India Residential Real Estate Market: Current Analysis and Forecast (2024-2032)

Report Description

India Residential Real Estate Market Size & Forecast

The India Residential Real Estate market was valued at USD 42.5 billion in 2023 and is expected to grow at a strong CAGR of around 24.1% during the forecast period (2024-2032) owing to the rapid urbanization, growing government initiatives, and low interest rates on housing in the nation.

India Residential Real Estate Market Analysis

The Indian residential real estate sector is fast growing due to influential social forces, including growing urbanization, economic liberalization, and policies. The Country has an approximately 1.4 billion population and a large number of populations have migrated to urban areas for living purposes, thus the requirement for both commercial and residential buildings is increasing especially in metro cities and growing secondary and tier three cities. The market has shifted a step further towards the affordable housing segment due to a priming policy based on the government’s housing. Also, trends concerning smart homes and environmentally friendly buildings are becoming common since landlords are considering modern things like automation and sustainability.

Recent Developments in the Market

In October 2024, Realty firm ATS Homekraft sold entire around 340 luxury homes in the first phase of its new project on Dwarka Expressway, Gurugram for Rs 825 crore on strong demand from end-user customers.

In October 2024, Realty firm Birla Estates sold properties worth about Rs 600 crore in its new housing project in Bengaluru.

India Residential Real Estate Market Trends

This section discusses the key market trends that are influencing the various segments of the pet perfume market, as identified by our team of research experts.

The Independent Houses and Villas Segment Transforming Industry

Independent Houses and Villas have emerged as one of the fastest-growing categories in India’s residential real estate due to the evolving customers’ tendencies towards quarantine and separated comfortable residence spaces. More and more, customers are learning the value of privacy, outdoor living, and community living, especially in the aftermath of the pandemic, which pushed many away from densely populated cities. This is especially true in the sub-urban and peri-urban areas where the cost of housing can easily be afforded. To meet this challenge developers are beginning to design new projects as highly secured exclusive estates with essential comforts and accessories. Consequently, the Independent Houses and Villas segment has developed the right opportunity for further growth to attract customers for the betterment of long-term investments and enriched living standards.

West India is Expected to Grow with Significant CAGR During Forecast Period

The development of the residential real estate segment has been strong and revolutionary in West India, especially in states like Maharashtra, Gujarat, and Goa. The housing demands of Indian cities including Mumbai, Pune, and Ahmedabad among others are stretched by these factors which include urbanization, economic development, and increased employment by professionals in various fields. They are subsectors of a well-developed transportation system, education, and health sectors, which makes the region more desirable among households for acquiring homes. Also, the present policy of the government as the Maharashtra Housing and Area Development Authority (MHADA) and several affordable housing policies help in the higher rate of homeownership. There is also increased demand in luxury and premium housing segments thus proving the increased affinity of the residents. West India remains an investment hotspot, boasting of a continually improving investment climate coupled with ever-evolving infrastructure in residential real estate, and therefore remains a key area of interest to developers and investors interested in the middle of a vibrant Indian property market.

In October 2024, Godrej Properties Limited (GPL) acquired about 3 acres of land in Vastrapur, Ahmedabad to develop a residential project.

India Residential Real Estate Industry Overview

The India residential real estate market is competitive and fragmented, with the presence of several country market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some of the major players operating in the market include Godrej Properties; Prestige Estates Projects Ltd.; DLF; The Phoenix Mills Limited; LARSEN & TOUBRO LIMITED; Omaxe Ltd.; ANSAL API Group; SOBHA Limited; Oberoi Realty Limited; Sunteck Realty Limited.

India Residential Real Estate Market News

In October 2024, Realty major Signature Global will soon start the construction of its premium residential project in Delhi-NCR. The Gurugram-based developer has awarded the contract worth Rs 1203 crore for the construction of — Titanium SPR — to Capacit’e Infraprojects Limited, a renowned construction company.

In October 2024, Realty firm Prestige Estates Projects Ltd will invest around Rs 7,000 crore to develop a township in Ghaziabad as it looks to expand business in the Delhi-NCR property market. Bengaluru-based Prestige Estates is building a commercial project at Aerocity in the national capital. It has also forayed into the Delhi-NCR housing market by acquiring three land parcels in Delhi, Noida, and Siddharth Vihar, Ghaziabad.

India Residential Real Estate Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The India residential real estate market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the India Residential Real Estate Market Analysis (2024-2032)

Analyzing the historical market, estimating the current market, and forecasting the future market of the India residential real estate market were the three major steps undertaken to create and analyze the adoption of India residential real estate in major states. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the India residential real estate market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertaining to detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

A detailed secondary study was conducted to obtain the historical market size of the India residential real estate market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the India residential real estate market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as property type, development stage, mode of contact, and regions. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the India residential real estate market. Further, we conducted factor analysis using dependent and independent variables such as the property type, development stage, mode of contact, regions of the India Residential Real Estate market. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in India residential real estate market sector across the country

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the India Residential Real Estate market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to varied factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast 2032 for different segments and sub-segments across the major markets in India. The research methodology adopted to estimate the market size encompasses:

The industry’s market size, in terms of revenue (USD) and the adoption rate of the India Residential Real Estate market across the major markets domestically

All percentage shares, splits, and breakdowns of market segments and sub-segments

Key players in the India Residential Real Estate market regarding products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

 Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the India residential real estate market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of the property type, development stage, mode of contact, and regions in the India residential real estate market.

The main objective of the India Residential Real Estate Market Study

The current & future market trends of the India Residential Real Estate market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a state level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the India residential real estate market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
• Segments in the study include areas of property type, development stage, mode of contact, and regions.
• Define and analyze the regulatory framework for the India residential real estate
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the India residential real estate market for the major region.
• Major Regions in India studied in the report include North India, South India, East India, and West India.
• Company profile of the India residential real estate market and the growth strategies adopted by the market players to sustain in the fast-growing market.
• Deep dive state-level analysis of the industry

You can also purchase parts of this report. Do you want to check out a section wise
price list?

Get in touch with team