India's Real Estate Sector Set for Explosive Growth, Projected to Triple by 2030
A groundbreaking joint report by KPMG and Naredco has unveiled a transformative outlook for India's real estate market, projecting it to surge to an astounding Rs 88 trillion by the year 2030. This represents a more than threefold increase from its estimated size of around Rs 26.4 trillion in 2025, signaling a period of unprecedented expansion for the sector.
Vision for Viksit Bharat 2047: Real Estate as the Economic Backbone
The report, titled 'The role of real estate in ViksitBharat@2047', delves into the critical function of real estate in India's ambitious goal to become a fully developed economy by 2047. It emphasizes that real estate is not merely about constructing buildings but serves as the fundamental backbone enabling this national vision. According to the findings, as India's urbanisation accelerates and its economic base deepens, the market could further scale up to a massive range of Rs 440.5 trillion to Rs 616.7 trillion by 2047.
Neeraj Bansal, Partner and Head – India Global at KPMG in India, highlighted that this growth will be a direct reflection of expanding urban footprints and rising economic activity across the nation. He underscored the sector's pivotal role in driving broader economic development.
Employment Boom and Societal Impact
Beyond financial metrics, the report projects a significant boost in employment, with jobs in the real estate sector expected to rise to nearly 100 million by 2030. This marks a substantial increase from the current approximately 70 million employed across construction, sales, design, and allied industries. Such growth underscores the sector's capacity to generate widespread livelihood opportunities.
Parveen Jain, President of Naredco, eloquently captured the essence of this transformation, stating, "Real estate is where national ambition becomes real, through homes that anchor dignity, workplaces that power productivity and infrastructure that enables mobility and opportunity." This statement reinforces the idea that real estate development is integral to societal progress and economic empowerment.
Key Drivers and Future Outlook
The report identifies several key factors propelling this growth:
- Rapid urbanisation leading to increased demand for residential and commercial spaces.
- Deepening economic activities that require robust infrastructure and real estate support.
- Government initiatives and policies aimed at fostering development and investment in the sector.
As India strides towards its 2047 vision, the real estate market is poised to play a central role in shaping the country's economic landscape, offering immense potential for investors, developers, and the workforce alike.
