Consultancy firm CIRIL said in a report that the Indian real estate (RE) market is poised to touch Rs 65,000 crore by 2024 and by 2025, contributing 13 percent of the country's GDP. The report added that despite fears related to the Omicron crisis, the demand is accelerating across all categories.
Consultancy firm CIRIL said in a report that the Indian Real Estate (RE) market is poised to touch Rs 65,000 crore by 2024 and by 2025, this sector is expected to contribute to 13 percent of the country's GDP. In 2019, the size of the RE market was Rs 12,000 crore, according to the report.
Despite fears related to the Omicron crisis, the market in 2022 looked bullish while demand is accelerating across all categories, the report added. Regarding commercial RE, the report said offices with an enhanced technology-driven ecosystem in the workplace will be in demand and developers are investing in technology and digital channels to reach out to the consumers.
Co-working space has emerged as a sustainable business model for corporates who want to remain flexible on cost components in the face of a possible resurgence of COVID caseloads, the report said. India's retail industry is projected to grow at a slower pace of nine percent during the period 2021 to 2030 and is likely to touch USD 1400 billion by 2026.