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How is the real estate market doing in India currently?

Introduction

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The real estate sector is one of the most globally recognised sectors. In India, real estate is the second largest employer after agriculture and is slated to grow at 30 per cent over the next decade.

The real estate sector comprises four sub sectors – housing, retail, hospitality, and commercial. The growth of this sector is well complemented by the growth of the corporate environment and the demand for office space as well as urban and semi-urban accommodations.

The construction industry ranks third among the 14 major sectors in terms of direct, indirect and induced effects in all sectors of the economy.

It is also expected that this sector will incur more non-resident Indian (NRI) investments in both the short term and the long term. Bengaluru is expected to be the most favoured property investment destination for NRIs, followed by Ahmedabad, Pune, Chennai, Goa, Delhi and Dehradun.

Market Size

The Indian real estate market is expected to touch US$ 180 billion by 2020. The housing sector alone contributes 5-6 per cent to the country’s Gross Domestic Product (GDP).

In the period FY2008-2020, the market size of this sector is expected to increase at a Compound Annual Growth Rate (CAGR) of 11.2 per cent. Retail, hospitality and commercial real estate are also growing significantly, providing the much-needed infrastructure for India’s growing needs.

Private Equity (PE) investments by domestic and international investors in the Indian realty market declined 30 per cent year-on-year to US$ 2.5 billion across 48 deals during January-September 2016.

Over April-June 2016, India’s office space absorption grew 46 per cent year-on-year to over 10.2 million sqft, primarily led by Delhi National Capital Region (NCR) and Bangalore, which accounted for almost 50 per cent of the total space take-up. On the supply front, over 7 million sqft of fresh office space was added during April-June 2016, led by Hyderabad and Mumbai, accounting for more than 65 per cent of the total supply of fresh office space across leading cities during the quarter.@

Mumbai is the best city in India for commercial real estate investment, with returns of 12-19 per cent likely in the next five years, followed by Bengaluru and Delhi-National Capital Region (NCR). Sectors such as IT and ITeS, retail, consulting and e-commerce have registered high demand for office space in recent

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