Real Estate

The Indian real estate sector is witnessing a quiet revolution, owing to a flourishing economy and a positive government attitude, which includes a liberalised foreign direct investment regime. The realty sector, which is growing at an amazing 35 per cent, is estimated to be worth US$ 15 billion. It is also expected to grow at 30 per cent annually over the next decade, attracting foreign investments worth US$ 30 billion. This double-digit growth is mainly attributed to the off-shoring business, including high-end technology consulting, call centres and software businesses. The IT and ITES sector is estimated to require 150 million sq ft of office space across urban India by 2010. This will have a domino effect since for every sq ft of developed office area around 10 sq ft of residential space needs to be developed for accommodation of the employees.