Real Estate Sector Expected to Reach $1.3 Trillion Market Size by FY2034: CREDAI

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    According to a report by the Confederation of Real Estate Developers’ Association of India (CREDAI), the real estate sector is anticipated to grow to a market size of $1.3 trillion by FY 2034 and $5.17 trillion by 2047. Currently, the market stands at ₹24 lakh crore, with residential and commercial segments split at 80% and 20% respectively.

    Credai’s report, titled ‘Building Viksit Bharat-Transformative Role of the Real Estate Sector in India’, predicts that over 87.4% of housing demand by 2030 will be for homes priced above ₹45 lakh. The residential segment accounts for 61% of the current supply, with most homes priced higher than ₹45 lakh.

    The report also highlights a significant demand for housing, with over 28 crore Indian citizens aspiring to own a home. Credai projects an additional demand for 7 crore housing units by 2030.

    Boman R Irani, President of CREDAI, emphasized the crucial role of the real estate sector in India’s journey towards becoming a developed economy by 2047. He noted the sector’s multiplier effect on GDP and per capita incomes, contributing to a self-sustaining growth cycle.

    Manoj Gaur, Chairman of Credai, expressed optimism about the sector’s potential as the primary economic engine of the country. He highlighted the sector’s contribution to GDP growth despite global challenges.

    Shekhar G Patel, President-elect of Credai, emphasized the resilience of India’s economy and the real estate sector. He outlined a roadmap for the sector’s contribution to ‘Viksit Bharat’ (Developed India) and collaboration towards achieving this goal.

    CREDAI, established in 1999, represents over 13,000 private real estate developers across 21 states and 230 city chapters in India.

    Also read : Real Estate Companies Contribute Rs 920 Crore to Political Parties via Electoral Bonds

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