Real Estate Sector Projected to Reach $1.3 Trillion by FY2034: CREDAI Report

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The real estate sector is poised for significant growth, with projections indicating a market size of $1.3 trillion by FY2034 and $5.17 trillion by 2047, according to a report by the Confederation of Real Estate Developers' Associations of India (CREDAI).

CREDAI forecasts a surge in housing demand, with an estimated 7 crore additional units required by 2030. Over 28 crore Indian citizens aspire to own a house, highlighting the substantial potential for growth in the sector.

The report emphasizes the pivotal role of real estate in India's journey towards becoming a developed economy by 2047. With strong multiplier effects and robust demand for both housing and commercial properties, the sector is expected to contribute significantly to GDP growth and increase per capita incomes.

Commenting on the findings, CREDAI President Boman R Irani highlighted the sector's importance in driving economic growth and increasing revenues. He underscored the sector's resilience and its potential to serve as a primary economic engine for the country.

Manoj Gaur, Chairman of CREDAI, emphasized the industry's achievements and its crucial role in achieving the vision of a developed India. He stressed the need for continued collaboration and concerted efforts to harness the sector's potential for driving economic growth.

Shekhar G Patel, President-elect of CREDAI, outlined a roadmap for the sector's contribution towards achieving the vision of a developed India. He emphasized the need for collective action and strategic planning to realize the sector's full potential.

The Confederation of Real Estate Developers' Associations of India (CREDAI) serves as the apex body representing private real estate developers in India. With over 13,000 members across 21 states and 230 city chapters, CREDAI plays a crucial role in shaping the real estate landscape in the country.

Cover image-timesproperty.com