"The Indian Real Estate Sector is projected to reach a market size of USD 180 billion by 2020, a sharp rise from USD 126 billion in 2015," the report said.
JLL also projected that the housing sector's contribution to the Indian GDP is expected to almost double to more than 11% by 2020 up from estimated 5-6 per cent.
Regulatory reforms, steady demand generated through rapid urbanisation, rising household income and the emergence of affordable and nuclear housing are some of the key drivers of growth for the sector, the report said.
Listing the seven trends that would transform the real estate sector, JLL said the new law RERA is expected to consolidate the Indian Real Estate industry with elimination of unscrupulous developers.
Sales figures are projected to improve with RERA bound to rebuild the trust deficit between buyers and developers, it said.
On GST, the report said it would lead to cost savings of 3-4 per cent.
Prices would continue to remain dependent on demand and supply dynamics within micro-markets.
Apart from eight major cities, JLL said that cities like Nagpur, Kochi, Chandigarh and Patna could be growth centres.
The recent relaxation in the FDI has provided a huge boost to investment in the industry.
"Private equity and debt investments in real estate increased by 12% year-on-year across 79 transactions in 2017," the report said, adding that affordable housing and warehousing segments would attract huge investment going forward.
The affordable housing segment, which has been granted infrastructure status, would create avenues for developers.
Ramesh Nair, CEO and Country Head, JLL India said: The time for change is now, which is evident in the recent developments. Game changing developments like RERA and GST have created a strong base for the sector to grow, which coupled with India's strong economic advancement have provided a perfect spring board.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)