New Delhi: About 294 million sq ft office property in the country may be tied to REITs in the near future and has the potential to create great value for developers and retail investors, says a report prepared by NAREDCO and consulting firm KPMG.
The logistics and warehousing sector will attract Rs 70,000 crore investment in the next five years and about 200 million sq ft space addition is slated in the country supply to be doubled by 2022.
The retail space addition in 2019 will be three times of the space added in 2018. About 10 million sq ft will be added in 2019.
The hospitality segment will see investment of nearly Rs 20,000 crore investment by 2022 and additional 32,400 hotel rooms will be added in the top seven cities in the country.
The report titled ‘‘Disruptions in real estate in India’ was relased today at the 15th National Convention of NAREDCO- Housing for all 2022 being organized in the Capital.
“As we know that the real estate sector is one of the key economic driver for rising GDP growth and multiplier job creation effect, it’s quick revival is imperative for the growth traction of India”, said Niranjan Hiranandani, President, NAREDCO.
“The real estate sector is steadily switching to newer technologies that are improving market access, competency, quality, timely and assured deliverables and a better consumer experience,” said Rajeev Talwar Chairman NAREDCO.
“Disruptions are inevitable and they have arrived in Indian real estate and construction industry. Businesses willing to adopt and adapt to the new trends and technologies will be geared to succeed in capitalising the opportunities emerging from these disruptions.” Chintan Patel, Partner and Leader, Building, Construction and Real Estate, KPMG in India.