The USD 180 billion Residential Real Estate Market in India
The residential real estate market in India is a significant component of the nation's economy, playing a crucial role in both urban and rural development. The REIT market size is estimated to be around USD 180 billion by 2023, with an annual growth rate of approximately 8-10%. This growth trajectory highlights the sector's robust expansion and its potential to drive economic progress.
Several factors contribute to this burgeoning market. Urbanization is a key driver, with increasing numbers of people moving to cities for better employment opportunities and living standards. Additionally, the rise in disposable incomes and the growth of the middle class have further spurred demand for residential properties. The government's initiatives, such as the Pradhan Mantri Awas Yojana (PMAY), aim to provide affordable housing to all, further boosting the sector.