Apr 23, 2015: The Indian real estate industry is well recognized sector globally. It is the second largest employer in India after agriculture sector which is expected to grow by the 30% in next 10 years. The real estate sector includes four sub-sections housing, retail, hospitality and commercial. The possibility of the growth is complemented by the demand for offices spaces and accommodations in urban and semi-urban.
According to a study conducted by ICRA, the construction industry is third sector among the 14 major sectors which has direct, indirect and induced effects on Indian economy on a large scale. According the survey, this is the sector which will incur the most foreign investment by non-resident Indian. The major growth in expected in Bangalore, Ahmedabad, Pune, Chennai, Goa, Delhi and Dehradun.
Indian Real Estate Market Size
The real estate market in India is expected to $180 billion USD by 2020. Alone, the housing sector contributes 5-6 percent in National GDP of India. During the period of FY08-20, the expected growth in real estate market size in India will be increased by 11.2% of compound annual growth rate. The retail, hospitality and commercial real estate are also related section of estimated significant growth. Real estate has emerged and successfully raised $1.2 billion USD from private equity investors in last 12 months.
According to a study conducted by Knight Frank, Mumbai is the best city in India for commercial real estate investment which will give 12-19% return in the next five years, followed by Bangalore and Delhi-National Capital Region (NCR). Also, Delhi-NCR was the biggest office market in India with 110 million sq.ft, out of which 88 million sq.ft were occupied.
Unsold Inventories of Real Estate in Major Cities
In spite of such a big growth Indian real estate market, the Housing Sentiment Index (HSI) declared by IIMB has been noticed tremendously down in 10 major cities. In Delhi, it has seen 32% drop in Q3 of FY 2014-15 due to the 20% increment in circle rate in some regions. Bengaluru has seen 17% drop in HSI due to higher registration cost for buyers. There are high level of unsold inventory remained in major cities. Its estimated that total unsold inventory in major cities is nearly cost of $8 billion USD.
To sell this unsold inventory, the builders & developers are introducing an innovative & intuitive idea in Indian market. They are collaborating with Online Classified sites. Recently, Salarpuria Sattva Group (SSG) launched its residential real estate project online. Mr. Bijay Agarwal, CMD, Salarpuria Sattva Group has mentioned that they have observed that the reach of online is more effective than the traditional media. They believe that their presence of online and on mobile will make this launch a huge success. First time, Salarpuria Sattva Group offered an exclusive launch discount of Rs. 300/-per sq. ft. to MB users for the first set of bookings.
Major Classified sites are providing great platform for real estate market to buy, sell and rent the property. TheGoodDeal has 134,332 ads in real estate category that allows you buy, sell and rent property with no cost and share it with desirable audience on social media.
About Padawan Group
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