India Real Estate Market Size, Share, and Forecast for 2029 - Detailed Trends, Competition, and Opportunity Insights by TechSci Research

Introduction

According to a report by TechSci Research, titled "India Real Estate Market - By Region, Competition, Forecast and Opportunities, 2029," the Indian real estate market is poised for robust growth during the forecast period of 2025-2029. This projection can be attributed to the emerging trend of urban and semi-urban accommodation and the rising demand for modern office spaces. Furthermore, the country's expanding e-commerce industry is driving the need for warehousing facilities, which is boosting the market's growth.

Significance of the Real Estate Industry in India

The real estate industry plays a pivotal role in the Indian economy, contributing between 6 and 8 percent of the country's Gross Domestic Product (GDP). Furthermore, it is projected to contribute an additional 13% to the GDP by 2025. The Indian real estate market is expected to reach a staggering USD 1 trillion by 2030, solidifying its position as the third-largest real estate market globally.

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Market Segmentation

Report Scope:

In this report, India Real Estate Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

• India Real Estate Market, By Property Type:

o Residential

o Commercial

o Land

o Industrial

• India Real Estate Market, By Business:

o Sales

o Rental

o Lease

• India Real Estate Market, By Region:

o North India

o South India

o East India

o West India

Key Market Drivers

Urbanization and Infrastructure Boom:

• Rapid urbanization in India is leading to a surge in demand for residential and commercial spaces in cities. This necessitates the development of high-rise buildings, shopping malls, and other urban infrastructure. These projects require significant investments in real estate.

• The government's focus on infrastructure development, including initiatives like Smart Cities, high-speed rail projects, and improved transportation networks, further creates opportunities for the real estate market. These projects require construction of stations, commercial hubs, and housing facilities, driving demand for real estate.

Rising Population and Growing Economy:

• India's growing population, especially the young demographic, is creating a significant demand for new housing units. This demand is further amplified by rising disposable incomes and an increasing desire for better living standards.

• A growing economy translates into increased job creation and improved living standards. This fuels the demand for commercial office spaces, retail outlets, and hospitality ventures.

Government Initiatives:

• The government's initiatives like "Housing for All" and "Pradhan Mantri Awas Yojana" (PMAY) aim to provide affordable housing for all segments of society. These schemes incentivize developers to build affordable housing units, thereby boosting market activity.

• Additionally, government policies promoting foreign direct investment (FDI) in the real estate sector are attracting international investors and developers, bringing in fresh capital and expertise.

Technological Advancements:

• Technological advancements in construction techniques and materials are leading to faster construction times, improved sustainability features in buildings, and enhanced cost-effectiveness. This is making real estate development more efficient and attractive for investors.

• The adoption of proptech (property technology) solutions is streamlining various aspects of the real estate market, including property search, transactions, and management. This creates a more transparent and efficient market for all stakeholders.

Evolving Consumer Preferences:

• Indian consumers are increasingly seeking modern living spaces with amenities like gyms, swimming pools, and community areas. This shift in preferences creates demand for well-designed and well-equipped residential projects.

• There's a growing interest in sustainable living solutions. Consumers are becoming more conscious of energy efficiency and eco-friendly features in buildings, driving demand for green construction practices in the real estate sector.

Increased Demand for Tier 2 and Tier 3 Cities:

• Traditionally, metropolitan cities like Mumbai, Delhi, and Chennai have dominated the real estate landscape. However, Tier 2 and Tier 3 cities are experiencing significant growth due to improved infrastructure, development projects, and a growing young population. This is creating new investment opportunities in these emerging markets.

Real Estate as an Investment Option:

• Real estate in India is often considered a safe and stable investment option. It offers the potential for capital appreciation and rental income, making it attractive for investors seeking long-term returns.

Commercial Real Estate: Driving Force of Growth

Based on property type, the commercial segment is expected to dominate the market during the forecast period. In recent decades, the expansion of the commercial real estate industry has been fueled by the Indian office real estate market.

