CREDAI forecasts 70 million more homes needed by 2030

18 Mar 2024 CW Team

According to the Confederation of Real Estate Developers? Association of India (CREDAI), the real estate sector is forecasted to attain $ 1.3 trillion (13.8% of projected GDP) by FY 2034 and $ 5.17 trillion (17.5% of projected GDP) by 2047.

It was stated by the CREDAI that over 280 million Indian citizens express their desire to purchase a house, from the 400-million population that is yet to possess a house in the country. Additionally, CREDAI projects that there will be an additional housing demand of 70 million by 2030.

CREDAI President Boman R Irani remarked that due to its strong multiplier effect along with robust real estate demand, both for housing and commercial purposes, the sector is bound to play a critical role in increasing GDP value and enhancing revenues, as well as per capita incomes, which will contribute to further growth as part of a self-sustaining cycle due to ever-increasing consumption.

In its report, CREDAI mentioned that the current market size of Indian real estate is 24 trillion, with 80% allocated to residential and 20% to commercial. Among the residential segment, 61% of the current supply exceeds the cost of Rs 4.5 million. Furthermore, the average home area is observed to be increasing at a rate of 11% annually.

Highlighting the aspirational growth of Indian Homebuyers, it is anticipated that over 87.4% of housing demand by 2030 will be for houses costing more than Rs 4.5 million. CREDAI Chairman Manoj Gaur remarked that to achieve Viksit Bharat, Real Estate is expected to be at the core of growth, which is also supported by the recent volume coinciding with strong quarter-over-quarter GDP numbers. Looking ahead, real estate is poised to play a pivotal role as India aims to expand its economy.

With the cascading impact of the sector supporting over 250 industries directly and indirectly, CREDAI's projections offer a clear course of action and visibility on the sector's contribution to the country's development.

Real Estate

17 Sep 2025

BlackRock India Leases 1.4 Lakh Sq Ft in Bengaluru

BlackRock Services India, the domestic arm of global asset manager BlackRock, has leased 1.4 lakh sq ft of office space at IndiQube Symphony in Bengaluru, according to Propstack data. The 10-year deal is valued at around Rs 4.10 billion.The lease, among the largest transactions in India’s co-working sector, highlights the growing preference of global institutions for flexible office providers. The agreement, commencing October 1, 2025, covers ground plus five floors in KNG Tower 1 at Ashoknagar, MG Road — one of Bengaluru’s prime commercial hubs.As per the lease document, BlackRock will ..

L&T Bags Rs 25–50 Bn Order for Mumbai-Ahmedabad Bullet Train Track Works

Larsen & Toubro’s (L&T) Transportation Infrastructure business has secured an order valued between Rs 25 crore and Rs 50 billion from the National High Speed Rail Corporation Limited (NHSRCL) for the Mumbai-Ahmedabad High Speed Rail (MAHSR) corridor.The contract, Package T1, involves the design, supply, construction, testing, and commissioning of 156 route km of high-speed ballastless track on a Design-Build Lump Sum Price basis. The stretch runs from Mumbai’s Bandra-Kurla Complex to Zaroli village in Gujarat and includes 21 km of underground track and 135 km of elevated viaduct.Se..

Govt Plans Six-Month Import Relief for E-Bus, Truck Makers

The government is considering a six-month relaxation for electric bus and truck manufacturers, allowing them to import fully assembled motors containing heavy rare earth materials without losing eligibility for incentives under the Rs 109-billion PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-Drive) scheme.The relief is expected to benefit companies such as Tata Motors, Ashok Leyland, PMI Electro Mobility, JBM Auto, EKA Mobility, Olectra Greentech, Propel, and IPLT Demo. The exemption will apply provided all other localisation requirements are met.However, officials clari..