#WeeklyNewsRoundUp: Indian Realty Market To Touch $1 Trillion By 2030, Says Report
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According to a recent report, the Indian real estate market is expected to touch $1 trillion by 2030, becoming the third-largest globally. The report by KPMG, which was prepared in association with developers’ body Naredco and the Asia Pacific Real Estate Association, says that the sector is estimated to grow to $650 billion by 2025 and surpass $850 billion by 2028 to touch $1 trillion by 2030. The report also notes that India has consistently improved its ranking in global real estate since 2014, boosting investors’ confidence.
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The Haryana government will develop five new cities over an area of 50,000 hectares on each side of the Kundli-Manesar-Palwal (KMP) expressway. The expressway, which will provide an alternative route to vehicles to go towards Uttar Pradesh and Rajasthan without entering Delhi, is likely to be completed by October.
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The planning body of the Delhi Development Authority (DDA) has approved a proposal for a six-lane flyover in the city that will make a stretch of road signal-free from a section of a national highway to the GT Road. The proposed flyover will make Road Number 56 signal-free, from the National Highway-24 (the Ghazipur intersection) to the GT Road (the Apsara border) .
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Embassy Office Parks on September 24 filed documents with the Securities and Exchange Board of India (Sebi) to launch the country’s first real estate investment trust. Embassy Office Parks, a joint venture between US private equity company Blackstone Group and Bengaluru-based realtor Embassy Group, plans to raise over Rs 5,000 crore through the REIT, which is also the second-biggest in Asia in terms of square footage.
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In a global ranking of 300 fastest-growing and best-performing metro areas, India’s national capital has ranked sixth, right behind Beijing. According to a Brookings study titled Global Metro Monitor, the cities that top this list are Ireland’s Dublin, San Jose in the US and China’s Chengdu, in that order. Hyderabad, Surat, Mumbai, Bengaluru and Chennai have also found a mention in the list.
Source: Media reports