New Delhi [India], September 12 (ANI): India's real estate sector contribution to the GDP is growing steadily, from under 5 per cent in the early 2000s to 6-8 per cent today and is projected to reach 14-20 per cent, positioning it as a potential USD 10 trillion growth catalyst by 2047.According to a report by Colliers in collaboration with the Confederation of Real Estate Developers' Association of India (CREDAI), as India gradually approaches its centennial year of Independence in 2047, the Indian economy can potentially reach USD 35-40 trillion. The report underlines four critical drivers of this growth: rapid urbanisation, large-scale infrastructure development, affordable housing demand, and digital transformation.'India's real estate sector is at the forefront of the country's inclusive progress and is expected to scale into a USD 5-10 trillion market by 2047. Fuelled by supportive policies, envisaged demand traction and rising developer as well as investor interest, Indian real estate is poised for decades of growth acceleration across most asset classes. Interestingly, both the Grade A office and industrial stock of the country is expected to surpass the 2 billion sq ft mark by 2047. Residential sales could meanwhile double up to 1 million units annually,' said Badal Yagnik, Chief Executive Officer, Colliers India.From established Tier I cities to emerging Tier II & III cities, the real estate narrative is becoming more balanced, equitable and inclusive. The report charts out the growth across real estate asset classes from the 1990s to date and forecasts the trajectory till 2047, the centennial year of India's independence.While Indian real estate has already transformed from a largely fragmented sector to a more organized and strategic contributor of nation development, the upcoming decades are likely to be characterized by quantum growth fuelled by rising institutionalization amidst strong investor appetite and scaling up of demand. Overall, real estate will become a more prominent force in India's economic growth story, with core segments like office, residential, industrial & warehousing and retail reaching varying degrees of growth and scale by 2047.The report says that rapid urbanisation and infrastructure development are fuelling the growth of India's real estate sector. Indian cities are urbanising rapidly, and over 90 crore people or 53 per cent of the country's population are projected to live in urban areas by 2050. To accommodate this, urban development needs to expand beyond metro and tier-1 cities to tier-2 and tier-3 cities. Shekhar Patel, President, CREDAI, said, 'By 2047, Indian real estate will not just be measured in square feet or asset values--it will be defined by the quality of life we create for millions of citizens. The sector is uniquely positioned to reimagine India's urban future: designing climate-resilient cities, building affordable yet aspirational homes, and nurturing ecosystems that foster innovation and inclusivity. As CREDAI, we see real estate as the foundation of India's journey toward becoming a developed economy--where every new home, office, or warehouse contributes to social equity and sustainable growth.' (ANI)