The Indian real estate market could become a $60 billion industry by 2010 and a significant economic power, according to a Middle Eastern developer. Abdullah bin Abdulaziz Al Majed, Vice Chairman of Tanmiyat Group, made these predictions prior to his firm's participation in Cityscape India 2008.
Future Outlook for Indian Real Estate
Tanmiyat is among several international companies planning to enter the Indian market after it rebounds from its current downturn. Al Majed cited statistics indicating that the market may expand from $16 billion to a potential $60 billion within two years, with a demand for 21 million new housing units.
Focus on Affordable Housing
"Cityscape India 2008 will highlight the development of residential units for the poor, who comprise 70% of the population, in addition to its primary focus on units for middle-income individuals," said Al Majed.
He continued, "This provides a clear picture of the future of real estate investments and the opportunities available." By attending the show, his company aims to gain a detailed understanding of the Indian market's dynamics.
Cityscape India 2008
Cityscape India 2008, scheduled to take place at the Bombay Exhibition Center from December 8 to 10, is expected to attract over three lacs property professionals and international investors. This event presents a critical platform for global real estate companies to explore opportunities in the burgeoning Indian market.