India’s population is expected to surge to 1.7 billion in 2047 with close to 51% of the individuals residing in urban areas. To accommodate the urban population, cities in India would require 230 million housing units by 2047. This projected data was shared as part of the ‘Vision 2047’ report, unveiled by the National Real Estate Development Council (NAREDCO) and Knight Frank, on Saturday in Hyderabad.
The Vision 2047 report was released as part of NAREDCO’s silver jubilee Foundation Day celebration. Experts from the real estate sector shared their insights on the transformation of real estate sector. Former Vice President M Venkaiah Naidu, speaking on the occasion said: “Happy affordable housing for all is the need of the hour. While the real estate sector is growing at a rapid pace, we must see to it that it is affordable. Any government should not allow any encroachment and then the growth has to be planned. While planning, they should ensure that people who will be residing there are happy with the infrastructure.”
The report underscores that there will be a gradual transition towards mid-segment and luxury housing options. Notably, the proportion of lower-income households is projected to decrease from the present 43% to a mere 9% by 2047. This shift will see a substantial portion of the populace ascending to lower middle and upper middle income brackets. In terms of market valuation, the anticipated residential demand has the potential to yield a staggering output equivalent to $3.5 trillion by 2047.
