PUNE: The Confederation of Real Estate Developers’ Association of India (CREDAI) today released a report on Indian Real Estate’s contribution towards Viksit Bharat at its annual conference YouthCon organized by CREDAI’s Youth Wing – a leading industry platform designed to bring together the next generation of real estate developers to cultivate and mentor them, fostering growth into proficient professionals, principled entrepreneurs, and authentic leaders within the real estate sector.

Shri Hardeep Singh Puri, Hon’ble Minister for Housing and Urban Affairs & Petroleum and Natural Gas, Government of India, inaugurated the two-day conference alongside the CREDAI leadership team. The two-day conference featured various sessions aimed at helping delegates prepare for the future of real estate.

During the event, CREDAI released a report “Building Viksit Bharat”-Transformative role of the real estate sector in India. According to CREDAI, Indian Real Estate is bound to have a significant impact on the Indian economy – with the sector projected to reach $1.3 Trillion (13.8% of Projected GDP) by FY 2034 and $5.17 Trillion (17.5% of Projected GDP) by 2047.

CREDAI, in its report, also outlined pertinent industry trends and insights that are bound to provide a holistic view of the sector’s growth, while also giving direction to the industry as a whole:

• The current market size of Indian Real Estate stands at 24 lac crores, split between Residential and Commercial in the ratio of 80% and 20% respectively.
• Among the residential segment, 61% of the current supply is above the cost of Rs 45 lacs. The average home area is also increasing at 11% on an annual basis.
• Over 28 crore Indian citizens want to buy a house, among the 40-crore population that is yet to own a house in the country. CREDAI also projects that there will be a 7-crore additional housing demand by 2030.
• Reflecting the aspirational growth of Indian Homebuyers, over 87.4% of housing demand by 2030 is expected to be of houses costing more than 45 lacs.

With the above findings, CREDAI re-emphasized the significance of Indian Real Estate to the overall growth of the economy and some of the most important macroeconomic indicators including Employment, Revenues for Government and Banking eco-system, and increasing Per Capita Income. Coupled with the cascading impact of the sector that supports over 250+ industries directly and indirectly, CREDAI’s projections provide a definitive course of action and visibility on the sector’s contribution to the country’s development in its mission to become Viksit Bharat.

CREDAI President Boman R Irani shares his thoughts “Indian Real Estate today stands at an extremely important junction amidst India’s journey to become a developed economy by 2047. Due to its strong multiplier effect coupled with robust real estate demand – for both housing and commercial – the sector is bound to play a critical role in multiplying GDP value and increasing revenues, and per capita incomes that will aid further growth as a part of a self-sustaining cycle due to ever-increasing consumption. As India’s leading real estate body, we look forward to working closely with all stakeholders involved to ensure a seamless path towards achieving our collective mission of becoming a fully developed economy.”

CREDAI Chairman Manoj Gaur shares his remarks “As the premier body of Indian Real Estate, we feel extremely proud at what we’ve achieved as an industry – and are even more excited at the potential that this sector currently holds as the primary economic engine of this country. To achieve Viksit Bharat, Real Estate is going to be at the nucleus of growth which is also validated by the recent sheer volume that has coincided with strong QoQ GDP numbers. Moving forward – real estate again is going to play a pivotal role as India strives to multiply its economy.”

CREDAI President Elect Shekhar G Patel says “Currently, India is witnessing significant GDP growth despite global headwinds which is a testament to our economic and sectoral resilience. The entire real estate industry is extremely excited to build on this strong platform and re-emphasizes the importance of a facilitating eco-system that supports all concerned stakeholders, for not just the sustained and sustainable growth of the industry but the entire economy. Through our findings, we have devised a roadmap of Indian Real Estate’s contribution towards Viksit Bharat as we jointly work towards achieving the feat.”

The post CREDAI’s Roadmap To Viksit Bharat: Indian Real Estate’s Contribution To GDP Projected To Be $5.17 Trillion By 2047 appeared first on NRI News.

PUNE: Kirloskar Institute of Management (KIM), Pune, in association with All India Council of Technical Education (AICTE) and MoE (Ministry of Education), Govt of India hosted a stimulating development dialogue on “Inclusive and Sustainable Amrit Kaal 2047: Technology, Society, and People at the Forefront” on February 29, 2024. Students, faculty members, and staff of KIM participated in the event and made the event a grand success.

Esteemed speaker Mr. Pushpendra Singh, Executive Coach, and Management Consultant nominated by AICTE delivered a captivating talk, emphasizing technology as a driver, discussing growth challenges, and highlighting favorable conditions for progress in India. He highlighted the importance of knowledge cultivation through curiosity, creativity, and critical thinking, along with continuous learning.

Mr. Pushpendra emphasized sustainable themes such as renewable energy, India’s geographical advantages, the importance of hydrogen in transportation, Electric Vehicles, waste management, the digital economy, opportunities for the young generation, greenhouse and sustainable environment, and the current technology enablers (AI, Machine Learning, IoT, Blockchain, etc.). After each theme, a true dialogue took place as faculty members and students exchanged their views with the speaker. This resulted in a solid understanding of the Amrit Kaal Vimarsh Viksit Bharat@2047.

Prof. (Dr.) T.G. Vijaya, Director of Kirloskar Institute of Management, felicitated Mr. Pushpendra Singh. During an inaugural speech, she emphasized the development journey of India, inclusive of growth and the necessity of societal development. Dr. Ashok Patil, Associate Professor extended a vote of thanks, Dr. Bidyananad Jha, Dean of Academics organized the whole event and Ms. Chandrika Rath, student of the class of 25, acted as Master of the Ceremony (MOC) for the event.

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