Realtors line up Rs.2,54,000cr investment for fiscal

India's real estate sector is estimated to have a total supply pipeline of about 3.6 billion sq ft lined up for completion during the current fiscal, CBRE and CREDAI in recently released research report titled "Assessing the Economic Impact of India's Real Estate Sector", said adding that this will require an estimated investment of Rs 2,54,000cr and will help generate revenues worth Rs 3,70,000cr and provide employment to about 7.6 million people across the country during the fiscal. The total contribution of the real estate sector to the national GDP has been estimated to be about 6.3% during the fiscal. The report, which gives a broad view of the extent of economic opportunities generated by the real estate and construction sector in the country, claimed that 98% of the targeted space concentrated in the residential segment.

It also made a mention that the Indian real estate and construction industry is an integral part of the economy and plays an important role in the development of the country's infrastructure base and is one of the largest generators of economic activity. The construction sector has strong linkages with various industries such as cement, steel, chemicals, paints, tiles, fixtures and fittings. The potential for development and growth in the real estate sector is tremendous and it is expected to generate over 17 million employment opportunities across the country by 2025, thereby making a significant contribution to the GDP, said Chairman and MD, CBRE South Asia Pvt. Ltd, Anshuman Magazine. Echoing his view point Chairman, CREDAI and CMD, Kumar Urban Development Ltd., Lalit Jain, said that the report portrays the conservative status of the sector's contribution. For the first time a detailed attempt has been made to give facts on its importance in terms of GDP, industrial production employment opportunities as the sector offers huge potential to accelerate GDP growth if reforms are implemented properly.