Evolving Landscape of Real Estate: Beyond Traditional Boundaries
Traditional real estate sectors like residential, commercial, retail, and integrated townships are poised for a transformation. Emerging trends indicate a shift towards specialized areas such as medicities, hospitals, logistics and warehousing hubs, airport or port-centric business districts, mass housing projects, slum rehabilitation initiatives, and educational infrastructure development.
Healthcare Real Estate: A Sector Ripe with Opportunity
The healthcare sector is experiencing remarkable growth, with an annual growth rate of 16%. It is anticipated to reach a substantial turnover of $50.2 billion by 2011. To meet the objective of 1.85 beds per thousand population, a significant investment of $77.9 billion is required. A substantial portion of this investment, approximately $69.7 billion, is projected to originate from private sector stakeholders.
Medical tourism is also witnessing exponential growth. By 2010, medical tourism is expected to reach $1.5 billion. The influx of patients seeking treatment in India has surged significantly in recent years, rising from 10,000 to approximately 150,000 over the past five years.
The Rise of Health Cities in India
India has already seen the initiation of what are known as "health cities." Specifically, the Apollo Group spearheads this trend, developing Apollo Health City in Hyderabad. The medicity houses a 300-bed multi-specialty hospital, reflecting the escalating demand for healthcare infrastructure, also including a total built-up area of 2 lakh sq ft.
Prominent corporate entities such as the Aditya Birla Group and Reliance (ADAG) have expressed keen interest in venturing into health city development. Furthermore, several international healthcare giants, including Harvard Medical International and Cleveland Clinic, have entered the Indian market, signifying the global recognition of this burgeoning sector.
Several foreign groups such as Harvard Medical International and Cleveland Clinic have also entered the country for the same.