New Delhi, Jan 3 (NationPress) The housing sector in the nation is anticipated to account for 13 percent of the national GDP by 2025, illustrating its resilience and capacity for growth, as detailed in a report published on Friday.

Projected to evolve into a $1 trillion market by 2030, the sector is adapting to demographic changes, policy reforms, and global patterns, according to the findings from JLL, a prominent global commercial real estate and investment management firm.

Tier 2 and 3 cities are emerging as crucial growth centers, with smaller urban areas such as Jaipur, Indore, and Kochi responsible for over 40 percent of new housing developments by 2025.

The urban homeownership rate is projected to rise to 72 percent by 2025, up from 65 percent in 2020, bolstered by affordable financing options and a younger demographic entering the housing market.

Millennials and Gen Z buyers are expected to make up 60 percent of new homebuyers by 2030, as highlighted in the report.

Sustainability, once viewed as a luxury, is now deemed essential in the housing market. Green-certified buildings are anticipated to represent 30 percent of new residential projects by 2025, doubling from 15 percent in 2020.

The volume of residential units sold in 2024 is expected to reach approximately 85 percent of the total units sold throughout all of 2023.

Sales in 2024 are projected to see a remarkable 17 percent increase compared to the same period in 2023. This upward demand trend is paving the way for sustained growth in the country’s residential asset class, the report noted.

Mixed-use developments are gaining popularity, mirroring a global trend towards creating live-work-play environments.

“These developments integrate residential, commercial, and recreational spaces within a single project, providing residents with the convenience of having everything they require within walking distance,” the report stressed.

The demand for smart homes and tech-integrated living spaces is also witnessing a significant surge, it added.