Business Daily from THE HINDU group of publications
Tuesday, August 5, 2008
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Business Daily from THE HINDU group of publications Tuesday, August 5, 2008 ePaper | Mobile/PDA Version | Audio |
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Update at 1900 hrs (IST)
Industry FDI in real estate may touch $25 bn in 10 yrs NEW DELHI: Foreign direct investment in the country's real estate sector is likely to rise to $25 billion in the next 10 years from the current $4 billion, even as the industry faces a slowdown in the short term due to rising interest rates, an Assocham study said. “Despite real estate market confronting a temporary depression with real interest rates hovering between 12-16 per cent, FDI in real estate market would increase by about $21 billion to touch $25 billion in the next 10 years,'' said industry chamber Asso cham. At present, the domestic real estate market is estimated at $15 billion, of which FDI contributions are about $4 billion. “In future, higher interest rates would subside with India scaling a GDP growth of over 10 per cent for at least a decade, and crea te a huge space for overseas investors in its real estate sector,'' Assocham President Sajjan Jindal said. The sector would grow larger as the IT sector alone is expected to require about 200 million sq ft of space across the major and large townships, it added. It is also estimated that in India's residential sector, housing shortage is around 20 million u nits. About 100 million sq ft is likely to be added by end of 2008 from over 300 mall projects. - PTI
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