Realty space demand to cross 1,000 m sq ft by 2012 in India

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Mumbai, Sep 24 (UNI) The pan India demand for real estate was expected to cross 1,000 m sq ft by 2012, according to a Real Estate Investment report.

The report, released today by Cushman&Wakefield, said the demand covered segments across office, retail, residential and hospitality sectors, with the residential sector, which was driving the industry, likely to have a demand of 687 m sq ft, contributing 63 per cent throughout.

The report said despite the expected slowdown in the office market, the demand for commercial space was projected to be 243 million sq.ft, which is around 22 per cent of the total demand projections for the next five years. The retail and hospitality segments are expected to constitute 95 million sq ft (nine per cent) and 73 million sq ft (six per cent) of this total demand, respectively.

Anurag Mathur and Sanjay Dutt, Joint Managing Directors, India, Cushman&Wakefield said in the release that the world wide economic slowdown is definitely impacting the real estate sector across the world and India alike. Fortunately this slowdown is unlikely to last beyond the next two to three years.

In the long-term strong demand for real estate in India will remain intact and will probably see us through another real estate cycle.

A dynamic workforce, liberalised economy, robust demand for real estate across sectors are key factors for making the Indian market in the coming times more reliable for investment, especially in the real estate sector, they added.

UNI VK RN NP1944

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