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With the nimble expansion in the information technology industry and the simultaneous growth of its middle class has made India's property market to drive crazy. Day by day the prices of Commercial Land in India is rising towards sky, experiencing a boom in Marts, Market Plazas, Malls, and Shopping Complexes with the International brands making their presence felt in India in a big way along with new local Retailers 18 million square feet commercial land was raised in the year 2004. In the current year, 23 million square feet of new space will be bought up in the market, and by the time of 2009, according to the global real estate services providers, the numbers will go up to 50 million.
The building growth is very slow compared to the neighbour country like china where 25 million square feet of commercial and 200 million square feet of residential space will be built this year in Beijing alone. However, if the Indian government reduces the wall of restriction and regulations, in no time India can match its development along with China. The hotspot cities like Bangalore, Bombay, Hyderabad, Madras, and Gurgaon, a suburb of New Delhi have been constantly flooded by the technological giants and have turned out to be a technological growth centres. The real estate thunder has also hit the cities like Pune in the west, Jaipur and Chandigarh in the north, and Kolkata in the East.
As per the recent studies, the India's commercial and residential real estate market value is crossing $50 billion now, and a 25 % annual growth is expected. When compared to the rental income from various countries like 9% in China and 5% to 8% in developed markets of the world, it is a rocking 12% in India. No one doubts, though, that there is a real need for new construction to keep pace with India's muscular 7% economic growth