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Indian real estate is on its way to mark a significant expansion with a value of USD 1.5 Trillion by 2034. It means, the particular sector is going to witness a threefold increase in its current structure and will soon make a significant contribution to the country’s economic output. And the expected contribution is almost 10.5 percent.
How Will the Retail Sector Expand?
The progressive outlook toward the real estate sector has been developed after considering some crucial factors. With the growing population of the nation, there is a growing demand for housing, specifically in the urban areas. In addition to this, the promotion of initiatives like “Make in India” is also boosting growth in the manufacturing and infrastructural sector. As a result, this is going to ask for more commercial office space and warehousing facilities.
What Reports Have to Say?
A report named “Indian Real Estate: A Decade From Now” is an outcome of the association between Knight Frank India, a real estate consultancy and the Confederation of Indian Industry. The report pinpoints that the residential sector has the potential to come up as the frontrunner by reaching the value of USD 906 Billion by 2034.
Further, this increase in value is the outcome of the burgeoning urban population which will probably reach 1.55 Billion by 2034. As a result, the report has further brought into light the need for 78 million new housing units in cities to foster population growth.
The expansion in the office sector is also another factor and is expected to reach the value of USD 125 Billion by 2034. And this is further fueled by business expansion and the rise in the demand of IT and service sectors.
Challenges for the Real Estate Sector
Like any other sector, the real estate sector is also having its own challenges. According to the report, the real estate sector needs to bridge the gap in its workforce and needs to curate affordable housing solutions for more attention from potential customers.
That’s not it, the need of the hour also asks for a bit of focus on technological advancements and sustainable development. This needs to be done to sustain growth in the coming years.
Final Words
All in all, the report indicates a remarkable growth of the Indian real estate sector. If the challenges are addressed on time, it will be quite easy for the people of this sector to capitalise on growth opportunities. In the coming years, the real estate sector is expected to make a huge contribution to the Indian economy.
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