Saturday, June 14, 2008
Realty sector to grow 30% in next 10 yrs
New Delhi, June 13: The realty sector is projected to grow at the rate
of 30 per cent annually over the next decade, attracting foreign
investments worth USD 30 billion, with a number of IT parks and
residential townships being constructed across-India, industry body
Assocham said.
Currently, the domestic real estate market is expected to be worth 15
billion dollar in which the FDI is estimated to about 6 billion
dollar, it said.
At present, the foreign developers can undertake construction
activities on a minimum space of 50,000 sq ft, Assocham President
Sajjan Jindal said in a statement.
The ceiling of 50,000 sq ft would be lifted by the government in want
of more FDIs and would go to 2 lakh sq ft in next 10 years, as per
Assocham's estimate.
The sector would grow more as expected requirement by the IT sector
(like IT parks) will be about 200 million sq ft space across the major
and large townships, it added.
It is also estimated that in the residential sector, the housing
shortage is around 20 million units of which nearly 7 million units
are estimated for urban India, it said.
Commenting on the problem faced by the sector, the Assocham said that
the involvement of Center and a number of state agencies in setting up
of townships is needed.
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1 comment:
India has "enormous potential in all its property investment categories". Strong population growth, a large pool of qualified workers, greater integration with the world economy and increasing domestic and foreign investment are fuelling demand for office, retail and residential property. India’s burgeoning middle class will drive up nominal retail sales through 2010 by 10% p.a. At the same time, organised retail is becoming more important. At present organised retail accounts for a mere 3% of the total; by 2010 this share will already have reached 10%.India is the prime destination for IT services outsourcing. In the coming five years, at least 55 million m² of extra office space must be completed in the premium office segment alone. Property investments in India are not risk-free. Market transparency is far behind European or US standards. It is therefore vital for foreign investors to have a professional local partner. The lack of liquidity and upward pressure of pricing remain the main concern within the market.For more view- realtydigest.blogspot.com
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