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India's real estate sector to cross $4.8 trillion by 2047: Report
The Statesman
|November 27, 2024
The Indian real estate sector is set to cross $4.8 trillion in market size by 2047, contributing over 18 percent to the projected $26 trillion GDP target for the year, according to a joint report by real estate body CREDAI and Ernst & Young released on Tuesday.
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The report expects PropTech to grow at a sustained rate to touch $600 billion in market size by 2047, comprising approximately 12-13 percent of the entire real estate industry. The study backs the ongoing and projected technological revolution in real estate, given that currently, PropTech makes up less than 5 percent of the $300 billion real estate sector.
The report highlights how innovations like Artificial Intelligence (AI), the Internet of Things (IoT), and Building Information Modeling (BIM) are revolutionizing operations, enhancing efficiency, and ensuring transparency across the real estate value chain. This transformation supports India's projected $26 trillion GDP by 2047, with the real estate sector projected to contribute over 18 percent, up from its current 7 percent share of the GDP.
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