The Confederation of Real Estate Developers’ Associations of India (CREDAI) has outlined a transformative roadmap for the real estate industry at its 23rd NATCON (11-13 September) held in Singapore. Anchored on the theme Real Estate Rising, Bharat Soaring: $30 trillion to Vision, the convention brought together more than 1,000 developers, investors, policymakers, financial experts, and global innovators. CREDAI emphasised the sector’s pivotal role in shaping India’s journey towards becoming a developed economy by 2047, highlighting technology adoption, financial innovation, sustainability, and global collaboration as the key drivers of this transformation.
The inaugural day of NATCON 2025 witnessed defining milestones for the real estate industry with the release of a flagship industry report and the signing of two strategic MoUs. The first, with BCA International (Singapore), aims to foster knowledge exchange on green building practices, modern construction methods, workmanship quality and innovative technologies through specialised training and site visits in both India and Singapore.
The CREDAI and Colliers Report: Indian Real Estate: Fostering Equity and Fuelling Economic Growth, presents a comprehensive view of how the sector is set to transform over the next two decades. It projects Indian real estate to become a $10 trillion industry by 2047, contributing nearly one-fifth of the country’s GDP. The report underlines four critical drivers of this growth: rapid urbanisation, large-scale infrastructure development, affordable housing demand and digital transformation.
The next wave
The report also highlights how equitable growth in real estate can bridge gaps across regions, bringing Tier II and III cities into the mainstream of development. It emphasises that policy support, transparent governance and green urban planning will be essential for unlocking the sector’s full potential, while also positioning it as a major contributor to job creation and wealth generation.
Alongside these announcements, NATCON 2025 featured wide-ranging sessions on the impact of AI on real estate profitability, the next wave of financial innovation through REITs, sustainable development benchmarks, and leadership lessons from business, sports, cinema and academia. The speakers included Nilesh Shah, managing director, Kotak Mahindra AMC; Parliamentarian Shashi Tharoor; actors such as R. Madhavan and Ashutosh Rana, cricketer Rahul Dravid; as also global experts from MIT, NUS, and the University of St Gallen.
“CREDAI NATCON 2025 is not just a convention, but a collective commitment to redefining the future of Indian real estate,” affirmed Shekhar Patel, president, CREDAI, addressing delegates. “The conversations, collaborations and insights we have brought together in Singapore reflect our vision of an industry that goes beyond building spaces – one that drives innovation, creates livelihoods, and fosters sustainable communities. Our strategic partnerships on green construction and skill development are stepping stones towards an ecosystem that is globally competitive and socially inclusive. As we look ahead to 2047, Indian real estate has the potential to contribute significantly to the nation’s economic transformation, while also ensuring equitable growth across regions, cities, and communities.”
“At CREDAI NATCON 2025, we are witnessing the true strength of collective vision and collaboration,” added Boman Irani, chairman, CREDAI. “The Indian real estate sector is entering a phase where technology adoption, financial innovation and sustainability will define our growth story. What stands out is the spirit of inclusivity – from empowering our youth through skill development to bringing Tier II and III cities into the mainstream of progress. The roadmap we are shaping here is not only about economic milestones, but also about creating resilient communities and setting global benchmarks. Together, we are laying the foundation of a sector that will play a pivotal role in realising the aspirations of a Viksit Bharat by 2047”.
“India and Singapore are shaping a bold vision for the cities of tomorrow, grounded in sustainability, inclusivity, and innovation,” stated Shilpak Ambule, high commissioner of India in Singapore, addressing the gathering at NATCON. “I urge Indian real estate developers to go beyond constructing buildings and create spaces that inspire, become cultural landmarks, and attract tourism. By combining Singapore’s expertise in smart cities and affordable housing with India’s scale and energy, developers have a unique opportunity to build integrated townships, industrial hubs, and logistics networks that are future-ready, innovative, and empower communities – paving the way for India’s journey towards a developed nation by 2047”.
Beyond achieving economic milestones, the 23rd CREDAI NATCON 2025 has also highlighted the industry’s role in shaping communities, nurturing talent, and creating a lasting legacy for future generations. It marked another step in CREDAI’s journey of transforming real estate into a driver of sustainable national growth.
India’s REIT landscape
During the convention, a report titled Indian REITS: A gateway to institutional real estate was unveiled by official knowledge partner Anarock Capital and CREDAI. The report examines the landscape of Indian REITs in fine detail.
Since the first listing in 2019, India’s REIT market has expanded steadily, reaching a market capitalisation of about $18 billion as of August 2025. With three more REITs expected over the next four years, India is projected to cross $25 billion in market capitalisation.
“India’s REITs were late to the party, but now lead the dance,” observed Shobhit Agarwal, CEO, Anarock Capital. “Despite its late entry compared to global peers, India has strong fundamentals. The distribution yields, currently averaging at 6-7 per cent, are well above many mature markets, such as the US and Singapore, among others. Average distribution yields of India’s REITs are competitive with fixed-income instruments but have the added potential for capital appreciation. We take a deep dive into this phenomenon in the report.”
“Over 60 per cent of India’s REIT market value today rests with a small set of players, with a strong base in Grade A offices linked to IT and BFSI,” affirms CREDAI president Patel. “The future, however, holds a far wider promise. As India’s cities grow, infrastructure strengthens and the economy diversifies, REITs will expand into retail, logistics, housing and new-age assets. This transformation will unlock unprecedented opportunities for investors and firmly place India among the most dynamic REIT markets in the world”.
Despite REIT guidelines being introduced in 2014, with the first listing coming up only in 2019, India’s REIT market accounts for just 20 per cent of institutional real estate, far below the US (96 per cent) or even Asian peers like Singapore (55 per cent) and Japan (51 per cent). This limited penetration is largely because Indian REITs are so far concentrated in Grade A commercial office assets, which offer scale, transparency, and stable cash flows. As the market matures, diversification is expected through data centres and logistics REITs, supported by rising digital demand and e-commerce growth, while retail mall REITs may follow with ongoing consolidation, says the report.
Residential REITs remain a longer-term prospect, constrained by low rental yields and fragmented ownership, indicating that India’s REIT sector is still in the early stages of evolution. With more asset classes becoming REITable, India’s penetration could potentially rise to 25–30 per cent of institutional real estate by 2030, positioning it as one of the fastest-growing REIT markets globally.
Further, the report highlights that globally, industrial REITs are gaining significant momentum on the back of sustained e-commerce penetration, supply chain re-optimisation, and last-mile logistics demand, ensuring long-term rental growth and capital appreciation. Data centre REITs, valued at ~$250 billion by 2024 and projected to double within seven years, are expanding rapidly due to surging cloud adoption, AI-driven workloads, and hyper-scale infrastructure needs. India is also well-positioned to mirror this trend, as reflected in a 60 per cent y-o-y surge in industrial and logistics leasing in H1 2025 – a 30 per cent y-o-y rise in warehousing absorption and a three-fold increase in institutional investment to $2.5 billion in 2024.
The regulatory environment has also played a pivotal role in shaping investor confidence in Indian REITs. Since SEBI’s introduction of REIT regulations in 2014, progressive reforms – including the reduction of lot sizes, simplified capital gains and dividend tax exemptions introduced in 2025 – have strengthened transparency, retail participation and long-term stability.
All in all, the Indian REIT market, though relatively young, is on a strong growth trajectory and is poised to become a mainstream investment avenue for both domestic and global investors.