Kitne bade log hain ye.., thought the young Niranjan Hiranandani, MD of Hiranandani Group, when he used to see his father (Dr. Lakhumal Hiranand Hiranandani, an ENT surgeon and a recipient of the government of India's Padma Bhushan award) treats the likes of the Birla, Mafatal families. This was the beginning of an epiphany. "It was always there in the back of my mind, the world of business looks very attractive. My father had the biggest Indian business tycoons as his patients. When I used to see these big business men, I used to be overwhelmed. Ultimately, I got into the world of business and then realised that it's not just a cakewalk. Initially, I started with a power loom, we used to run a small factory in Kandivali in the suburbs of Mumbai and did a little investment into real estate, both did badly. So, I had to sell one, however, I didn't know which one to let go. Finally, I sold the textile unit, this helped me to plunge into real estate," said the MD.
According to India Brand Equity Foundation (IBEF) By 2040, the real estate market will grow to INR 65,000 crore ($ 9.30 billion) from INR 12,000 crore ($ 1.72 billion) in 2019. Real estate sector in India is expected to reach $ 1 trillion in market size by 2030, up from $ 200 billion in 2021 and contribute 13 per cent to the country's GDP by 2025. Retail, hospitality, and commercial real estate are also growing significantly, providing the much-needed infrastructure for India's growing needs. India's real estate sector is expected to expand to$ 5.8 trillion by 2047, contributing 15.5 per cent to the GDP from an existing share of 7.3 per cent. In India, the real estate sector is the second-highest employment generator, after the agriculture sector.
THE TECTONIC SHIFT
This story is from the October 2024 edition of Entrepreneur magazine.
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This story is from the October 2024 edition of Entrepreneur magazine.
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