INDIAN REAL ESTATE AT A GLANCE IN 2022 - 2023
In India, the real estate industry is the second-highest employment generator, after the agriculture sector. Of late the real estate industry in India is seeing more NRI investments.
India's real estate sector is expected to touch a US$ 1 trillion market size by 2030. The Indian Real Estate Industry accounts for 18-20% of India's GDP.
The organised retail real estate stock is expected to increase by 28% to 82 million sq. ft. by 2023.
FDI in the sector (including construction development & activities) stood at US$ 55.5 billion from April 2000-December 2022.
Market Size
Real estate sector in India is expected to reach US$ 1 trillion in market size by 2030, up from US$ 200 billion in 2021 and contribute 13% to the country’s GDP by 2025. And by 2040, real estate market in India will grow to Rs. 65,000 crore (US$ 9.30 billion).
In FY23, India’s residential property market witnessed an all-time high of Rs. 3.47 lakh crore (US$ 42 billion), marking a robust 48% year-on-year increase.
Indian real estate developers are working towards the completion of approximately 558,000 homes in 2023.
Government InitiativesIn the Union Budget 2023-24, the Finance Ministry has announced a commitment of Rs. 79,000 crore (US$ 9.64 billion) for PM Awas Yojana, which represents a 66% increase compared to the last year.
Future Course of the IndustryCurrently there is a shortage of about10 million units in the urban real estate sector in India. An additional 25 million units of affordable housing are required by 2030 to meet the growth in the country’s urban population.
