India Real Estate Vision 2047.
A joint industry report by the National Real Estate Development Council (NAREDCO) and Knight Frank India mapping the forces that will reshape India's real estate landscape through the centenary of Independence — urbanisation, housing, logistics, industrial land, retail, REITs and private equity.
“2047 will mark the Centenary of India's Independence. Vision 2047, for Indian Real Estate, is about the roadmap of India's economic growth, and the role of real estate as one of the leading engines of that growth story.”
Published in 2023 by NAREDCO and Knight Frank India, this report frames real estate as a derived demand of a rapidly expanding economy. As India's GDP multiplies through 2047, the sector must absorb the housing, workplace, logistics, industrial and retail needs of a nation that is urbanising faster than any other large economy in history.
230 million housing requirement by 2047
India's demographic and urban momentum will require 230 million homes by 2047, driven by rapid urbanisation, rising incomes and nuclear-family formation.
Industrial land requirement: 102 lakh hectares
Manufacturing-led growth and policy tailwinds will expand industrial land demand from 5 lakh hectares in 2021 to an estimated 102 lakh hectares by 2047.
Warehousing volume to reach 159 mn sq ft
E-commerce, consumption in Tier-1 cities and Tier-2/3 growth could push warehousing transactions from 14 mn sq ft in 2017 to 159 mn sq ft by 2047.
Private equity & REITs maturing
The report tracks the evolution of PE investment in Indian real estate and the growing institutional case for REITs as a deepening exit avenue.
What the report covers.
- —Residential real estate demand and housing deficit
- —Office transactions across India's top 8 cities
- —Logistics, warehousing and industrial land
- —Retail real estate and high-street rankings
- —REITs, capital markets and institutional investment
- —Private equity evolution and 2047 outlook
“We embark on a journey, envisioning a real estate industry that harmonizes innovative technologies, environmental stewardship, and urban ingenuity.”
The Vision 2047 report confirms the scale of the opportunity RIRIC has been building toward since 1999: privatised, master-planned, technology-led eco-cities that integrate housing, infrastructure, logistics and community operating systems at a national scale. The numbers in this report are the demand backdrop for the Royal Garden City programme.
NAREDCO and Knight Frank India. India Real Estate Vision 2047. New Delhi, 2023.
Suggested attribution when quoting or referencing this report.