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Growing Indian Real Estate Market

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Title: Growing Indian Real Estate Market


1
Growing Indian Real Estate Market
2
India's real estate market is on a high growth
curve and is today one of the fastest growing
market in the world. It is categorized into four
sub-categories such as housing, retail,
hospitality, and commercial. While housing
projects contributes six-seven percent of India's
gross domestic product, the remaining three
sub-categories are also increasing at a fast
pace. The Indian real estate is an infrastructure
services that is driving the economic growth of
the country. The role of Government of India has
been instrumental in the real estate development.
There are many developer and buyer friendly
policies which are introduced by government. The
market of India real estate stood at US 56.2
billion in the survey of 2010-2012 and expected
to touch US 179.9 billion by 2021. The market
is expected to grow at the compound annual growth
rate of 20 percent in the period of 2011-2014.
With first series the modern cities expected to
account for about 45 per cent of this growth.
3
The top eight metropolitan cities such as
Delhi-NCR, Mumbai, Bangalore, Chennai, Hyderabad,
Pune, Kolkata and Ahmadabad have maximum office
space absorption were up to 59 per cent during
January-March 2014 as compared to periods of last
year. During the period of January-March 2013
Ahmadabad and Delhi-NCR recorded a threefold
increase in net absorption. In the first quarter
of 2014 number of new residential projects
launches with 56,000 units across eight
metropolitan cities and Bangalore recorded
maximum number of units at an increase of 21 per
cent at 17,838 units, followed by Mumbai and
Chennai, according to a report by Cushman
Wakefield. Indian real estate has large number
of investment opportunities, all corporates look
to expand businesses, India is expected to
witness major demand for office space in 2014.
Office space absorption across the country's
seven major cities is likely to increase ten per
cent this year to 30 million square feet,
according to global real estate consultant.
4
The retail space absorption by the top eight
metropolitan cities is expected to more than
double to 12.7 million square feet in 2014 and
this will take up the retail space across India's
modern cities to 88.6 million square feet by the
end of the year according to a report by Jones
Lang LaSalle. Real estate construction
development sector, including township, housing
projects, built-up infrastructure and these
projects garnered total foreign direct investment
(FDI) worth US 24,211.54 million in the period
April 2001-January 2014. Infrastructure
activities during the period received FDI worth
US 2,539.58 million according to the Department
of Industrial Policy and Promotion. The market
of real estate is expected to result in high
transaction activity, eminently in income
yielding commercial office equity during 2014.The
country still needs to add number hospital and
educational institutes to meet the global average.
5
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