18 Facts and Figures about Indian Real Estate

 

  • Real estate is the 2nd largest source of employment after agriculture in India. It accounts for about 10% of the nation’s GDP and is slated to grow at 30 per cent over the next decade.

 

  • The Indian real estate market is expected to touch US$ 180 billion by 2020.

 

  • Mumbai is the best city in India for commercial real estate investment, with returns of 12-19 % likely in the next 5 years, followed by Bengaluru and Delhi-National Capital Region (NCR).

 

  • Delhi’s Connaught Place is World’s 7th Costliest Office Market Space.

 

  • The Government of India has brought into force the Real Estate (Regulation and Development) Act, 2016 on May 01, 2016, which is aimed at making necessary operational rules and creating an institutional infrastructure for protecting the interests of consumers and promoting growth of the real estate sector in India.

 

  • Delhi’s Khan Market ranked India’s most expensive retail location.

 

  • India’s Prime Minister Mr Narendra Modi approved the launch of Housing for All by 2022. Under the Sardar Patel Urban Housing Mission, 30 million houses will be built in India by 2022, mostly for the economically weaker sections and low-income groups, through public-private-partnership (PPP) and interest subsidy.

 

  • Indian real estate market will be a world leader by 2030.

 

  • Indian Government has approved 100 upcoming smart cities in India.

 

  • 33% of Indians live in less space than US prisoners

 

  • India is home to the most expensive house in the world – Antilia, owned by Mukesh Ambani which is valued at $2 billion and is 12th most expensive building in the world. Antilia is deemed the 2nd most expensive residential property in the world after the Buckingham Palace.

 

  • In 2012, a 10 storey building was constructed in a span of 48 hours in Mohali, India

 

  • Prime property in Delhi’s Lutyens’ Zone and Mumbai’s Nariman Point are as expensive as real estate in New York or London.

 

  • The Mattancherry Palace in Kochi has floors made of egg white, buttermilk and jaggery, though not exactly made of bread. It has an appearance similar to that polished black marble. This is the only palace in India which has such flooring.

 

  • In 2015, there were around 10.2 million of houses lying vacant in India. This is true in other countries, too. Similarly, US has five times as many vacant homes as there are homeless people.

 

  • Veerabhadra temple also known as Lepakshi temple in Andhra Pradesh is famous of its Aakaasa Sthambha (floating pillar). This pillar hangs from the ceiling and is not grounded to the floor.

 

  • The Victoria Memorial in Kolkata is a symbol of jealousy. The British built it to prove that they can create a monument that is greater than Shah Jahan’s Taj Mahal.

 

  • India houses Asia’s 2nd largest residential colony by population wise i.e. Kankarbagh, Patna is a neighborhood and residential area which is spread over an area of 900 acres. It has all the facilities of a mini-township including a sports facility, several restaurants, a park and multiple schools, hospitals and shopping complexes

SOURCE – INDIA PROPERTY NEWS MAGAZINE

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