India is expected to become the world leader for the property sector in 2030. In that year, India’s population will increase so much that the property and construction sectors will be the third largest in the world.
This report from KPMG and the National Real Estate Development Council. According to them, the property and construction will be the livelihood of 75 million people, surpassing the industrial sector.
Property and construction sector will contribute to at least 15 percent of the total gross domestic product (GDP) of India.
In addition, about 583 million people in India will live in urban areas.
The number was increased by more than 100 percent from last year’s data which put the figure at 420 million people and make India as the country with the second largest urban communities in the world.
The number of people living in cities make housing backlog in the region was 20 million units.
Later in 2022, India is predicted to need to build 110 million units of houses to shelter the population both in urban and rural areas.
To that end, some of the policies and programs was issued by the Government of India such as the Smart Cities mission that will repair infrastructure in 100 cities of India in 2020.
Then also issued a policy such as Real Estate Law and loosening regulation of foreign investments in order to facilitate the rapid urbanization in India.
According to this study, the size of the Indian construction market will soar to one billion United States dollars (US) in 2025.
India alone now has some infrastructure projects are ready to do soon included 432 road projects worth 97 billion US dollars and 40 projects worth 67 billion rapid transit.