New Delhi, Aug 26 : India's real estate industry could reach a value of USD 5.8 trillion by 2047, according to a joint report by the National Real Estate Development Council (NAREDCO) and Knight Frank. The report "Vision 2047" was unveiled during NAREDCO's 25th Silver Jubilee Foundation Day celebration in Hyderabad in the presence of prominent figures, policymakers, industry leaders, and real estate experts. Residential real estate might contribute USD 3.5 trillion, office real estate around USD 0.43 trillion, and Private Equity (PE) Investments could hit USD 54.3 billion, says the report. This growth would elevate the real estate sector's contribution to the economy from 7.3 per cent to 15.5 per cent by 2047. As India approaches its 100th year of independence in 2047, its economy is projected to range from USD 33 trillion to USD 40 trillion. Speaking at the launch, Rajan Bandelkar, President NAREDCO India said: 'Vision 2047, not just for NAREDCO but for Indian Real Estate, is about the roadmap of India's economic growth, and the role of real estate as one of the leading engines of that growth story." "Significant expansion of the Indian economy by 2047, will be powered by Real Estate. A multifold economic expansion will boost demand across all the asset classes - residential, commercial, warehousing, industrial land developments etc - will grow at a multiplier rate to accommodate the growing needs of the economy and consumption needs of the individuals," Bandelkar said. The report suggests that Real Estate Investment Trusts (REITs) could extend beyond offices and retail spaces to include residential, warehousing, and other sectors. Developers may also explore REITs for various asset classes like data centers, hospitality, and education. The report anticipates changing income profiles will lead to housing demand across all price categories. While affordable housing will initially be in demand, there will be a gradual shift towards mid and luxury segments. The proportion of lower income households is expected to decrease from 43 per cent to 9 per cent by 2047, resulting in more middle-income and upper middle-income groups driving mid-segment housing demand. Dr Niranjan Hiranandani, National Vice Chairman of NAREDCO, opined: 'PMO's ambitious project, Housing for All, will propel the sustainable demand for residential housing across the spectrum. A strong foundation for the upward cyclical growth of the real estate sector is being laid by the Government of India and the regulatory authorities." "Growing GDP will stimulate commercial and industrial real estate growth, attracting global investors towards Grade A assets. Emerging alternative asset classes will also play a critical role in pooling investments and boosting investors' confidence," he added. /IANS