CREDAI and CBRE report predicts a bright future for Indian real estate in the next 10 years
CREDAI and CBRE report reveals that key factors like India’s economic transition, workforce expansion and urbanisation will boost investment opportunities in real estate sector. This will prove vital in the growth of housing, office, retail and warehousing space.
In a joint report released at a real estate conference held at Israel, property consultant CBRE said that the sector would expand tremendously by 2030 with new asset classes such as co-working, co-living, student housing and real estate investment trusts (REITs) dominating the real estate industry.
The report revealed that office space stock will touch one billion sq. ft. by 2030. Flexible workspace will account for 8 to 10 percent of the total stock. The retail shopping centre stock is projected to cross 120 million sq. ft. by 2030. Warehousing stock, on the other hand, could touch 500 million sq. ft.
According to the report, residential real estate can scale to almost double from the current stock of 1.5 million units in key cities by the next decade. The report stated that as the Indian economy transitions and its workforce expands, it will offer vast development and investment opportunities for the real estate sector.
The report disclosed that the growth of cities is going to further influence the country’s built environment. Also, technology, demographics and environmental issues will become the new value drivers.
CREDAI President Satish Magar said that India is still a high-priority market for long term growth potential. The increased investment flows since the last few years is evidence enough.
Anshuman Magazine, Chairman and CEO, India, South East Asia, Middle East and Africa, CBRE, said that with positive policy reforms and emergence of a strong workforce, the momentum of India’s economic growth is steady and it will only grow stronger in the next 10 years. He said that investment, improved governance, human capital upgrade, improved connectivity, infrastructure enhancement, strengthened institutions, policy reforms and integrated sustainability of the entire ecosystem will prove vital in facilitating this growth trajectory.
Source: Business Standard
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