Real Estate’s Role in India’s Economic Growth

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    Real estate has been a vital part of India’s economic growth journey. It includes various activities like building homes, offices, shops, and infrastructure. The real estate sector’s big role in India’s GDP growth makes it a key player in the economy. According to a recent report by CREDAI, the builders’ association, the real estate market is expected to grow to $1.3 trillion by 2034 and $5.17 trillion by 2047. The report also predicts a demand for 7 crore more houses by 2030.

    Manoj Gaur, President of CREDAI-NCR, believes that regions like Delhi-NCR are crucial for this growth, with a 3% increase in home sales. He sees real estate as a major contributor to the economy, creating jobs and boosting incomes. Currently, the real estate market is valued at 24 lakh crore, with 80% in residential and 20% in commercial properties. The residential sector is especially important for Indian homebuyers.

    Ankush Kaul, Chief Business Officer of Ambience Group, highlights how residential real estate drives infrastructure development, like roads and schools. This improves lifestyles and supports the economy, as seen in Gurgaon. Sanchit Bhutani, Managing Director of Group 108, explains how commercial real estate, like offices and malls, creates jobs and attracts businesses. Noida is becoming a hotspot for commercial spaces, boosting GDP and revenue.

    According to CREDAI, most of the current housing supply is priced above Rs 45 lakh, and the demand for such homes is expected to rise. Pawan Sharma, Managing Director of Trisol RED, believes that both residential and commercial real estate play a vital role in India’s GDP growth by creating jobs, wealth, and supporting infrastructure. He sees this as a key part of India’s progress towards becoming a developed nation.

    Also read: General Elections – Will the Housing Market Create Another Peak in 2024?

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