Reduction in the realty segment is likely to overturn shortly as interest rates are becoming affordable. In the Globoil India Conference, Chairman of Godrej Group said to www.propertykhazana.com that, “Land market is at the bottom and may retain with annual growth of 20% per year. When interest rates comes down it surely flourish. People are ready to take mortgages which were growing quickly in the market. The mortgages market had hiked a 100 times high during the year 1999-2008.”
He also said that, “Almost 80% of land development is housing lands. Also, IT and IT-enabled services are driving commercial space. The input in infrastructure and retail segment was also having growth in the land development segment.” He even said that, I am happy on the agri segment. India has big acre able property after USA and it is bigger than China and Russia. But, India’s eastern part is underdeveloped as compared to its Western parts. Quality desired to be largely upgraded in the infrastructure space and still some works have to be done in ports and airports sectors.
For more updates on real estate markets browse www.propertykhazana.com.
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