Real Estate Business in India
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A crucial factor behind over all development of any country is considered to be
mostly depending on the accelerated growth rate in real estate sector. Dynamic patterns
of using land and its multi diverse practices have enabled the economic growth more
vibrant than the decade went past. Both commercial and residential properties are
more in functional practice to make rapid economic growth of the country easier.
Further the development of commercial properties has played a significant role in
our GDP growth in recent times.
Commercial property is like any type
of property that is commercially used to make profit. The central point of commercial
property is targeted towards economic and business activities. Commercial property
is always meant for business purposes and revenue generation. Commercial property
is a real estate specially designed for commercial, industrial and institutional
activities.
A wide variety of real estates included into commercial properties that are specially
used for business and industrial activities. All types of apartments, office buildings,
commercial centers, shopping malls, warehouses, institutional buildings and distribution
facilities come under the category of commercial properties. Real estates used for
scientific research and development activities are also considered as commercial
properties.
There are several major elements responsible for such mushrooming growth in commercial
real estate sector. Service sector with high growth rate and IT sector, increasing
multi-level economic activities and higher public-private participation in industrial
sectors are some of the basic reasons behind booming commercial properties in India.
Led by mushrooming information technology industry and organized retail, Growth
in commercial office space requirement is increasing day by day. For example, Information
technology (IT) and ITES alone is estimated to require 150 million square feet across
urban India by 2010. In a similar way, the organized retail industry is likely to
require an additional 220 million square feet of land by 2010.
Summary:
Real estate sector in India is witnessing
a new revolution that is driven by favorable demographics, the booming economy and
liberalized foreign direct investment (FDI) regime. Growing at a rate of 30 per
cent, it has emerged as one of the most attractive investment areas for domestic
and foreign investors as well.
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