Report titled ‘Indian Real Estate: A Decade from Now’, Knight Frank India, a leading real estate consultancy in the country, in association with the Confederation of Indian Industry (CII), has projected that the value of the Indian real estate sector will reach an estimated USD 1.5 trillion by 2034, constituting 10.5% of the total economic output by then. In 2023, the sector's market size was approximately USD 482 billion, contributing 7.3% to the total economic output. The residential market is expected to lead with a value of US$ 906 billion, followed by the office sector contributing US$ 125 billion. Land for manufacturing activities is estimated to generate a value of USD 28 billion, driven by rising demand in India, while warehousing is projected to yield revenues of US$ 8.9 billion.
According to the report, India's economic growth in the next decade will depend heavily on several factors, including a growing young population, bolstered domestic manufacturing, infrastructure development, and urban expansion. Under favourable conditions for these drivers and assuming an annual 2% depreciation of the INR to US$ exchange rate, India's GDP could potentially reach US$ 10.3 trillion by 2034.