by 99Realty 
In India, the real estate sector is the second-highest employment generator, after the agriculture sector. Rapid urbanisation is also a major factor for the growth in the sector. The number of Indians living in urban areas is expected to reach 542.7 million by 2025 and 675.5 million by 2035.
Real estate sector in India is expected to reach US$ 1 trillion in market size by 2030, up from US$ 200 billion in 2021. India’s real estate market is estimated to increase at a CAGR of 19.5% during 2017- 2028. The market is forecast to reach US$ 650 billion, representing 13% of India’s GDP by 2025.
By 2033, the global real estate brokerage market is projected to grow at a compound annual growth rate (CAGR) of 5.6% and attain a value of US$ 1,365.7 billion, after starting at a size of US$ 792 billion in 2023.
The rapid change in technology is also evident in real estate segment and currently the industry is going through a three phase situation as below,
•Short Term (2023-2026): In the next few years, the market will experience significant growth as organizations shift from traditional to modern approaches in property transactions. Advancements like artificial intelligence and 3D virtual view will enhance client interaction and boost brokers’ business revenue.
•Medium Term (2026-2029): The market will continue to grow due to increasing population and urbanization. More people will seek the services of brokers and agencies for renting, buying, and selling properties.
•Long Term (2029-2033): Economic development, higher disposable incomes, and increased home ownership and renting services will drive significant market expansion. This will create profitable opportunities for individual brokers worldwide.
Source: India Brand Equity Foundation, REAL ESTATE INDUSTRY REPORT, Feb 2023
