Real Estate's share in GDP at 6.3%

According to a report, The contribution of the real estate sector to India's GDP (Gross Domestic Production) has been estimated at 6.3% in 2013, and the segment is expected to generate 76 lakh jobs in the same period,

"The Indian real estate and construction industry is an integral part of the economy & plays an important role in the development of the country's infrastructure base and is one of the largest generators of economic activity," the report by global property consultant CBRE said.

Highlights of CBRE Report..!

*  Assessing the Economic Impact of India's Real Estate Sector, was released by Minister of Housing and Urban Poverty Alleviation Ms. Girija Vyas at the inaugural session of Natcon 2013 in Moscow, the flagship real estate event of Confederation of Real Estate Developers' Associations of India (CREDAI).

* India's real estate sector is estimated to have a total supply pipeline of close to 360 crore square feet lined up for completion in the year 2013, with about 98% of this being concentrated in the residential segment.

* The potential for development and growth in the real estate sector is tremendous. It is expected to generate more than over 1.70 crore employment opportunities across the country by 2025, thereby making a significant contribution to the GDP.

* The total economic footprint generated by construction of this real estate pipeline will require a total investment of about Rs. 2.54,000 crore, it said, adding that it will help generate revenues worth Rs. 3.70,000 crore and provide jobs to about 76 lakh people across the country in 2013.

 Anshuman Magazine, Chairman & MD, CBRE South Asia Pvt Ltd  said."The total contribution of the real estate sector to the national GDP has been estimated to be about 6.3% in 2013 alone" .

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