India is primarily an agricultural land and it remains as the number
one source of employment in the country. However, the second largest
employer in the country is the real estate sector. The real estate
sector has a significant contribution towards the GDP of the country and
is expected to be an average 10 percent this year. The dark seasons are
behind after the recent global recession and the real estate sector has
begun to see bright days with good growth prospects. Reports from Jones
Lang LaSalle firm indicate that the economic recovery during the recent
years is likely to invigorate the Indian real estate market with
foreign investments. Medium to long term significant investments are
expected in the coming years. Growing economies like China, India,
Brazil and Russia are expected to make a strong comeback in the real
estate market when compared to regions like US and UK.Further reports from Jones Lang LaSalle indicate that the Indian property market is expected to experience an upswing over the next 5 years reaching upto US $ 12 billion investments. An estimated 150 million square foot of office space will be used by the IT and ITES companies. The retail market sector would have a heavy share in procuring space as well. The retail market sector would be in need of more than 200 million square foot of space. It is a massive growth scale and the Tier I and Tier II cities are expected to be consumed with property development. Further exciting news in the real estate sector is the plan to open over 100 malls occupying several million square feet of space all over India.
The construction industry has been making tremendous profit in the construction business when compared to developed nations like US. Infact, the construction business is making double the profits of what US would make. Foreign investors are grown confident in investing in India and there has been an increase of 400 percent in the last six months.
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