CREDAI – CBRE report “Exploring the Future”, identifies trajectories of the growth of the Indian real estate sector
A recent CREDAI and CBRE report “India 2030 – Exploring the future” stated that India’s leading cities would be amongst the fastest growing in the world till 2030. To achieve this, the report said that India would have to spend 7-8 per cent of the GDP on infrastructure.
The report was released in 19th Annual International Convention, NATCON 2019 in Israel. The report encapsulates the potential of the economy of India by 2030 and its effect on the real estate sector. The Prime Minister of Israel, Mr. Benjamin Netanyahu and several other key dignitaries were part of the this even.
The report stated that India’s economic growth, expanding workforce, and rapid urbanization will boost the investment opportunities in the realty sector in the coming decade. This will positively impact housing and commercial spaces.
At a real estate conference, while releasing the joint report, CBRE said that the Indian real estate sector would expand at a colossal rate by 2030. The growth will be fostered by new assets such as co-living, coworking, real estate investment trusts (REITs) and student housing.
As per the reports, the estimated number of households may touch 386 million households. To achieve this, the report suggested, the developers will have to change their development plans significantly from standalone buildings to integrated townships, theme-based townships and self-sustaining mini-cities and townships.
The report said that India’s office space stock could touch one billion sq. ft by 2030, with 8-10 per cent of the flexible workspace of the total share. While retail shopping centre stock is estimated at 120 million sq. ft by 2030 and warehousing could touch 500 million sq. ft by then.
“As the Indian economy transitions and its workforce expands, it will offer vast development and investment opportunities for the real estate sector,” CREDAI-CBRE report said.
Commenting on the report, CREDAI President Satish Magar said, “India continues to remain a high-priority market for long term growth potential as is evident from the increased investment flows in the last few years”.
As per the report, it is estimated that India can have a $9 trillion economy by 2030 and per capita income could touch $5,625. The report also indicated that by 2030, 9 out of 10 Indians over the age of 15 would be online and retail shopping centre will cross 120 million. It is indicating a massive scope for the development of the Indian real estate in the coming decade.
CREDAI Chairman, Mr. Jaxay Shah
said, “The correlation between the growth of some of the most developed
economies and Realty has been well established for years and this report also
echoes that. With our current government, we all are dreaming of a vision of a
New India which is full of opportunities and implies progressive growth for
businesses, homebuyers and the community at large and we at CREDAI are
committed to transforming realty to achieve that.”