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current price cap on land for affordable housing needs to all of which will form the foundation for a leap in Indian real
be addressed to ensure sustained growth of the affordable estate sector growth.
housing segment.
CREDAI asserts that the cost of land, which accounts for VIETNAM

nearly 50 percent of the total cost of any housing project, is Wood and wood product (W&WP) trade highlights
a huge financial burden. According to the General Department of Customs, W&WP
This is a problem for developers especially in Tier 1 cities, exports in October 2024 reached US$1.5 billion, up 20 percent
where the cost of land is much higher than other regions of the compared to September 2024 and up 17 percent compared
country. CREDAI believes affordable land costs for affordable to October 203.
housing projects would help and enable developers to build Of the total WP exports fetched US$1.01 billion, up 12
more houses under the segment. percent compared to September 2024 and up 15 percent
Data from the National Housing Bank reveals a 24 percent compared to October 2023.
increase in house prices in India since June 2018 underscoring In the first 10 months of 2024, the W&WP exports reached

the need for revision of the price cap on affordable house prices. US$13.2 billion, up 21 percent over the same period in 2023
The real estate industry advocates a re-evaluation that of which WP exports alone contributed US$9.05 billion, up
reflects current market realities and ensures adequate availability 23 percent over the same period in 2023.
of affordable housing units. CREDAI believes the definition W&WP exports to Japan in October 2024 amounted to
should be based on the size of the house and not the price. US$148 million, up 20 percent compared to the previous
Boman Irani, President, CREDAI “Affordable Housing has month and up 10 percent compared to October 2023.
been one of the most important segments of Indian Real In the first 10 months of 2024 W&WP exports to the

Estate in the past few years, which has fulfilled the dreams Japan were to US$1.4 billion, up one percent over the same
of millions of Indians to become homeowners. Currently, period in 2023.
there is a need to alter some fundamental aspects to get the In October 2024 exports of kitchen furniture were valued
segment back on a robust growth trajectory that can lead to at US$129 million, up 20 percent compared to the previous
sustained and sustainable growth.” month and up 10 percent compared to October 2023. In the
In other real estate news, a press release from CREDAI first 10 months of 2024 exports of kitchen furniture reached
says a recent Colliers-CREDAI Report forecasts the Indian US$1.16 billion up 25 percent over the same period in 2023.
real estate is set for 16 percent annual growth to propel the
market to US$10 trillion by 2047. Alistair Berg

The interplay between real estate and India’s economic
growth journey over the next few decades is explored in
the latest report “Indian Real estate: The Quantum Leap” by
Colliers in collaboration with the Confederation of Real Estate
Developers' Associations of India (CREDAI).
The report identifies that long-term growth in real estate
is underpinned by six salient growth levers which include

rapid urbanisation, infrastructure development, digitalisation,
demographic shifts, sustainability and investment diversification,