Real Estate

686 Words Apr 3rd, 2013 3 Pages
Real Estate Sector in India | | Last Updated: February 2013 | | | | IntroductionThe Indian economy has witnessed robust growth in the last few years and is expected to be one of the fastest growing economies in the coming years. Demand for commercial property is being driven by India's economic growth.Real Estate sector is not only the biggest contributor to gross domestic product (GDP) of the country but is also the fourth largest sector in terms of foreign direct investment (FDI) inflows in the country. The two main reasons responsible for boom in the real estate industry in India include liberalization of Government policies, which has decreased the need for permissions and licenses before taking up mega construction …show more content…
FDI flows into the construction sector for the period April-October 2012-13 stood at US$ 691 million, according to the Department of Industrial Policy and Promotion (DIPP).India needs to invest US$ 1.2 trillion over next 20 years to modernise urban infrastructure and keep pace with the growing urbanisation, as per a report released by McKinsey Global Institute (MGI)-India's urban awakening.Some of the major investments in the Indian real estate sector are: * Mumbai-based Wadhwa Group to invest Rs 9 billion (US$ 165.32 million) to Rs 10 billion (US$ 183.63 million) to develop 1.6 million square feet of office space in Bandra Kurla Complex, a financial district in Mumbai. The project will consist of two office towers and is due to be completed by 2014 * Bengaluru-based Embassy Property Developments is in talks with global financial services group, JP Morgan to raise Rs 500 crore (US$ 91.83 million) for two projects in the city - premium villa project and a IT-cum-residential development on Bellary Road * Kochi-based Asten Realtors has proposed to invest Rs 1,000 crore (US$ 183.66 million) in the next three years in various projects in central Kerala. The company announced an integrated township project at the suburban Kakkanad, the State's IT hub, with an investment of Rs 480 crore (US$ 88.17 million) * One of the biggest real estate firms, Avalon Group has made the

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