Indian Realty to grow by 33% by 2010
Indian property market is likely to grow at 33% between by 2010. There is a significant increase in its market size from $12 billion to $50 billion. Total housing spend is likely to grow at a CAGR of 18.60% from Rs 171,800 crore in 2005 to Rs 403,400 crore in 2010.
With properties in Bangalore, Hyderabad, and Chennai zooming upwards, other Indian cities are also surrendering to the allure of booming real estate market.
Needless to mention is the support and the boost given by the IT/ITEs companies, with a capital flow into commercial real estate in these cities over the next three years estimated at more than Rs 23,200 crore.
Bangalore had the highest absorption of land at 11.5 million square feet, and Hyderabad emerged as the main competitor to come ahead with Bangalore.
Following in footsteps of Mumbai and Pune, the real estate market of Mysore will help the city to become a twin city to Bangalore. Southern states continue to lead in economic performance due to the IT industry.
