- According to Knight Frank, India’s real estate sector is expected to grow from 7.3% of the nation’s GDP to 15.5% by 2047.
- There will be a shift from lower-income to middle and high-end housing.
- The report estimates a rise in the proportion of ultra-high net-worth households and high net-worth individuals (HNWIs) migrating to India in the next 2 decades.
According to a recent survey from Knight Frank India and NAREDCO, India’s real estate sector is predicted to reach a total worth of $5.8tn by 2047, largely due to the influx of HNWIs.
The report, titled ‘India Real Estate: Vision 2047’, states that the portion of high net-worth and ultra-high net-worth households in India is projected to grow from 3% to 9% by 2047, creating a demand for upscale housing.
In the past five years, India’s economic stability and focus on luxury living has attracted an influx of international HNWIs, who have migrated to the country’s most affluent cities, such as Mumbai, New Delhi and Hyderabad.
The report also suggests that by the century mark in India’s independence in 2047, the size of the country’s economy could reach between $33tn and $40tn.
The proportion of lower-income households is predicted to drop from the current 43% to only 9% in the year 2047. This shift in the population will lead to an increase in the demand for middle and high-end housing to cater to the demand from wealthy internationals.
International HNWIs looking to invest in the real estate sector should use a safe money transfer service when making international payments.
Niranjan Hiranandani, national Vice-Chairman of NAREDCO, declared that the Prime Minister’s Office’s ‘Housing for All’ scheme will likely create a lasting need for both affordable and luxury housing.
According to Hiranandani, the upsurge of Indian real estate is due to the country’s robust economic landscape, which has been bolstered by high-end infrastructure, luxury real estate investments and substantial domestic expenditure.
In the report, Hiranandani also suggested that a rise in GDP will attract international skilled workers and ultra-high net-worth families, particularly from Europe, due to an increased focus on education, high-end asset management and luxury living.
The report predicts that private equity investments in India’s real estate market will hit $5.6bn in 2023, showing a year-on-year rise of 5.3% from 2022. This number is projected to grow exponentially to $54.3bn by 2047.
HNWIs looking to invest in luxury properties overseas should use a secure online money transfer service to facilitate the transaction.
Wealthy internationals wishing to purchase luxury Indian properties can use our money transfer comparison tool to find the best options.
