Biotechnology now to make headlines in Indian Realty
The biotechnology industry will need around 100 million sq ft of space, says the report. The real estate is believed to benefit a lot by the development of biotech parks and manufacturing units, says the report.
At present, there are six biotech parks in India and around 19 are to be developed. Indian realty is growing at fast pace and also attracting large investments. Its market size is currently a $12 billion (Rs 47,880 crore). The biotechnology industry is giving a push to the demand for quality commercial spaces. The estimated demand from the technology sector alone is likely to be 150 million sq ft of space by 2010.
The overall investment in the sector has grown from mere $ 137.2 million in 2003 to $366 million in 2006. A large part of investment in the biotechnology sector goes towards setting infrastructure facilities and development centers. The majors in the field are planning to tap the potential of cities like Hyderabad, Bangalore, Chennai, Mumbai, Pune, and National Capital Region.
India has become one of the most sought after destinations as far as real estate investments are concerned. Next, it is to become a hub of biotechnology industries, adds the report. It is among the Top 6 upcoming biotech leaders in Asia-Pacific alongside Singapore, Taiwan, Japan, and Korea.
