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by IANS |
July 14 (IANS) Keeping up with the growth momentum in the Indian real estate industry, the domestic investors pumped in around $638 million (more than Rs 5,327 crore) in the real estate sector in the second quarter this year, from $127 million in the same period last year. According to data from leading real estate consultant Vestian, institutional investments in the real estate sector surged 96 per cent in the April-June period to $3.1 billion, from $1.6 billion in the same period last year. “The Indian real estate sector garnered significant investments in the second quarter of 2024, dominated by foreign investors as the looming uncertainty over the major economies of the world has faded away,” said Shrinivas Rao, CEO, Vestian. According to the firm, foreign investors had the highest share of 71 per cent of the total investments in Q2 2024. Industrial and warehousing sector reported a single large deal worth $1.5 billion, accounting for 48 per cent of the total investments received in Q2. According to a latest Hurun report, with real estate companies worth $36 billion in 2024, India is accelerating to become the real estate capital of Asia. Residential sales in India are expected to grow 10-12 per cent in FY2024-25, according to the ‘2024 GROHE-Hurun India Real Estate 100’ report. India is projected to add 200,000 km of national highways by 2037, fostering the growth of micro cities and further value addition by India’s real estate sector, he added. --IANS na/kvd
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