The year 2023 was great for the real estate sector. The real estate sector is worth Rs 24 lakh crore ($300 billion). In the next 10 years, it will take off rapidly and will cross the figure of 1.3 trillion dollars. The real estate sector is expected to reach $5.17 trillion in the 100th year of independence. Real estate sector body CREDAI said in its report released on Saturday that in India, the share of the residential segment is 80 per cent, and the commercial segment is 20 per cent.
Real Estate Share In GDP Will Continue To Increase
According to the report of CREDAI (Confederation of Real Estate Developers’ Association of India), the real estate sector will continue to contribute to the Indian economy in the coming years. By 2034, it can be 13.8 per cent of the estimated GDP. This figure is 1.3 trillion dollars. Also, there is full hope that it will increase further, and by 2047, it can become 17.5 per cent of the GDP and cross the figure of 5.17 trillion dollars.
Demand For Expensive Houses Will Increase Further
According to the report, 61 per cent of the residential segment’s supply currently includes houses priced above Rs 45 lakh. The average home area is also increasing at the rate of 11 per cent on an annual basis. CREDAI has estimated that the demand for housing will reach 7 crore units by 2030.
Due to the increasing desire of home buyers, the demand for houses above Rs 45 lakh will increase to 87.4 per cent by 2030. According to CREDAI, the growth of the real estate sector will directly impact the Indian economy.
Special Contribution Of The Sector In The Goal Of Developed India
CREDAI President Boman R Irani said that the real estate sector will contribute to fulfilling the dream of developing India by 2047. It contributes significantly to employment generation and the growth of banks’ business. CREDAI Chairman Manoj Gaur said that the real estate sector would play an important role in achieving India’s goal of developing and increasing its GDP.
