Team Blitz India
NEW DELHI: India’s real estate sector will be worth $1.5 trillion by 2034 as it grows three-fold from $482 billion now as residential and commercial demand grows, said a report on April 12.
The sector’s share in the country’s economic output is likely to rise to 10.5 per cent in next 10 years from 7.3 per cent, according to the ‘India Real Estate: A Decade From Now’ report by the Confederation of Indian Industry (CII) and real estate consultancy Knight Frank. In 2015, the sector’s share in economic output was $279 billion.
Residential property demand is growing in the country, alongside the need for office space and an expanding hospitality and retail industry catering to the needs of a population with improving income. “Furthermore, expanding e-commerce is catalysing the demand for warehousing and storage facilities in India providing a thrust to the industry,” said the report.
