I
ndia's real estate sector is poised to reach $4.8 trillion by 2047, accounting for 18% of the projected $26 trillion GDP. The proptech segment, currently valued at $10.5 billion, is expected to grow to $600 billion by 2047, making up around 12-13% of the overall real estate market. This growth can be attributed to technological advancements like Artificial Intelligence (AI), Internet of Things (IoT), and Building Information Modelling (BIM) that are enhancing efficiency and transparency across the sector.

    The developers' body, Credai, has urged the government to redefine affordable housing, input tax credit, and land acquisition policies. The current definition of affordable housing is no longer viable due to rising costs and inflation. Credai proposes redefining it as homes worth ₹90 lakh and suggests flexible GST schemes for projects. They also advocate for planned satellite towns near major urban agglomerations to decongest cities.

    As the sector evolves, it's essential to adopt forward-thinking approaches that align with India's growth aspirations. By focusing on sustainable methodologies and accessible housing, the real estate sector can contribute significantly to India's robust economy.