Interesting Facts About Indian Real Estate
India's real estate sector is full of intrigue. With its world-renowned iconic structures and the ever-changing market dynamics, it keeps buyers all across the world interested. In case you are one of those who like to keep themselves abreast with the knowledge of this sector, we list some key facts for you.
Going online: Did you know, the internet is the most preferred medium of home search in India? With over 462 million internet users, India is the second-largest online market in the world. Of these, 20 million Indians search for homes online every month. Almost 53 per cent of the total real estate transactions in India is influenced by the internet.
Huge employment opportunities: The real estate sector, after agriculture industry, is the second-largest employer in the country. The sector is expected to grow at a rate of 30 per cent over the next decade. At present, housing contributes five to six per cent to the country's gross domestic product.
Asia's second-largest residential colony: Kankarbagh in Patna is Asia's second-largest residential colony, 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.
World's second-highest number of households: There are about 248,408,494 households in India, second only to China. This staggering number is even more than the population of half of the world's countries.
Lying vacant: In 2015, there were around 10.2 million houses in India that were lying vacant.
From kutcha to pucca: In 1961, 13.3 per cent of the houses were concrete structures. This number rose to 77.5 per cent in 2011.
Ever-growing market size: According to a report released by India Brand Equity Foundation (IBEF), the Indian real estate market is expected to touch $180 billion by 2020. In the period FY2008-2020, the market size of this sector is expected to increase at a compound annual growth rate (CAGR) of 11.2 per cent.
Investments pour in: The Indian real estate sector witnessed a total of $24.188 billion foreign direct investment (FDI) from April 2000 to March 2016. Total cumulative inflows in the construction development sector accounted for 8.4 per cent of total inflows into the country.
The rising demand: The demand for urban housing in India is estimated to be 4.2 million units during 2016-2020 across top eight cities. The highest demand will be in the National Capital Region, contributing nearly 24-26 per cent to the total demand.
Facts about Indian architecture
World's most expensive house: Mukesh Ambani's mansion Antilia, located at Mumbai, is the world's most expensive house. The 27-storeys structure was built at a cost of $1 billion. It is also country's tallest independent residence that can withstand earthquakes of magnitudes up to 8.0 on the Richter scale.
The floating pillars: The Veerabhadra 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.
A symbol of jealousy: 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.
Facts about key markets
Expensive office space: Delhi's Connaught Place is the seventh most expensive office space in the world. The prime occupancy cost of property here in the national capital's central business district stands at $149.71 per square foot (sqft).
Getting bigger: Since 1947, houses have become more spacious, even in cities like Mumbai.