India’s real estate sector is expected to expand to $5.8 trillion by 2047, contributing 15.5 percent of GDP from 7.3 percent currently, according to a joint report by Knight Frank and the National Real Estate Development Council (Naredeco).
The report “Real Estate in India: Vision 2047” states that the residential segment will hold an overwhelming share in the real estate sector. “By 2047, the 100th anniversary of India’s independence, the size of the Indian economy is expected to be between $33 and $40 trillion,” the report said.
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The report pointed out that over the past two decades, private equity investment in the Indian real estate industry has continued to grow, and is expected to reach $54.3 billion in 2047 from $5.6 billion in 2023, an annual growth rate of 9.5%.
According to Knight Frank, India is expected to have a cumulative demand for 230 million housing units over the next 25 years. In terms of market value, the residential market has the potential to generate an output equivalent to $3.5 trillion by 2047.
