real estate in India

 

 

 It is estimated that Indian property market growth rate is expected to be anywhere between $15 to 20 billion. And growing substantially at a 30 per cent rate. Where 80% of the real estate is hogged by the residential sector.

The commercial category is growing but steadily. In this segment the IT industry itself is expected to require around 66 million sq. ft. commercial space. The real estate boom if continues in this segment, is expected to augment a vast area - Due to their plush designs and gigantic interiors of apartments.

Through a survey conducted on residential complexes & properties,  the following Indian cities recorded around 24% growth – Mumbai, Kolkata, Delhi, Hyderabad, Chennai, Bangalore, Jaipur, Goa and Pune. This has been the highest seen from the past years. Infact it was a rollercoaster ride 0.4 per cent in 2002 and a rise to 6.3 per cent 2003. Among all these cities Delhi had the fastest growth in property market. It enjoyed a grand 28.6 per cent rise per annum.

India is expected to see a 1.3 billion population by 2020. That means there will be an escalated demand for residential property in India to the tune of 90 million dwelling units.

Against the mounting residential arena the commercial segment will see a decent 20 percent rise. Around 13-17 per cent in Chennai, Delhi a 13 per cent and around 10 per cent in Kolkata.

The demand is in excess of supply and seems to be growing profoundly. On the other hand the city is not well equipped to take on the challenge coming its way in the next 5 to 10 years. The legislations laws are too tedious; there is an absence of single window clearance and many more hindrances to a smooth flow. Unless India does not overcome it the difficulties will mount leading to an increasing gap in the real estate market in India. ~ Data 2006.  :: Authored by M. Hemdev.

 

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