Real estate sector to improve in 2013
The year 2012 was tough for the Indian real estate sector because of the economic condition and higher construction costs. But 2013 is expected to see an improvement in economic climate and the real estate sector.
Anuj Puri, Chairman & Country Head, Jones Lang LaSalle India, a real estate consultancy, said that the Indian real estate will see an upward growth in the second half of 2013.
Foreign direct investment (FDI) in multi-brand retail got an approval which will benefit the retail industry and will also boost the demand for commercial real estate. Projects sold well in areas such as Noida, Navi Mumbai and Bangalore were priced in the range of Rs 4,000-5,500 per sq. ft. Projects in the range of Rs 16,000-19,000 per sq. ft. in Central Mumbai, too, sold well.
Recently Reserve Bank of India allowed real estate developers and housing finance companies to raise up to $1 billion through external commercial borrowings. The Real Estate Regulation Bill and the Land Acquisition Bill is likely to make 2013 a much better year in comparison to the last year.
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