at its annual conference YouthCon organised by CREDAI’s Youth Wing – a leading industry platform designed to bring together the next generation of real estate developers with the aim of cultivating and mentoring them, fostering growth into proficient professionals, principled entrepreneurs, and authentic leaders within the real estate sector.
Hardeep Singh Puri, Hon’ble Minister for Housing and Urban Affairs & Petroleum and Natural Gas, Government of India, inaugurated the two-day conference alongside the CREDAI leadership team. The two-day conference featured various sessions aimed at helping delegates prepare for the future of real estate.
During the event, CREDAI released a report “Building Viksit Bharat”-Transformative role of the real estate sector in India. According to CREDAI, Indian Real Estate is bound to have a significant impact on the Indian economy – with the sector projected to reach $1.3 Trillion (13.8% of Projected GDP) by FY 2034 and $5.17 Trillion (17.5% of Projected GDP) by 2047.
CREDAI, in its report, also outlined pertinent industry trends and insights which are bound to provide a holistic view of the sector’s growth, while also giving direction to the industry as a whole:
- Current market size of Indian Real Estate stands at 24 lac crores, split between Residential and Commercial in the ratio of 80% and 20% respectively.
- Among the residential segment, 61% of current supply is above the cost of Rs 45 lacs. The average home area is also increasing at 11% on an annual basis.
- 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.
- Reflecting the aspirational growth of Indian Homebuyers, over 87.4% of housing demand by 2030 is expected to be of houses costing more than 45 lacs.
With the above findings, CREDAI re-emphasized the significance of Indian Real Estate to the overall growth of the economy and some of the most important macro-economic indicators including Employment, Revenues for Government and Banking eco-system, and increasing Per Capita Income. Coupled with the cascading impact of the sector that supports over 250+ industries directly and indirectly, CREDAI’s projections provide a definitive course of action and visibility on the sector’s contribution to the country’s development in its mission to become Viksit Bharat.
CREDAI President Boman R Irani shares his thoughts “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. As India’s leading real estate body, we look forward to working closely with all stakeholders involved to ensure a seamless path towards achieving our collective mission of becoming a fully developed economy.”
CREDAI Chairman Manoj Gaur shares his remarks “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. Moving forward – real estate again is going to play a pivotal role as India strives to multiply its economy.”
CREDAI President Elect Shekhar G Patel says “Currently, India is witnessing significant GDP growth despite global headwinds which is a testament to our economic and sectoral resilience. The entire real estate industry is extremely excited to build on this strong platform and re-emphasizes the importance of a facilitating eco-system that supports all concerned stakeholders, for not just the sustained and sustainable growth of the industry but the entire economy. 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.”
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