According to a Naredco-Knight Frank analysis, the size of the Indian real estate market is predicted to increase more than 12-fold to USD 5.8 trillion by 2047 from USD 477 billion last year and will contribute more than 15% to the nation’s overall economic output.
‘India Real Estate: Vision 2047′ a report that was launched recently by the realtors’ association Naredco and the property advisor Knight Frank India, predicts good fortune for India.
By 2047, it is anticipated that India’s real estate market will have grown to $5.8 trillion, or $5,833 billion. In 2047, this predicted real estate output value will increase from its current proportion of 7.3% to 15.5%, according to a statement by Naredco-Knight Frank.
When India celebrates 100 years of independence in 2047, it is projected that its economy will be between $33 trillion and $40 trillion in size.
For research purposes, Knight Frank has assumed that the Indian economy will increase on average to a value of $36.4 trillion by 2047.
According to the analysis, the residential real estate industry would increase in size from $299 billion in 2018 to $3.5 trillion ($3,500 billion) in 2047. The office real estate industry is projected to increase in size from $40 billion to $473 billion, and the warehousing sector is projected to increase from $2.9 billion to $34 billion.
The favourable domestic economic environment with economic resilience, strengthened infrastructure growth plans, alternative investment models, and domestic consumption power, according to Niranjan Hiranandani, National Vice Chairman of Naredco, is what is driving the northbound growth in the Indian real estate sector.
Following the Covid epidemic, the housing sector in particular has grown stronger and healthier. Sales have increased, prices have gradually increased, and the amount of unsold inventory has significantly decreased.
Overall, Indian real estate is going through a fascinating time as mindsets in most of the major markets are bottoming out. The increase in sentiment is also supported by a significant rise in transparency.
