India’s Interim Budget 2024 can be positioned as a crucial stepping stone towards the ambition of a $1 trillion real estate industry by 2030, especially if capital allocation, digital reforms and housing push stay on a consistent multi‑year track. The article below is drafted in an editorial tone appropriate for publication around 25 January 2024.​

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Budget 2024 and the $1 Trillion Vision

As India enters a new fiscal chapter, the real estate sector stands at an inflection point, having already evolved into a nearly $260 billion industry on the back of sustained policy support and infrastructure‑led growth. The Interim Budget 2024 will be watched closely for signals that can accelerate this trajectory toward a projected $1 trillion market by 2030, a milestone many analysts now see as achievable with steady 10–11% annual growth.​

Beyond headline tax proposals, what truly matters to the sector is continuity: capital expenditure on infrastructure, support for affordable housing, and a predictable regulatory and taxation regime that keeps both domestic and global investors engaged. The coming budget therefore has the potential to reinforce confidence and set a clear medium‑term roadmap for real estate as a core pillar of India’s growth story.​

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Foundations Already Laid

Over the past decade, a series of structural reforms has reshaped Indian real estate from a largely opaque, fragmented market into an increasingly institutional, regulated ecosystem. The introduction of RERA, the expansion of REITs, and sustained government support for urban infrastructure have helped formal developers consolidate market share and improved transparency for homebuyers and investors alike.​

At the same time, targeted schemes such as Pradhan Mantri Awas Yojana (PMAY) have anchored the affordable and mid‑income housing story, while expanding credit access has kept residential demand resilient even through pandemic‑era disruptions. These policy pillars collectively underpin the sector’s journey from its current scale to the next orbit of growth envisioned for 2030.​

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Key Budget Priorities for Real Estate

From a sectoral lens, three broad priorities stand out for Budget 2024 if India is to move decisively towards the $1 trillion mark.​

• Digital land and property records
  Accelerating the Digital India Land Records Modernization Programme (DILRMP) to achieve near‑universal digitisation of land and property records will reduce title risk, curb disputes and shorten transaction cycles, thereby improving investor confidence and liquidity. A seamless, searchable digital land‑record layer also becomes the backbone for faster mortgage processing, better collateral evaluation and more efficient urban planning.​
• Infrastructure‑driven urbanisation
  Continued high capital expenditure on roads, metros, airports and logistics parks can unlock new corridors and compress commute times, directly boosting residential and commercial values in emerging micro‑markets. For cities such as Bengaluru, NCR, MMR and Hyderabad, budget support for urban transport and last‑mile connectivity will determine which locations become the next growth magnets for both occupiers and investors.​
• Housing, inclusion and capital access
  Expansion of housing schemes and interest‑subvention mechanisms for first‑time and middle‑income buyers can sustain end‑user demand, which remains the backbone of residential sales. Parallel measures to deepen REITs and alternative investment platforms can democratise access to institutional‑grade assets, widen the investor base, and lower the cost of capital for developers.​

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Role of Technology, REITs and New‑Age Platforms

Digital transformation is emerging as a decisive competitive edge, and the budget can catalyse this shift by incentivising technology adoption across the value chain. Faster approvals through online single‑window systems, wider use of GIS in land management, and data‑driven planning tools will reduce friction, time and cost in project execution.​

Simultaneously, the continued evolution of listed REITs and new‑age real estate investment platforms is broadening participation beyond traditional HNIs and institutions. With appropriate tax clarity and regulatory support, these vehicles can channel long‑term domestic savings into both commercial and rental housing assets, reinforcing the sector’s march toward the $1 trillion milestone.​

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A Decade‑Long Opportunity

If Budget 2024 signals policy continuity on infrastructure, housing and digital reform, the real estate industry will be better positioned to serve as a durable engine of jobs, urbanisation and wealth creation over the coming decade. The sector’s contribution to GDP, already rising into the low double‑digits, can expand further as residential, commercial, logistics and new‑age asset classes deepen and mature.​

India’s path to a $1 trillion real estate industry is not about a single “big‑bang” announcement, but about steady, compounding gains from transparency, inclusion and long‑term capital. Budget 2024 is poised to be an important marker on that journey, with the potential to convert a bold vision into a clear, executable roadmap for the rest of the decade.​

  Budget 2024, real estate industry