The Indian real estate sector has witnessed many transformative reforms over the past few years. These reforms have revivied consumer confidence and laid the foundation for massive growth. According to the CREDAI-JLL report, the Indian real estate market is expected to touch USD 180 billion by 2020 and USD 350 billion by 2027. The contribution of the housing sector to the GDP is expected to be 11% by 2020.
The most impactful of these reforms is RERA which is expected to consolidate the sector and enforce transparency and compliance amongst all parties. Also, the affordable housing segment, which has been granted infrastructure status, will create more opportunities to grow the market.
The key drivers of growth for the sector are regulatory reforms including RERA and GST, relaxation in FDI which will encourage more investment, steady demand generated through urbanisation, rising household income and the emergence of affordable housing.