Investment in real estate decreases 65% in 2013
The Indian real estate market witnessed a drop in the investment in 2013. As per the report titled Investment Market beat 2013 by property advisory Cushman and Wakefield, investment in Indian real estate market decreased by 65 percent in 2013.
The report also concluded the investment in the hotel industry have decreased the most by 87 percent while in land sector the investment decreased by 71 percent and the investment in the office space saw a decrease of 77 percent.
In terms of the value of investment, nearly $1.2 billion was invested in the real estate sector in 2013, out of which investment in land sector was the maximum at $838 million. The hotel segment received nearly $11 million in investments.
The real estate sector in current time is experiencing uncertainty because of not so robust political environment and adverse macro factors. Many blame that the upcoming elections are responsible for this.
The group has launched more than 14 million sq ft in the last financial year and is recently developing more than 60 million sq ft in all segments.
The hotel developers share the opinion that due to the slow economic growth the tourism industry has affected the most.
Mr. Deepak Sarin, chief operating officer of JHM Interstate India Hotels and Resorts, says that the project capability has become of paramount importance. The JHM is busy in design and construction of hotels all over India.
Source: Live Mint
Cushman and Wakefield investment, Deepak Sarin, Hotel industry, Hotels, India, Investment Market beat 2013, Irfan Razack, JHM Interstate India Hotels and Resorts, Land sector, Prestige Estate Projects Ltd, Real-estate market, Tourism industry, Upcoming elections