While the information technology (IT) industry remains the dominant player in the Indian commercial real estate market, other sectors are increasingly leasing office spaces. These include the banking, financial services, and insurance (BFSI) sectors, engineering, manufacturing, e-commerce, and co-working industries, all of which are gaining importance.

According to estimates, grade-A office buildings in the Asia-Pacific region experienced the highest net absorption in the Indian city of Bengaluru. The Central Business District (CBD) in the Indian state of Bengaluru was the most expensive location to rent office space in the first quarter of 2022, with a monthly rental rate of USD 1.76 (INR 144) per square foot.

Impact of RERA and REITs

The Real Estate Regulation & Development Act (RERA) and the introduction of Real Estate Investment Trusts (REITs) have contributed to an increase in investments in commercial real estate. REITs are entities that own, manage, and fund income-generating real estate.

High-net-worth individuals (HNIs) in India and international private equity (PE) investors, who together account for the majority of equity investments in Indian real estate, have identified office properties as the most popular investment category. The industry's higher profits and high rental rates attract investors of all types.

Emerging Trends

Flex and co-working spaces have grown in popularity in the country due to smaller homes and larger families. The Bandra-Kurla complex in Mumbai, India, was the most expensive location to rent office space, costing approximately USD 3.36 (INR 276) per square foot per month. Out of all Mumbai submarkets, Navi Mumbai offered office space at the lowest monthly rate, approximately USD 0.82 (INR 67) per square foot. The average monthly rent for office space in Mumbai was about INR 138 (USD 1.68) per square foot.

Benefits of the Research Report

The research report on the India Real Estate Market offers a comprehensive analysis, providing valuable insights and benefits, including:

• In-depth understanding of the current market scenario and future growth prospects.

• Identification of key drivers, restraints, and opportunities influencing market dynamics.

• Detailed analysis of market segmentation based on property type, business, and geographical region.

• Competitive landscape analysis, highlighting the strategies of leading market players.

• Valuable data and statistics to support strategic decision-making processes.

Competitive Analysis

The India Real Estate Market is characterized by intense competition among established players and emerging companies vying for a larger market share. Key market participants include:

1. DLF Limited

2. Oberoi Realty Limited

3. Godrej Properties Limited

4. Prestige Estates Projects Limited

5. Brigade Enterprises Limited

6. Sobha Limited

7. Puravankara Limited

8. Mahindra Lifespace Developers Limited

9. Shapoorji Pallonji Real Estate

10. Hiranandani Developers

These companies are actively engaged in developing innovative real estate projects, investing in research and development, and pursuing strategic collaborations and acquisitions to strengthen their market position and expand their portfolios.

In conclusion, the India Real Estate Market presents lucrative opportunities for stakeholders, driven by the growing demand for modern office spaces, urban and semi-urban accommodation, and warehousing facilities. While challenges may exist, the market's potential for growth remains promising, paving the way for a robust and dynamic real estate sector in the country.

Key market players in the India Real Estate Market include:

• DLF Limited

• Godrej Properties Limited

• Brigade Enterprises Limited

• Oberoi Realty Limited

• Prestige Estates Projects Limited

• Lodha Developers Limited

• Tata Realty and Infrastructure Limited

• Hiranandani Group

• Mahindra Lifespace Developers Limited

• Phoenix Mills Limited

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“Various schemes by the Indian government such as tax deductions of up to USD 2069.89 (Rs. 1.5 lakh) on housing loan interest, and a tax break for projects that provide affordable housing were extended until the end of fiscal 2021-22. The Real Estate Investment Trust (REIT) platform has received approval from the Securities and Exchange Board of India (SEBI), making it possible for investors of all kinds to participate in the Indian real estate market. It would open a chance worth USD 19.65 billion (Rs. 1.25 trillion) in the coming years on the Indian market. Such schemes and investment are expected to motivate the investors for real estate market.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“India Real Estate Market By Property Type (Residential, Commercial, Land, and Industrial), By Business (Sales, Rental, and Lease), By Region, Competition, Forecast and Opportunities, 2029”, has evaluated the future growth potential of India real estate market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in India real estate market.

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