Realty mkt size to triple in 3 years: Industry body
THE size of the Indian real estate market is expected to more than triple over the next three years to Rs 200,000 crore, a senior industry official said on Tuesday. The emergence of IT and ITeS, pharma, nanotechnology and retail sectors have made a big impact on the real estate industry. The size of the realty market is currently estimated at Rs 60,000 crore and is expected to reach Rs 200,000 crore by 2010, Builders Association of India vice-president Cherian Varkey said at a seminar here. The current boom period has prompted many realty companies to list on the bourses. In the last few months, initial public issues of Sobha Developers, Akruti, DLF and Parsvnath were oversubscribed and these companies raised roughly Rs 20,000 crore from the capital market, he said. Pointing out that there had been a slowdown in the real estate market, he said the present stagnation would be only for a shorter duration as incomes of all classes were rising. By 2008 or in the next 10-12 months, this phase is likely to be over, he said. Real estate investment in India has been providing excellent returns and capital appreciation to investors over the last five years, Kerala Chamber of Commerce and Industry vice-president Najeeb Zacheria said.