CNN Central News & Network–ITDC India Epress/ITDC News Bhopal: The Indian real estate sector has played an essential role in the country’s economic growth over the years. The sector encompasses many activities, including residential and commercial properties, retail and industrial spaces, and infrastructure development. The sector’s significant contribution to India’s GDP has made it one of the primary drivers of the country’s economic growth. This contribution is evident in one of the recent reports by the builder’s apex body, CREDAI.
A recent report by the Confederation of Real Estate Developers’ Association (CREDAI) states the real estate sector is expected to touch the 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. In addition, the report also projects a 7-crore additional housing demand by 2030.
Mr. Manoj Gaur, President, CREDAI-NCR, CMD, Gaurs Group, said, “With the increasing real estate demands, the sector holds the potential as the primary economic pillar of this country. Regions like Delhi-NCR emerged as a major contributor to this development, witnessing a 3% growth in housing sales and projecting as one of the biggest realty hubs in the country. As an industry, Indian real estate has significantly impacted the economy’s overall growth and other macroeconomic indicators, including employment, government and banking eco-system revenues, and increasing per capita income. We feel extremely optimistic that real estate again will play a pivotal role as the country strives to multiply its economy.”
Currently, the real estate market stands at 24 lakh crore, highlighting the ratio of 80% and 20% split between residential and commercial, respectively. Amidst the increasing housing demands, the residential segment boasts an aspirational growth for Indian homebuyers.
Mr. Ankush Kaul, Chief Business Officer of Ambience Group, highlighted the contribution of the residential real estate sector, stating, “The residential real estate is the key driver of the construction sector in India. The residential real estate market catalyzes infrastructural development in the vicinity, including roads, utilities, schools, and other amenities, and impacts the country’s economy. The Millenium City Gurgaon is the prime example depicting that improved infrastructure not only enhances the lifestyle but also supports economic activities in the surrounding areas. We envision that the rising housing demands will benefit homebuyers and investors, thus impacting the country’s overall economic growth.”
