Residential Real Estate Market To Double by 2030: CREDAI-CBRE Report
New Delhi: The residential real estate in India can potentially double from the current stock of 15 lakh units to 30 lakh units by 2030 in the key cities, according to a joint report CREDAI and CBRE.
Affordable housing will continue to be the dominant segment in the coming years with a total of 10 million PMAY (U) units to be delivered by 2020 itself. The demand will gradually shift towards the mid-end segments by 2030.
As for commercial real estate, the office property stock is likely to grow from 600 million sq ft in the middle of 2019 to a billion sq ft by end of 2030. Flexible workplaces to become mainstream by 2020 and comprise 8-10 percent of the total office stock.
Another commercial real estate segment-warehousing-set to grow exponential the and he stock will touch 500 million sq ft by 2030. Retail shopping spaces like malls to cross 120 million sq ft by 2030.
The report was released during CREDAI’s 19th Annual International Convention, NATCON 2019 being held in Israel.
While speaking at the convention, CREDAI Chairman Jaxay Shah said, “The correlation between the growth of some of the most developed economies and realty has been well established for years and this report also echoes that. With our current government, we all are dreaming of a vision of a New India which is full of opportunities”.
CREDAI President Satish Magar said, “India continues to remain a high-priority market for its long term growth potential as is evident from the increased investment flows in the last few years. Government’s 5 trillion-dollar mission & vision of a ‘New India’ imply that top industries contributing to our economy like real estate need to usher in transformative measures which can help shape these goals.”
Anshuman Magazine, Chairman and CEO, India, South East Asia, Middle East and Africa, CBRE said, The theme of this year’s conference ‘Where Resilience Meets Excellence’ has an easy comprehension – patience and unapologetic perseverance. India has a one-of-a-kind growth story, with real estate as the country’s growth propeller and at the cusp of transformation. Therefore, we at CBRE are committed to be at the center of this growth trajectory. The CBRE CREDAI report ‘INDIA 2030- Exploring the future’ unveils a sectoral overview and outlines what is in store for India in the coming decade.”