| Click here to read India Office Market View Q206 by CB Richard Ellis
"Goldman Sachs now famous 'BRIC' report envisages India as the 3rd largest economy in the world by 2050", "India's growing dominance in the ITES sector with a turnover of Rs.117 billion" , "Indian Company's investing aboard in excess of Rs. 48 billion", "Introduction of uniform PLR", "RBI announcing further reduction in CRR by early 2004", "Revised GDP growth rates of 7.3%", "Stock markets moving on the bouncer track" -Just some snippets of what the India Inc. has witnessed in the last quarter of 2003.
The real estate market saw a continued interest from the investors, developers and occupiers in Q4 2003. Despite the high activity levels, prices remained more or less stable, with only CBD Grade' A' properties in Delhi & Mumbai registering a
marginal decline in the rentals.
A major demand driver in the residential sector has been -economic growth translating into better purchasing power and reduced interest rates on housing loans. While for commercial sector -ITES and Software Development centers have
kept the activity rolling. Developers have been seen gearing up construction activity, especially in the luxury residential and high-end retail sector, not to say that commercial sector is being ignored.
Clearly aware of the unrealized potential in the Indian Real Estate sector, channelizing domestic and foreign investment would provide a significant boost to the economy. And if returns are an indicator to go by Indian market leads the way
churning much higher returns.
Overall, the Real Estate Industry in '02-'03 has witnessed much better activity levels over the previous year and the same trend is likely to continue. But in order to get to higher echelons, reforms would play the key role in transforming the Indian real estate market at par with international level.
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