The size of the Indian real estate market has grown by 73 percent since 2015 to reach $482 billion. This strong boom was seen due to better demand for residential and commercial properties and high economic growth. This estimate was made in a joint report released on Friday by property consultant firm Knight Frank and industry body CII. The report says that India’s real estate market will almost triple to $1,487 billion by the year 2034.
One of the highest employment generating sectors
According to the news, the report said that the size of the Indian real estate market was $ 279 billion in the year 2015 and is expected to increase to $ 482 billion in the year 2024, which is 7.3 percent of the total economic output. The real estate sector in the country has witnessed significant changes supported by the growing economy. India’s real estate sector has some kind of connection with about 250 supporting industries. The consultancy firm said it is one of the highest employment generators after the agriculture sector, which accounts for 18 per cent of total employment.
How much will the expansion be till 2034
The CII-Knight Frank India report estimates that India’s real estate sector is expected to expand to $1.5 trillion by 2034, contributing 10.5 percent to the total economic output. The consultancy firm has attributed the increase in the market size of the real estate sector to rising residential demand, increase in need for office space, expansion of hotels and retail sector.
Ghulam Zia, Senior Executive Director (Research, Advisory, Infrastructure and Valuation), Knight Frank India, said that the coming decade will see an unprecedented surge in India’s economic growth, with the real estate sector set to be the cornerstone. The residential market is expected to be worth $906 billion in 2034 while the office sector will contribute $125 billion.
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