This report provides a comprehensive insight on all aspects of the Indian real estate sector. It contains a description of the regulatory framework, trends and growth drivers and draws a picture of the macro-environment of the real estate industry in a PEST framework. The report also lists both institutional and private players like DLF, Ansal Properties and Infrastructure, Omaxe Constructions, RMZ Corporation, Appaswamy Group of Companies, Rungta Group, Merlin Group, Hiranandani Group, Kalpataru Group and K Raheja Group. It provides a comparison of the Indian real estate market with major cities in the Asia-Pacific region.The report covers the residential and commercial real estate markets of major Indian cities like Mumbai, Delhi, Bangalore, Chennai, Hyderabad, Kolkata and Pune.
Executive Summary
The rapidly growing real estate market in India is moving towards maturity with increasing participation from large local and international players, rising investor interest and a market-friendly approach.
The government’s decisions to allow 100% foreign direct investment (FDI) and the entry of venture funds in real estate are expected to add to the growth momentum created by affordable financing options and rising disposable incomes. Further, there are indications that obstacles such as the absence of investment instruments in real estate are likely to be removed. Already, real estate mutual funds have been allowed to be floated in a move industry observers believe will pave the way for the setting-up of Real Estate Investment Trust-like structures.
Apart from the IT sector, demand for commercial space is also expected to be driven by the special economic zones, large retail formats and warehousing.
The real estate market is likely to touch US$xx by 2008, up from US$16 billion in 2004-05.It is estimated that private equity funds would invest about US$xx in the country’s real estate sector between 2006-2008, attracted by yields that are among the highest in the region. In mature markets of advanced countries, developers can at best hope for 5-7% return, but in India, real estate investment yields are in the range of xx%.
The widening demand-supply gap for international quality real estate space in the A-grade cities like Delhi, Mumbai, Chennai, Bangalore, Hyderabad and Kolkata has created a spillover demand in smaller cities. The mounting pressure has raised prices of both residential and commercial properties in these cities.
A look at the demographics and economic development indices suggest that residential and commercial demand can be expected to remain high. Increasing disposable incomes, affordable home loans, urbanization and the emergence of a younger earning age group (aged between 25-45 years) as the largest constituent of population will sustain demand for housing.
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