Thanks to the rapid urbanization, expanding workforce, and emergent economic status of the country, India’s real sector will only be on the rise for the next few upcoming years, says recent survey report by CREDAI and CBRE. According to the report, all these factors collectively will contribute towards creating better investment opportunities in the sector – be it residential, commercial, retail or logistic properties.
Both the key bodies have stated this in a recently released joint declaration. World’s largest commercial real estate services and investment firm, CBRE forecasted that the sector would see remarkable development by the year 2030. They said the new asset classes of the likes, student accommodation, co-working, co-living and an obvious, real estate investment trusts (REIT) is sure to aid the growth, even more.
As far as the commercial land is concerned, 1 billion sq ft is assumed to be captured by the office spaces – out of which eight to ten percent will be of the new-wave in the commercial property sector called, the co-working spaces by the year 2030.
On the other hand, the report estimated the space stock for retail shopping sector to be approximately 120 million per square feet until the said year, and the warehouses would occupy 500 million sq ft of the entire stock.
Now looking at the imperative one, the residential property stock is likely to get all ‘doubled-up’ – courtesy high demand of mid-level and affordable housing – from the current 1.5 million units across major cities, says the reports. It further states, “As the Indian economy transitions and its workforce expands, it will offer vast development and investment opportunities for the real estate sector.”
No wonder such speedy expansion of the cities will have a holistic positive impact on the country’s built environment; resulting into a nation that is better in terms of technology, demographics and overall ecology, said the report.
"India continues to remain a high-priority market for long term growth potential as is evident from the increased investment flows in the last few years”, opinionated Satish Magar, CREDAI President, on the report.
Chairman and CEO, India, South East Asia, Middle East and Africa, CBRE, Anshuman Magazine reacted as: "In the wake of positive policy reforms and the 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.”
According to Anshuman, some other factors that support this trajectory of growth are investment, improved governance, human capital upgrade, improved connectivity, infrastructure enhancement, strengthened institutions, policy reforms and integrated sustainability of the entire ecosystem.