India s realty industry scrapes the sky
A decade ago, Noida was little more than a scrubland just outside Indias national capital, New Delhi. Today, it is a booming township with unending concrete structures and is home to several multinationals. This metamorphosis of Noida in many ways symbolises Indias booming realty industry, estimated at $15 billion, and growing at a whopping 35 percent annually. The real estate scene in India has undergone a sea change in the past four years, said Venugopal N. Dhoot, president of the Associated Chambers of Commerce and Industry (Assocham), one of Indias three leading industry lobbies.
Growing economy, greater integration with the global economy and increasing domestic and foreign investment are creating demand for residential, official and retail space to propelling the realty industrys growth, Dhoot told IANS.
That is apparent from the number of high-rise buildings dotting the skylines of Indian cities with more than a thousand developers busy with construction works across the country.
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