In all the emerging markets construction and property development is continuously reaching zenith and attracting international investors as well. India has become the most exciting construction and property development market in all over Asia and witnessing a large bulk of Foreign Direct Investment (FDI) in this highly profitable sector.
Due to real estate boom in India, construction sector has seen a huge demand of construction equipments and material. This industry is supposed to grow from US$ 12 billion in 2005 to US$ 90 billion by 2015. Global analysts assume that construction and property development industry is rapidly growing and continues to get an ever-increasing influx of funds.
The booming property development business is expected to add around 66 million square feet retail space in the eight largest Indian cities and 13 million square feet in the next seven biggest cities. Demand of hotel rooms, residential complexes and apartments is rising day by day.
According to the Ministry of Tourism, India will see about 2.9 million hotel rooms compared to today’s 1.2 million by 2010. High demand of living space has attracted numerous investors and builders to add more hotels, building and apartments, as India will need 10 million new houses by the year 2030.
As per the recent studies, Indian property development business has topped the chart with 45 per cent increasing rapidly followed by China at 27 per cent and other South East Asian capitals at 6 per cent. Tourism sector, hotel industries, medical sector, IT sector, corporate sector, retail industry, etc are showing large growth, which has increased the high demand of quality construction material and dedicated manpower. Analysts believe that more than 367 million square feet of office space will be required by 2012-13 to meet the demand. And it will require a large quantity of construction material like cement, bricks, pipes, wires, etc.
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