New Delhi, Nov 8 (UNI) Housing prices in India are expected to rise by 5-10 pc annually over the next few years, said a report of Confederation of Indian Industry (CII) and Colliers.
This sectoral price surge is attributed to the strong demand driven by the growing working-age population, urbanisation, and rising incomes.
The report said, “Residential demand is projected to reach around 5,00,000 units annually by 2030 and could double to one billion by 2047. This growth will be supported by favourable demographics, increasing household incomes, and supportive housing policies.”
Moreover, affordable housing is expected to see steady demand as the median age aligns with homeownership trends. Simultaneously, an ageing population is likely to boost the need for senior living facilities.
Luxury housing is also set to grow, which is driven by a rising number of high-net-worth individuals and greater interest from non-resident Indians investing in Indian real estate.
On the other hand, improved infrastructure, government incentives, and increased trust in reputable developers will reinforce long-term growth in the real estate sector. Tier 2 and Tier 3 cities, including new spiritual hubs, are emerging as attractive housing destinations due to urbanisation and infrastructure expansion.
Redevelopment projects in cities like Mumbai, Bengaluru, and Delhi-NCR, which are supported by progressive zoning policies and transferable development rights, will help bridge demand-supply gaps and modernise urban landscapes.
The report also projected that India’s real estate market could grow from the current Rs 26,59,800 crore (USD 300 billion) to Rs 8,86,60,000 crore (USD 10 trillion) by 2047.
