MyPropertyIndia.com, new India property based portal from Realty Solutions Pvt Ltd.

Dec. 11, 2006 – Agra, Uttar Pradesh, December 11, 2006: The ongoing growth of the India property market is all set to continue. This is according to a recent report prepared by ‘Ernst & Young’ – ‘Indian real estate: opportunities and returns’, as part of a study, initiated by ‘Federation of Indian Chambers of Commerce and Industry’ (FICCI), on the eve of its annual real estate summit, 2006. Following are some of the key findings of the report,

· According to United Nations Population Division, India’s urban population will grow at 2.5% per year for the next 25 years and will touch 600 million by 2030.
· According to the Planning Commission there is already a shortage of 9 million dwelling units in urban areas and as per the estimates of ‘The Asian Development Bank’, India will need up to 10 million new housing units per year by 2030.
· IT and ITES sector are expected to grow at more than 30%. That means there will be a demand for additional 367 million sq ft of office space during 2012-13.
· By the end of 2008, another 66 million sq ft of retail space will be added in the eight largest Indian cities, and 13 million sq ft in the next seven largest cities.
· According to the Ministry of Tourism, by 2010 India will have 2.9 million hotel rooms compared to 1.2 million available at present.

This optimistic India property scenario is undoubtedly the result of booming IT and ITES sector, 8.1% economic growth during the last fiscal year (2005-06), industry focused governmental policies and an overall feel good atmosphere in the Indian capital market. Another crucial factor that we cannot afford to miss is the government’s decision to allow 100% ‘Foreign Direct Investment’ or FDI in the India property business. According to the `Study on Future of Real Estate Investment in India’ carried out by ‘The Associated Chambers of Commerce and Industry of India’ (ASSOCHAM), the future of FDI in India property market seems to be optimistic. The following data table will prove to this point,

Year FDI in India (in US$ billion) Share of real estate in FDI
2003-2004 2.70 4.5%
2004-2005 3.74 10.6%
2005-2006 5.54 16%
2006-2007 (Estimated) 8.00 26%

As per this report, Indian real estate market is presently growing at 30% per annum. The domestic real estate market, which is presently estimated at US$ 16 billion, will increase by over 3½ times and touch US$ 60 billion by 2010.

So, for the international as well as domestic real estate investors, this is possibly the best time to invest in the India property market. The recently launched MyPropertyIndia.com is a comprehensive portal to help all those willing to buy India property. Whether they are buying it for their personal or commercial use or they want to make a profitable investment, the site will provide them with key information of the properties available in the Indian real estate market.

For further details contact at,

Realty Solutions Pvt Ltd.
Contact Person: Varun Khanna
PO Box 1064, Agra- 282001 (Uttar Pradesh)
Email – support@mypropertyindia.com
URL – http://www.mypropertyindia.com/

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