India’s housing construction pipeline has expanded sharply in recent years, with the total value of residential projects under construction nearly doubling to $430 billion in 2025 from $235 billion in 2019, driven by a sustained rise in demand following the Covid-19 pandemic, according to a joint CREDAI-Anarock report released on Friday.
The report, titled Indian Real Estate - Growth Trajectory, Sectoral Outlook and Geopolitical Crosscurrents, was released at CREDAI’s flagship NATCON conference in Kolkata. It said the value of housing projects under construction stood at just $45 billion in 2009, highlighting the scale of the sector’s expansion over the past 16 years.
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Across residential, office, retail and warehousing, the value of real estate under construction climbed more than five-fold to $503 billion in 2025 from $94 billion in 2009, the report said.
Residential sector drives construction surge
The residential segment accounted for 85% of the total value of real estate under construction in 2025, up from 48% in 2009, according to the report. The shift reflects both the growth in housing demand and the relatively smaller base of commercial real estate, even as commercial asset classes have expanded rapidly.
"Within this, the share of the residential segment has risen from 48 per cent to 85 per cent over the same period. This reflects both the scale of housing demand and the relatively smaller (though fast-growing) base of commercial asset classes," the report said.
Office remained the largest commercial category by value, while warehousing expanded from a negligible base in 2009 to more than $10 billion in 2025, it added.
Anarock Chairman Anuj Puri said the real estate sector had remained resilient despite the West Asia crisis, with residential demand and office leasing continuing to support activity.
"Residential sales value stayed above Rs 1.3 lakh crore for seven consecutive quarters. Grade A office absorption held firm, driven by Global Capability Centres accounting for around 45 per cent of total leasing in H1 2026," Puri said.
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Real estate market eyes $1 trillion milestone
CREDAI National President Shekhar Patel said the expansion of real estate had broadly tracked India's wider economic growth.
"From a USD 120 billion market in 2017, it has grown to an estimated USD 600 billion today and is on course to reach USD 1 trillion by 2030 and nearly USD 5.8 trillion by 2047," he added.
CREDAI is hosting NATCON in Kolkata from October 2 to 4, with more than 1,000 builders participating in the three-day conference.
The Confederation of Real Estate Developers Associations of India (CREDAI), the apex body representing real estate developers, has more than 13,000 developers as members.
