Real Estate Report – 2024
The Indian real estate sector is a significant component of the country’s economy employing around 50 million people directly and contributing around 7 percent to India’s GDP. This is expected to grow to 13 percent by 2025.
As of 2023, the Real Estate Industry in India commands a substantial valuation of USD 265.18 billion and is expected to grow at a CAGR range of between 20.4 percent and 25.60 percent to reach between USD 780.6 billion and USD 828.75 billion by 2028 and USD 1 trillion by 2030 (Source: Mordor Intelligence, Imarc and IBEF).
In 2023, the real estate market in the top 7 cities experienced a notable surge, reaching a new pinnacle. Housing sales surpassed the previous peak set in 2022, with a remarkable increase of 31% year-on-year. A total of 4,76,530 units were successfully sold, compared to the 3,64,870 units sold in 2022, signaling a substantial growth in the sector.
In India, the real estate sector is the second highest employment generator, after the agriculture sector.