Economic Survey: Urbanisation to drive realty growth, half of India to live in cities by 2050

The Economic Survey for 2023-24 indicates that the outlook for India's real estate sector is encouraging. With half of India's population expected to live in urban areas, up from 31% in 2011, the housing industry is set for significant transformation. Real estate and ownership of dwellings have consistently contributed over 7% to the overall gross value added (GVA) in the past decade, underscoring its crucial role in the economy.