India’s Booming Residential and Office Real Estate Market (2022-2027) – Exclusive Report by Mordor Intelligence

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The real estate market in India is very fragmented in nature, with multiple players operating in the market. Increased competition between market players has an impact on sales prices and land prices, leading to oversupply in the market. Moreover, the market is dominated by a few pan-Indian branded players and several local players. Some of the major developers in the country are Prestige Estates Projects, DLF, Prestige Group, Lodha Group, Oberoi Realty, etc.

Real Estate Market in India – Key Highlights

  • The Indian real estate market is expected to register a CAGR of over 15% during the forecast period.
  • In the first quarter of 2021, over 58,300 mid-range homes were sold, with the Mumbai Metropolitan Region (MMR) and Pune holding over 53% of sales. South Indian cities such as Bangalore, Hyderabad and Chennai contributed nearly 27% of sales in the residential sector, and the NCR region contributed over 15% of sales.
  • More than 62,000 homes were started in 2021 compared to 41,000 homes in 2020. Meanwhile, Hyderabad recorded robust growth in new housing supply, with 12,600 homes in 2021 vs. 3,300 homes in 2020. Also, Pune and Mumbai Metropolitan Area (MMR) has witnessed significant growth rates of 75% and 40%, respectively.
  • Consultancy firms in Mumbai contributed over 36% of the total rental demand for office space. Additionally, Bangalore leads India in terms of highest office uptake volume at over 7.26 million sq ft, followed by Hyderabad. In New Delhi and the National Capital Region (NCR), most of the demand comes from the absorption of Class A office space.
  • In 2021, rental turnover was increasing in the six major commercial real estate hubs, namely Bengaluru, Mumbai, Pune, Chennai, Gurugram and Noida. Over 7,400 leases covering approximately 90 million square feet were up for renewal. Additionally, Mumbai holds the highest share of over 40% in lease renewal activity, followed by Pune with a share of 17%.

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Overview of the real estate market in India

Real estate is the second most important sector in the country after agriculture in terms of job opportunities. Moreover, the growth of the real estate market in the country is supported by increasing industrial activities, rapid urbanization and improving income levels. This contributes more to the economy of the country. The government has launched key policies for the development of the real estate sector, such as the Real Estate Regulatory Law (RERA) and the Benami Law on Transactions. The government is also giving a boost to affordable housing construction, interest subsidy for home buyers, utility tax exemption, dividend distribution tax exemption (DDT), public relations for foreign investors, etc.

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Recent developments in the real estate market in India

  • In December 2021, Experion Developers announced plans to invest $350 million over the next two years to grow its business. The expansion is focused on the country’s commercial and residential sectors. Additionally, 70-80% of the investment is for residential sector development, while the company is also focusing on 3.5 lakh square feet of commercial development.
  • In September 2021, American real estate company Hines expanded into India by entering into partnerships with three local developers and landowners. The company has invested more than $400 million in equity for the development of projects in major cities. Currently, Hines is developing seven projects including three housing and four office projects in Gurugram, Mumbai, Bengaluru and Pune.

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List of Key Players in the Real Estate Market in India

  • Properties of Godrej
  • Prestige Estates Projects Ltd
  • Oberoi Realty Limited
  • LDF
  • SOBHA Limited
  • Lodha Group
  • Jaypee Infratech Ltd
  • PNC Infratech Limited
  • Merlin Group
  • Sunteck Realty
  • Brigade Enterprises Ltd.
  • Experion Developers Private Limited*

*Non-exhaustive list

Mordor Intelligence has segmented the real estate market in India based on property type and key cities:

  • Property type (market size and value-based forecast (USD billion), 2018-2027)
    • Residential
    • Desk
    • Detail
    • Hospitality
    • Industrial
  • Key Cities (Market Size & Value Based Forecast (USD Billion), 2018-2027)
    • bangalore
    • Bombay
    • Pune
    • Chennai
    • Hyderabad

About Mordor Intelligence

Mordor Intelligence is a business information and consulting company. Our mission is to map complex business ecosystems around the world to better predict butterfly effects. To date, we’ve partnered with more than 4,000 companies across 20 industries, delivering accurate data and actionable insights across more than 6,000 projects. Our teams of domain-specific research experts continuously monitor the markets, enabling our clients to gain a competitive edge through high-quality market intelligence.

We offer fully customized intelligence solutions to meet the unique business needs of any organization. Our deep industry expertise, combined with cross-functional analyst teams, enables us to meet the intelligence needs of the most specific business problems.

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