India's real estate industry is estimated to have
a total supply pipeline of close to 360 crore square feet lined up for
completion in the year 2013, with nearly 98 % of this being concentrated in the
residential, said a report prepared by CBRE titled "Assessing the
Economic Impact of India's Real Estate Sector".
The report provides a broad view of the extent of
economic opportunities generated by the real estate & construction sector
in India. It described the real estate sector as an important component of the
construction industry.
Mr. Anshuman Magazine, Chairman and MD, CBRE
South Asia Pvt Ltd, said, "The potential for development & growth in
the real estate sector is tremendous. It is expected to generate above 1.7
crore employment opportunities across the country by 2025, thereby making a
significant contribution to the GDP (Gross Domestic Production). However, the
real estate sector does require the
support and encouragement of policy makers in order to achieve its goals."
Mr. Lalit Jain, Chairman, CREDAI and CMD, Kumar
Urban Development Ltd added, "The report portrays the conservative status
of the sector's contribution. For the first time a detailed attempt has been
made to give facts on its importance in terms of GDP, industrial production
employment opportunities.''
As per the report, the total economic footprint
generated by the construction of this real estate pipeline will require a total
investment of nearly Rs. 2,54,000 crore, will help generate revenues worth Rs.
3,70,000 crore, and provide employment to nearly 76 lakh people across India in
2013.
"The
total contribution of the real estate sector to the national GDP has been
estimated to be nearly 6.3 per cent in 2013. Yet, this footprint is restricted
by numerous challenges inhibiting the sector like high borrowing costs, lack of
institutional funding, lengthy approval processes & slow and uneven
infrastructure development,'' the report said.
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