India’s real estate sector is on course to become a USD 5–10 trillion market by 2047, contributing nearly one-fifth of the country’s GDP, according to a new report by Colliers and the Confederation of Real Estate Developers’ Association of India (CREDAI).
The study, released at CREDAI’s NATCON event in Singapore, highlights how five structural forces — urban expansion, infrastructure development, demographic shifts, digital transformation and sustainability mandates — are reshaping India’s built environment and driving unprecedented growth.
Expanding footprint
By 2047, India’s office and industrial & warehousing stock is projected to cross 2 billion sq ft. Annual housing sales could potentially double to one million units, while retail, hospitality and alternative real estate segments are expected to expand multi-fold.
The report notes a rising role of Real Estate Investment Trusts (REITs), which are likely to represent 40–50% of the market’s capitalization by 2047, compared to the current 10%. Demand is expected to emerge not only from established metros but also from Tier II and Tier III cities, signalling a more balanced and inclusive growth pattern across the country.
Redefining urban development
Shekhar Patel, President of CREDAI, said the sector’s growth will not only be measured in square feet or asset values but in the “quality of life created for millions of citizens.” He stressed the role of developers in designing climate-resilient cities, building affordable yet aspirational housing, and shaping sustainable ecosystems.
“Our vision is to transform real estate into a model for the world, proving that rapid urbanisation and environmental responsibility can go hand in hand,” Patel said.
Growth drivers ahead
Colliers India CEO, Badal Yagnik, said the sector was “at the forefront of the country’s inclusive progress.” He pointed to supportive government policies, strong investor appetite and shifting demographics as key growth drivers.
He added that Grade A office and industrial stock alone is expected to surpass the 2 billion sq ft mark by 2047, while the housing market could see sales double. Growth in newer segments such as data centres, senior living facilities, malls and hotels, he said, underlines the diversification of demand.
A catalyst for economic growth
Over the past three decades, Indian real estate has moved from a fragmented to a more institutionalised sector. Looking ahead, Colliers and CREDAI suggest it will emerge as a catalyst for urbanisation and sustainable community development, underpinning India’s aspirations to become a developed economy by its centennial year of independence.
