Need for strategic support and policies to realize this vision.
The Indian real estate market is set to reach $1.5 trillion by 2034, contributing 10.5% to our economic output, according to Knight Frank India and CII. This sector is not only a cornerstone of our nation’s growth but also a major employment generator, second only to agriculture. With an expected market size of $1 trillion by 2030, real estate will play a pivotal role in propelling India’s economy.
The real estate industry supports over 270 allied sectors, from steel to construction materials, driving vast economic activity. With nearly 70 million employed in this sector, its growth is integral to national prosperity. The focus on infrastructure in Budget 2023, with a massive INR 10 lakh crore investment, underscores the sector’s critical role in urban and economic development.
As we approach these milestones, it’s essential for the industry to leverage technological advancements and sustainable practices. Support from policymakers and industry leaders is crucial to harness the full potential of real estate for generating revenue and creating jobs.
To realize this vision, continued government support, innovative policies, and strategic investments are vital. Let’s collaborate to ensure that real estate remains a key driver of economic progress and employment in India.
“India’s real estate market reaching $1.5 trillion by 2034 is a testament to the sector’s growing importance. Excited to see how it will contribute to urbanization and employment!”