Development due to Real Estate
August 10, 2009
Categories in Real Estate
Building a home
Financing a home
Moving and storage
Selling a home
Buying a home
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All-round Development Because of Real Estate
Rising income levels of a growing middle class along with increase in nuclear families, low interest rates, and a change of attitude amongst the young working population from that of ‘save and buy’ to ‘buy and repay’ have all combined to boost housing demand.
According to ‘Housing Skyline of India 2007-08’, a study by research firm, there will be demand for over 24.3 million new dwellings for self-living in urban India alone by 2015.
Consequently, this segment is likely to throw huge investment opportunities.
In fact, an estimated US$ 25 billion investment will be required over the next five years in urban housing, says a report by Merrill Lynch.
Simultaneously, the rapid growth of the Indian economy has had a cascading effect on demand for commercial property to help meet the needs of business, such as modern offices, warehouses, hotels and retail shopping centre.
Growth in commercial office space requirement is led by the burgeoning outsourcing and information technology (IT) industry and organized retail.
For example, IT and ITES alone is estimated to require 150 million sqft across urban India by 2010.
Similarly, the organized retail industry is likely to require an additional 220 million sqft by 2010.