New Delhi: India's real estate industry could reach a value of USD 5.8 trillion by 2047, according to a joint report by the National Real Estate Development Council (NAREDCO) and Knight Frank.
The report "Vision 2047" was unveiled during NAREDCO's 25th Silver Jubilee Foundation Day celebration in Hyderabad in the presence of prominent figures, policymakers, industry leaders, and real estate experts.
Residential real estate might contribute USD 3.5 trillion, office real estate around USD 0.43 trillion, and Private Equity (PE) Investments could hit USD 54.3 billion, says the report.
This growth would elevate the real estate sector's contribution to the economy from 7.3 per cent to 15.5 per cent by 2047.
As India approaches its 100th year of independence in 2047, its economy is projected to range from USD 33 trillion to USD 40 trillion.