The surge in economic activity over the last four years has put India into a high growth orbit. Economic growth has gone up to over 9 percent per annum and the savings rate has crossed 32 percent, which used to be in the range of 22-25 percent till 2003. Investments in the economy have also gone up to around 34 percent. All this had a salutary effect on the real estate sector too. Consultants and economists feel that if savings and investments continue at the present level, India?s high economic growth will sustain over the medium term.
This high economic growth has already catapulted Indian real estate sector to a great high ? real estate consultants, however, are holding out an even brighter future, saying there will be more action in the sector than what has been witnessed in the last couple of years, if India continues its forward march at the current pace of over 8 percent growth.
According to government of India estimates for the 11th Five Year Plan, the pan-India housing shortage, as on 2007, is 24.17 million units. Also, the global consultancy firm Knight Frank in its latest review of residential market outlines some key factors lending momentum to the Indian housing sector. The Indian population in urban areas, currently less than 30 percent, is expected to rise to 40.7 percent by 2030.
Source: Prabhakar Sinha The Times of India (Delhi edition)<< BackTop
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