Indian Economy and Real Estate
India is one of the fastest growing economies in the world today.
GDP growth rate of 8.5% at a fifteen year high.
Bullish stock markets and rise in investor confidence (BSE sensex crossed the 13,000 mark in October 2006)
Bank credit grown over 20%.
Foreign exchange reserves at an all-time high at US $ 131 billion.
High disposable incomes and increased spending power.
Improving infrastructure, with over 13,000 kms of highways being developed.
India as a premium tourist destination.
The government has recognized the burgeoning real estate industry as one of the key drivers to this exceptional economic growth. Foreign Direct Investment and Real Estate Venture Capital Funding have put Indian real estate on the world map. Today the Indian real estate scenario is marked by:
Ever-increasing demand for residential property with nearly 90 million housing units to be constructed over the next 10-15 years.
By the year 2030, India will need up to 10 million housing units per year.
Growing Demand for commercial property.
IT services and BPO sectors alone will require an estimated 42 million sq.ft. office area every year.
Organized retail sector is expected to grow to 15% by the year 2010 with large corporations like Reliance, Tata and Bharti as well as global players like Walmart entering the fray.
Estimated 600 new shopping malls are likely to come up by the year 2010.
SEZ development will spawn integrated hubs supported by critical infrastructure – residential units, schools, entertainment venues, hospitals and retail developments across the country.
The Indian real estate sector is in a phase of mammoth transformation and growth. The group is fully geared to face the challenges and cater to the demands of this highly accelerating industry.