The residential real estate sector is accounted to contribute about 5% of the country's GDP. It is also expected that there would be a further rise of 6% on the net GDP contribution by the sector.
Indeed, the realty sector plays a vital role in the nation's economy as it ranks second only to agriculture with respect to employment generation in the country. Let us check out few facts on Indian realty market.
Interesting Facts on Indian Property Market
- According to Jones Lang LaSalle, the faster economic revival in the nations like India, China, Russia and Brazil would cause faster growth of the property markets in those countries compared to the realty markets of UK and US.
- From late 2009, the Indian property market has set for an unending journey of growth. Within a span of 5 years, it is estimated that there would be up to US$ 12.11 billion investment over a period of 5 years.
- The real estate growth is not restricted to only high-tech cities. The expansion of the realty market is set to spread on a pan India basis. All the cities including the tier-I and tier-II ones are included in the list.
Residential Real Estate in India
About 80% of the property market is occupied by the residential real estate. While the rest consists of the hospitality, retail and other commercial structures. In spite of covering the major chuck of the market, the residential estate is all set to expand further over the next decade.
During the Tenth Five Year plan, a shortage of 22.4 million dwelling units have been estimated. In order to meet up the crisis, 80 to 90 million dwelling units will be constructed within the next 10 to 15 years.
The cities like Mumbai, Bangalore, Delhi top the list of destinations where the residential real estate would expand rapidly. This report is developed based on a survey on the opinions of over 270 individuals that includes residential property investors, developers, lenders, brokers, consultants and company representatives.
