The Economic Survey released on Monday emphasized the urgent need for viable and cost-effective housing solutions. The survey projects an encouraging outlook for the sector, spotlighting the anticipated urban population surge.
According to United Nations projections, by 2050, half of India's population will reside in urban areas, a significant rise from the 31 percent recorded in 2011.
This projection highlighted the necessity for strategic adaptations in housing policies to accommodate the burgeoning urban population with sustainable and affordable housing solutions.
This analysis coincides with a period of unprecedented growth in India's residential property market. In 2023, sales of homes in the top eight cities reached a record 410,000 units, the highest since 2013.
The market witnessed the launch of 520,000 new residential units in these cities, surpassing the 430,000 units launched in 2022.
The survey identified sustainability and technology as pivotal factors transforming the real estate sector. "Sustainability will influence green construction practices and energy-efficient designs, while technology will revolutionise smart homes and data-driven insights," the survey said.
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