India a Hot Spot for Real Estate
India is fast emerging as the global hot spot for real estate. The pepped demand comes especially from the IT industry, an industry that is growing at a rapid pace. By the year 2012 – 13 there would be a need of some 367 million square feet for the business process outsourcing and IT industries. These estimates are conservative as they assume that the IT professionals will grow at a rate of 20 % and the need for space requirement would remain at 100 sq. ft per knowledge worker. According to reports the image of India is improving as a regional corporate base for Asian markets. The emerging sectors like biotechnology, telecom, pharmaceuticals and financial services will provide a boost to the demand and expand the occupier base. A study by E&Y and FICCI states that the entertainment segment and commercial retail in 8 large Indian cities will supply around 66 million square feet of new retail space. This supply will be through more than two hundred retail centers that have been 2008.
Tags: Business, india, Real estate