The residential real estate industry accounts for around 5% of the country’s GDP. It is also projected that the sector’s net GDP contribution would increase by 6%.
Indeed, the real estate sector is extremely important to the country’s economy, ranking second only to agriculture in terms of job creation. Let’s look at some statistics about the Indian real estate industry.
Interesting Facts about the Indian Real Estate Market
According to Jones Lang LaSalle, the speedier economic recovery in countries like India, China, Russia, and Brazil would result in faster property market development in those countries than in the UK and US.
The Indian housing market has been on an unstoppable upward trajectory since late 2009. Over the course of five years, it is expected that up to US$ 12.11 billion will be invested.
Real estate development is not limited to high-tech cities. The real estate industry is expected to expand across the country. The list includes all cities, including those in Tier I and Tier II.
India’s Residential Real Estate
Residential real estate accounts for around 80% of the property market. The remainder is made up of hotel, retail, and other commercial establishments. Despite the fact that it now covers a large portion of the market, residential real estate is expected to grow even more over the coming decade.
A shortfall of 22.4 million housing units was predicted in the Tenth Five-Year Plan. Within the next 10 to 15 years, 80 to 90 million housing units will be built to address the situation.
Cities like Mumbai, Bangalore, and Delhi are at the top of the list of places where residential real estate is expected to grow significantly. This research is based on the responses of approximately 270 people, including residential property investors, developers, lenders, brokers, consultants, and corporate representatives, in a survey.