$102 billion realty market by 2010
Source Business Standard:
- Indian real estate market is expected grow from the current level of $14 billion to $102 billion in the next 10 years, according to Shyam Prasad Reddy, managing director and chief executive officer of Indu Projects Limited.
- Reddy said that reforms initiated by the government, favourable demographics, increasing purchasing power, emergence of customer friendly banks and housing finance companies would fuel the growth rate of the real estate sector in the country.
- Reddy said that the shortage of 19.4 million housing units, including 6.7 million units in urban India, and mushrooming of retail projects would provide a huge opportunity for domestic as well as global infrastructure players in the country.
- He, however, pointed out that Indian real estate industry was ailed by lack of transparency and credibility, an acute shortage of data and academic research and a lack of uniform laws and regulatory systems.
- Emphasised the need for more clarity and professionalism, particularly in the light of foreign funds and investors eyeing the Indian real estate market.