Strong Real Estate Demand in India
According to Cushman & Wakefield, the total real estate demand over the next five years from 2007 is expected to grow to approximately 1900 million sq. ft. across the commercial, retail, residential and hospitality segments. The bulk of the requirement being in residential segment.
Here is a detail breakup:
| Type | Requirements (million sq. ft.) |
| Residential | 1400 |
| Commercial Office Space | 265 |
| Hospitality | 110 |
| Retail | 110 |
Technorati tags: Real Estate India, Residential Property Demand, commercial office space, hospitality India, retail India, Cushman & Wakefield
Posted by India Property News Admin
on Tuesday, December 18th, 2007. Filed under India Property News.
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Market experts are visualising a high growth in Indian real estate value. It is expected to rise from US $12 billion to $90 billion by the year 2015.
Martin Bowen, Sales Director, Profile Europe (UK) Ltd, expressed his views, “The residential property market is experiencing exponential growth right across India, but especially in urban areas and those close to the government’s new specialized industrial zonesâ€. Further he added, “Recent figures cited by the Bank of Baroda’s Chief Economist show properties have appreciated by as much as 60% to 100% over the last 12 months in most towns.†Bowen further expressed his views and said that there is a loss of some 20 million units. The main reason behind this is, about 55% of Indian population being under the age of 25 and the fact that the economy is booming. Other reason behind it is growing middle class who is looking for quality accommodation due to growing disposable incomes. Further he added that the growth in mortgage market and declining interest rates which have made property more affordable despite actual property price increases.
Yes,Thats a true but all near place area are very requireful for the IT sector class persons because all the IT companies are setteled nearly NCR area.