By Sanjeeb Kumar Sahoo
Like everyone, I too had a dream. It was to bring out a magazine that would solely cater to the whole gamut of an industry which caters to virtually all— Realty Sector. But fulfilling it has never been easy on account of various challenges that I faced while chalking out strategy. But thanks to my wife Late Deepshikha Singh, things moved smoothly.
It was she who has decided to launch an exclusive news portal for Real Estate and infrastructure sector in 2016 as she believed that industry is neglected by media and the government as well. Even as God has taken her from me suddenly one day, I continued working on to publish the magazine as she wished and the result is — The Global Realty — a standalone media platform that can play bigger role for real estate developers, policy makers, central and, states government, home buyers, investors, etc.
With a magazine, which is being launched on my wife’s birthday i.e. 7th November, in my fold, I am confident that I will honestly take forward her project passionately and it will become a worthy voice of industry in the coming months. As the realty industry grows, I hope The Global Realty will continue to serve its stated purpose.
Amitabh Kant, NitiAayog CEO, said recently that the real estate sector plays a multiplier effect in the development of the economy and is expected to reach a market size of USD 1 trillion and contribute 18-20 per cent of the country’s GDP by 2030. Kant further said the Securities and Exchange Board of India (SEBI) has already given its approval for Real Estate Investment Trusts (REITs), which will create an opportunity worth Rs 1.25 lakh crore in the coming years.
Realty sector has huge potential to help nation to becoming a $5 trillion economy in the next five years. As per the report, by 2040, the real estate market will grow to Rs. 65,000 crore (US$ 9.30 billion) from Rs. 12,000 crore (US$ 1.72 billion) in 2019. In India, it is expected to reach a market size that will contribute 13% to the country’s GDP by 2025. Retail, hospitality, and commercial real estate are also growing significantly, providing the much-needed infrastructure for India’s growing needs.
As per various estimates, Indian firms are expected to raise Rs. 3.5 trillion (US$ 48 billion) through infrastructure and real estate investment trusts in 2022, as compared with raised funds worth US$ 29 billion to date. The office market in top eight cities recorded transactions of 22.2 msf from July 2020 to December 2020, whereas new completions were recorded at 17.2 msf in the same period.
In terms of share of sectoral occupiers, Information Technology (IT/ITeS) sector dominated with a 41% share in second half of 2020, followed by BSFI and Manufacturing sectors with 16% each, while Other Services and Co-working sectors recorded 17% and 10%, respectively. Real estate demand for data centres is expected to increase by 15-18 million sq. ft. by 2025.
The article was published on 7th November Print Edition, 2021