New Delhi, November 26 (IANS). India’s real estate market will grow to $4.8 trillion by 2047. Its contribution will be more than 18 percent of the estimated GDP of 26 trillion dollars by 2047. This information was given in the report released on Tuesday by real estate body CREDAI and Ernst & Young (EY).
The report expects ‘PropTech’ to grow at a sustained rate to touch a market size of $600 billion by 2047, which will be about 12-13 percent of the entire real estate industry. Currently, proptech’s share is less than 5 percent of the $300 billion real estate sector.
The report emphasized how innovations such as Artificial Intelligence (AI), Internet of Things (IoT) and Building Information Modeling (BIM) are revolutionizing operations and bringing efficiency and ensuring transparency in the real estate value chain. .
The report further said that this transformation supports India’s estimated GDP of $26 trillion by 2047, in which the real estate sector is expected to contribute more than 18 per cent from 7 per cent currently.
The real estate sector has been a major economic pillar of India, employing more than 7.7 crore people and is set to grow rapidly over the next decade, the report said.
The report further said that macro-level infrastructure initiatives including the National Infrastructure Pipeline (NIP) and PM Gati Shakti are closely linked to the growth of the sector. The NIP aims to invest $1.4 trillion in transport, energy, communications and social infrastructure over the next decade.
According to the report, projects spanning roads, railways, airports and ports are opening up opportunities in the real estate markets.
The report said that Tier 2 and Tier 3 cities like Indore, Surat, Jaipur, Chandigarh, Salem, Bhopal, Visakhapatnam and Agra are emerging as new real estate investment hubs and are expected to grow due to increased demand. Is.
CREDAI (The Confederation of Real Estate Developers Association of India) has demanded various incentives from the government.
These include giving industry status to the real estate sector to facilitate easier access to institutional financing and lower borrowing costs for developers and redefining affordable housing by increasing the selling price to Rs 90 lakh from the current Rs 45 lakh. .
–IANS
ABS/ABM
