New Delhi: India's real estate sector is undergoing a major transformation driven by rapid technology adoption, stronger policy support and rising institutional investments, according to the 'FICCI-KPMG Report: Reimagining India's Real Estate Landscape' released at the 19th FICCI Real Estate Summit on Thursday.
The report said the sector, which contributes 7.3 per cent to India's GDP, has emerged as a key driver of economic growth, employment generation and urban development, with the potential to scale beyond USD 5.8 trillion by 2047 as the country moves towards the Viksit Bharat vision.
It noted that technology is increasingly influencing the way real estate assets are developed, marketed and transacted, with digital tools and governance systems now being integrated across the entire project lifecycle, from planning and execution to sales and customer engagement.
Chairman of Delhi RERA Anand Kumar called for greater transparency and collaboration among stakeholders to make the sector more resilient and efficient.
He also stressed the need to increase awareness about the RERA Act among buyers and sellers, while advocating development of Tier-2 and Tier-3 cities to reduce migration pressure on metros.
UP RERA chairman Sanjay R. Bhoosreddy said Uttar Pradesh's goal of becoming a USD 1 trillion economy would see significant contribution from the real estate sector.
He said the RERA Act had created a level playing field for promoters and buyers and highlighted the state's investor-friendly policies. Bhoosreddy added that UP RERA is expected to sanction around 400 projects this year, up from about 190 annually till 2023.
FICCI leaders and industry experts said rising investor confidence, increasing demand and widespread adoption of artificial intelligence and digital systems are reshaping the sector and strengthening India's position as one of the world's fastest-growing real estate markets.