Real Estate Sector of India: Tremendous growth can be registered in the Indian real estate sector in the next 25 years and this market is expected to grow 12 times to reach $ 5,800 billion by 2047. In a joint report by the National Real Estate Development Council (NAREDCO) and Knight Frank, it has been claimed that in the next 25 years, India’s real estate sector can register tremendous growth and its contribution to GDP will increase from 7.3 percent to 15.5 percent. is likely to. While talking about last year, this figure was $ 477 billion.
India’s GDP will be so big
NAREDCO-Knight Frank has jointly published a report titled ‘India Real Estate Vision 2047’. In this report, an estimated figure has been presented on the condition of India’s economy and real estate sector on completion of 100 years of independence. According to the report, India’s real estate sector will reach 5,800 billion dollars in 2047. At the same time, the size of the Indian economy is likely to be between 33,000 to 40,000 billion dollars. In such a situation, the real estate sector will account for about 15.5 per cent of the GDP.
Real estate sector will contribute significantly
According to a report published in Live Mint, NAREDCO India President Rajan Bandelkar while talking on ‘India Real Estate Vision 2047’ said that by the year 2047, the 100th year of India’s independence, the real estate sector will be a major contributor to the progress of the country. Going to do. Development in the country’s economic expansion will lead to the development of many residential, commercial, godown, industrial properties. This will accelerate this sector. And according to Light Frank India, about 230 million houses will be needed in the next 25 years.
In such a situation, the housing demand is expected to remain affordable so that the middle class of the country can easily buy a house. Later this housing sector is expected to be transferred towards mid and luxury housing. At the same time, it has also been claimed in this report that the share of low income group in the country will be reduced from 43 percent to 9 percent only.
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