New Delhi, Nov 26 (IANS): The Indian real estate sector is set to cross $4.8 trillion in market size by 2047, contributing over 18 per cent to the projected $26 trillion GDP target for the year, according to a joint report by real estate body CREDAI and Ernst & Young released on Tuesday.

These include the grant of Industry status to the real estate sector in order to facilitate easier access to institutional financing and lower borrowing costs for developers, and redefining affordable housing by increasing the threshold sale value to Rs 90 lakh from Rs 45 lakh at present.

The report also states that ensuring the availability of land through effective zoning and streamlined land acquisition policies is critical for sustainable urbanization. CREDAI advocates for the development of planned satellite towns near major urban agglomerations, which would decongest metros and foster balanced regional development.

Besides, the report is of the view that developers should be offered the option to choose a GST scheme at the beginning for each project, both residential and commercial, to avail of the input tax credit.