PropTech Revolution: Transforming India's Real Estate by 2047

The PropTech market is projected to skyrocket from USD 10.5 billion to USD 600 billion by 2047, thanks to technological innovations in real estate. A joint report by CREDAI and EY highlights the expected growth and its substantial impact on India's economy, with real estate contributing significantly to GDP.

The PropTech market is set for an explosive growth, anticipated to increase from the current USD 10.5 billion to an impressive USD 600 billion by 2047. This surge is primarily attributed to the increasing role of technology in streamlining and automating the real estate sector, as reported by CREDAI and Ernst & Young (EY) on the association's 25th foundation day.

Currently, PropTech accounts for less than 5% of the USD 300 billion Indian real estate market, which itself is expected to grow to USD 4.8 trillion by 2047. This growth would see the sector contribute over 18% to India's projected USD 26 trillion GDP, positioning real estate as a cornerstone of the country's economic future.

CREDAI President Boman Irani emphasizes the transformative nature of PropTech, noting its shift from a supportive role to becoming a key growth driver. As India urbanizes rapidly, the integration of technology in real estate is essential for operational efficiency and sustainability, marking a pivotal phase in the sector's evolution.

(With inputs from agencies.)