Indian real estate market growing by 30% a year | INRnews
Bangalore, November 21, 2006 : New research issued by global real estate adviser DTZ has revealed that India is becoming one of the world's key emerging real estate markets.
DTZ reports that the size of the Indian real estate market is around $12bn and growing at 30% a year.
The report's key findings include:
- Demand for new office space grew from 3.9m sq ft (363,319 sq m) in 1998 to more than 16m sq ft (1.48m sq m) in 2005
- Driven by the IT sector, office space demand is expected to rise to more than 45m sq ft (4.2m sq m) by 2008
- The Indian retail market is witnessing growth of 5-7% per annum
- The Indian hospitality and hotels industry is growing by an annual rate of over 7%
Ankur Srivastava, managing director of DTZ in India comments: "The Indian real estate sector promises to be a lucrative destination for foreign investors into the country. The continued growth of the Indian outsourcing industry provides excellent opportunities for real estate investors."
Read the DTZ Report 'The India story: A real estate overview
DTZ is one of the world’s leading real estate advisers, providing real estate and business solutions to multi-national companies, major financial institutions, property companies, banks, governments and other public sector organisations. DTZ’s transactional business advises on the purchase, sale, leasing and acquisition of all types of commercial and residential real estate. Professional advisory services include the management of real estate portfolios, building consultancy, and valuation as well as capital advice to maximise the value of real estate as an asset class.
By INRnews Correspondent
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