79 Years On: The Ground Beneath India's Growth Story

Updated: Aug 15, 2026 09:37 am IST Published On Aug 15, 2026 09:36 am IST Last Updated On Aug 15, 2026 09:37 am IST

Published On Aug 15, 2026 09:36 am IST

Last Updated On Aug 15, 2026 09:37 am IST

Every Independence Day, we measure our country's progress in the language of economic milestones - GDP, exports, per-capita income, and so on. Real estate rarely makes it to the headlines spotlighting India's progress, but it is one of the most honest records of it. There are some metrics that tell us the same story from a different vantage point: what we have built, and how we have financed, governed, and occupied it.

From informal to institutional

Three decades ago, India's organised office market was a fraction of what it is today. It was built gradually and financed largely through individual and promoter capital. Formal institutional financing for real estate was extremely limited. Today, that same market has crossed the landmark threshold of 1 billion sq. ft. of office stock, underpinned by REITs, institutional investors, private credit, and banks. Parallelly, reforms such as RERA and the public listing of real estate companies have collectively made the........

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