Residential sector has experienced strong revival in housing demand
The Indian real estate sector is projected to reach US$1 trillion by 2030 with an affordable housing scheme driving growth, according to the analyst at SEBI-registered and Bengaluru-based Brickwork Ratings.
The sector witnessed significant expansion with market size increasing from US$120 billion in 2017 to US$477 billion in 2022, said the agency, citing consultant Anarock and realtors’ body NAREDCO numbers.
CREDAI, the realtors’ body, predicts Indian real estate sector to significantly boost the economy, reaching US$1.3 trillion by FY2034 and US$5.17 trillion by 2047 sbi .
Indian real estate market size is approximately US$300 billion, divided into residential and commercial segments at 80% and 20% iba , it said.
The residential sector has experienced a strong revival in housing demand across the top-seven cities – Mumbai, Delhi-NCR, Bengaluru, Hyderabad, Chennai, Kolkata, and Pune, owing to an increased realization of importance of home ownership, post-covid-19 pandemic bse .
The residential property market reached an all-time high in FY23, with home sales reaching Rs.3.47 lakh crore (US$42 billion), a 48% year-on-year increase and a 36% volume increase nse .
fiinews.com
