During the last few years, the real estate sector of India has undergone tremendous growth and transformation. The global economic meltdown had slowed down the pace of growth of the Indian real estate market but of late, the real estate market has again picked up pace. Let’s take a look at a few real estate facts in India:
1. By 2020, the Indian real estate market is expected to touch $180 billion USD. The housing sector of India contributes about 5% to 6% to the nation’s Gross Domestic Product (GDP).
2. The rate of office space absorption in the months of April and June 2016 increased by 46% year-on-year (more than 10.2 million square feet). This growth was primarily led by Delhi-NCR and Bangalore. These two cities accounted for about 50% of the total space take up. On the other hand, during the same time, about 7mullion square feet of new office spaces were added. This growth was led by the cities Hyderabad and Mumbai. These two cities accounted for over 65% of the total office space supply. In case you want to book your dream house or looking for residential property, get in touch with us at Unimark Group. We are one of the leading real estate companies in Kolkata.
3. According to a survey conducted by India Brand Equity Foundation in 2016, the demand for residential properties has increased due to growing urbanization and increasing household income. This surge is also facilitated by the migration of people from rural to the urban areas. Every year, about 10 million people migrate to the cities. The growing economy has also boosted the demand for retail and commercial space in India.
4. By 2028, the contribution of real estate to the GDP of India is predicted to grow by 13%. Moreover, the market size of real estate in the country is also predicted to be worth of $853 billion. Between 2008 and 2028, it is also expected to grow at a CAGR of 15.2%. This growing share of real estate in the GDP will be supported by growing industrial activities, urbanization, and improved income level.
5. The relaxation of norms for Foreign Direct Investment (FDI) in real estate sector has also helped in the expansion of real estate market in India. Moreover, the government’s plan to build smart cities across the country will also help in reducing the shift of people from rural to urban areas.
Hopefully, these pointers will help you get an overall idea of the real estate sector in India. If you are looking for premium residential complexes or commercial spaces, get in touch with Unimark, one of the top real estate developers in Kolkata. Call us at +91 33 2290 0624.