MUMBAI: Harvard alumnus and PropTech entrepreneur Aayush Puri shares insights on why India is at the center of global academic and economic discussions, the opportunities in real estate technology, and how India’s growth trajectory compares with global markets.
You spent time at Harvard, where you studied finance. What was the buzz about India there?
It was incredible. At Harvard, there were 35 students in our program, each from a different geography. Despite this diversity, one common theme in discussions – across classes, case studies, and informal debates – was India. Professors, investors, and policy experts all spoke about India as the most exciting growth story of this decade.
There’s a simple reason for this: India’s economy is projected to be the fastest-growing major economy in the world. The IMF has forecast India’s GDP to grow at 6.5% in 2025, outpacing both China and the US. In contrast, China’s growth is slowing due to structural challenges like a shrinking workforce and a real estate crisis. Meanwhile, India has a young population, rising disposable income, and massive infrastructure investments. The world is taking note.
Harvard’s case studies now feature Indian startups, Indian infrastructure projects, and even Indian real estate models. Modi’s leadership and policy reforms, like the Production-Linked Incentive (PLI) scheme, GST, and the push for ‘Digital India,’ were recurring themes. One of the professors at Harvard even called India “the world’s last great growth engine.”
What’s driving this global interest in India?
Three things: demographics, digital adoption, and investment inflows.
Demographics: India has a median age of 28, while China’s is 39 and Japan’s is 49. That means India has the largest working-age population in the world. By 2030, it will have over 1 billion internet users and a middle class bigger than the entire US population.
Digital Adoption: India has leapfrogged into a tech-first economy. With over 10 billion UPI transactions happening every month, India is setting a global benchmark for digital payments. The way China pioneered manufacturing, India is pioneering digital infrastructure. Harvard economists were discussing whether UPI could be a global standard for digital transactions.
Investment Inflows: Despite global economic uncertainty, India is attracting record FDI. Goldman Sachs has projected that India’s stock market will become the world’s third-largest by 2030, surpassing Japan and the UK. Blackstone, Brookfield, and sovereign wealth funds from the Middle East are pouring billions into India’s infrastructure, real estate, and tech sectors.
You’ve worked in the US, UAE, and UK. How do these markets compare to India, especially in PropTech and real estate?
The US, UK, and Dubai are structured real estate markets with centralized property data, multiple listing services (MLS), and strong broker networks. India is fragmented – there’s no national MLS, transaction data isn’t transparent, and the brokerage ecosystem is unorganized. But that’s exactly why India presents such a massive opportunity. Broker aggregation is standard in the US and UK, but in India, it’s an untapped goldmine.
What do you think is the biggest real estate investment opportunity in India right now?
Grade A office spaces and premium residential. Office spaces: India is already the world’s largest flex workspace market outside the US and China. Global firms are moving back-office operations and data centers to India, driving up demand.
Luxury and premium residential: India had 63,000 luxury home sales in 2023, up 97% from the previous year. HNIs and NRIs are investing in Indian real estate, especially in cities like Mumbai, Delhi, and Bangalore.
So if you had one message for Indian entrepreneurs and professionals abroad, what would it be?
Come back to India. The opportunity here is unmatched.
In the US, you’ll work in a saturated market. In India, you can build something from scratch and scale it 10X faster. The funding ecosystem is strong, global capital is pouring in, and there’s a government-backed push for innovation.
People at Harvard kept asking me, “Should we invest in India?” My answer was always the same: “If you don’t, you’re going to regret it.”
India is at an inflection point. As global institutions like Harvard focus more on India’s economy, policies, and innovations, it’s clear that the world is betting big on India. Whether in PropTech, real estate, finance, or digital transformation, the next decade belongs to India.
You don’t want to watch from the sidelines when the biggest growth story of the 21st century is unfolding in front of you.
