Real estate & housing.

Real estate & housing is 10.2% of India's GVA (₹32 lakh crore, FY26) and is mostly a statistical construct rather than a company-produced activity: ₹22 lakh crore is imputed and actual rent on the dwelling stock that 330 million households effectively pay themselves, and only ₹10 lakh crore is real-estate services (development, non-residential rentals, brokerage, property management). It sits on ₹520 lakh crore of household real-estate wealth (~150% of GDP) against ₹40 lakh crore of mortgages (12% of GDP), and the only investable slice is about 25 listed developers (₹8.3 lakh crore market cap, 49x P/E) and five REITs (~₹1.2 lakh crore market cap, ~165 msf). Growth has tracked nominal GDP at 10-13% a year since FY05, with imputed rent growing slower (household formation ~1.5%, rents ~5-6%) and real-estate services growing faster on formalisation, office/warehousing stock growth and rising mortgage penetration; the base case takes the chapter to ₹46 lakh crore by FY30 and ₹73 lakh crore by FY35, a declining share of GVA as finance and IT grow faster. Rates are the dominant swing factor for both mortgage demand and developer financing costs.

Household real-estate wealth

~520 ₹ lakh crore · end-FY26

Household real-estate wealth as % of household assets / GDP

40% of household assets / ~150 % of GDP · end-FY26

Mortgages outstanding (banks + HFCs)

~40 ₹ lakh crore · FY26

Mortgages / GDP

11.6 (chapter text rounds to 12) % of GDP · FY26

Housing stock

~350 million dwellings · FY26

Households, owner-occupied share

330 mn households; ~87% owner-occupied count / % · FY26

Listed developers market cap (Ace 'Realty', 25 cos)

8.3 ₹ lakh crore · Jul-2026

Listed developer PAT (Ace 'Realty')

0.17 (₹17,031 crore) ₹ lakh crore · FY26