India's real estate market to touch $5–10 trn by 2047; Housing sales may double, REIT share seen at 50%: Credai-Colliers

Grade A office, industrial, and warehousing stock may hit 2 bn sq ft by 2047, with housing sales doubling to 1 mn units, says CREDAI Natcon 2025 report

India’s real estate sector is projected to grow into a $5–10 trillion market by 2047, contributing nearly one-fifth of the country’s GDP, according to a report by CREDAI and Colliers released at the 23rd edition of CREDAI NATCON in Singapore.

India’s real estate sector is projected to grow into a $5–10 trillion market by 2047, contributing nearly one-fifth of the country’s GDP, according to a report by CREDAI and Colliers released at the 23rd edition of CREDAI NATCON in Singapore.

Driven by supportive policies, strong demand, and increasing interest from both developers and investors, the sector is poised for long-term growth across asset classes. The combined stock of Grade A office, industrial, and warehousing spaces is expected to surpass 2 billion sq ft by 2047, while annual housing sales could double to 1 million units, it noted.

The report also notes a major shift in market structure, with Real Estate Investment Trusts (REITs) projected to account for 40–50% of real estate market capitalization by 2047, up from the current 10%. Within the REIT market, the office segment particularly is expected to remain dominant in 2047 as well. REIT penetration in the office market is likely to surge from 16% in 2025, to more than 60% by 2047, it said.

The report titled Indian Real Estate: Fostering Equity and Fueling Economic Growth revolves around the five structural forces, urban expansion, infrastructure development, demographic shifts, digital transformation, and sustainability imperatives. It charts the growth across real estate asset classes from the 1990s till date and forecasts the trajectory till 2047, the centennial year of India’s independence.

Indian cities are urbanizing rapidly, with nearly 900 million people, 53% of the population projected to live in urban areas by 2050, up from the current levels of 37%. To accommodate this growth, urban development needs to expand beyond the established Tier I cities into smaller Tier II and III cities and emerging growth corridors as well, it said.

It noted that Indian real estate sector has attracted nearly $80 billion institutional investments in the last 15 years, with strong contribution from foreign investors at 57%.

"The real estate sector in India has witnessed notable growth in institutional investments over the years. In the last 15 years, investment inflows have touched nearly $80 billion with strong capital from foreign players (57% share)," the report said.

CREDAI and Colliers noted that the share of domestic capital has also grown after the pandemic.

“By 2047, Indian real estate will not just be measured in square feet or asset values, it will be defined by the quality of life we create for millions of citizens. The sector is uniquely positioned to reimagine India’s urban future: designing climate-resilient cities, building affordable yet aspirational homes, and nurturing ecosystems that foster innovation and inclusivity,” said Shekhar Patel, president, CREDAI.

“As CREDAI, we see real estate as the foundation of India’s journey toward becoming a developed economy, where every new home, office, or warehouse contributes to social equity and sustainable growth. Our vision is to transform this sector into a model for the world, proving that rapid urbanization and environmental responsibility can go hand in hand. The coming decades are an opportunity to not just build structures, but to build the India of tomorrow,” he said.

“India’s real estate sector is at the forefront of the country’s inclusive progress and is expected to scale into a $5-10 trillion market by 2047. Fueled by supportive policies, envisaged demand traction and rising developer as well as investor interest, Indian real estate is poised for decades of growth acceleration across most asset classes. Interestingly, both the Grade A office and industrial stock of the country is expected to surpass the 2 billion sq ft mark by 2047. Residential sales could meanwhile double-up to 1 million units annually,” said Badal Yagnik, Chief Executive Officer, Colliers India.

Focal growth centers can potentially shift to emerging Tier II and III cities

In the last 25 years, even though budgetary infrastructure allocations increased at a CAGR of 13-14%, a lot more needs to be done, especially in the wake of rapid urbanization. With more than half of the urban infrastructure for 2050 yet to be built, focal growth centers can potentially shift to emerging Tier II and III cities and newer economic corridors, said Vimal Nadar, National Director and Head of Research, Colliers India.

To support these infrastructure developments, India would require more than $2 trillion investments by 2050. As new townships, retail hubs, and hospitality destinations take shape, India’s built environment is set to continuously evolve, laying the foundation for the next wave of economic growth,” said Nadar.

The Confederation of Real Estate Developers’ Associations of India (CREDAI), the leading body of private real estate developers, is hosting the 23rd edition of its flagship event, CREDAI NATCON 2025, in Singapore from September 11–13, 2025. Centred around the theme '$30 Trillion Economy by 2047: Powered by Real Estate Growth,' the event will gather over 1,200 stakeholders, including real estate developers, investors, policymakers, financial experts, and global innovators, to chart the roadmap for India’s $30 trillion economic vision.

At the event, Credai Pune and Singapore's BCA International have partnered to promote sustainable, high-quality building practices in India. The MoU, signed by Credai Pune's president Manish Jain and BCAI's executive director Heng Teck Thai, aims to shape a greener future for the real estate sector.

The author is in Singapore at the invitation of Credai