Realty adds 1 Lakh Cr to Delhi’s GDP in FY11

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In New Delhi, property services inserted over 1 lakh crore to Delhi’s GDP of 2.58 lakh crore in 2010-11, budding as apex contributors to the city’s financial system and revealing the rapid development and optimism in the sector. The property sector, which comprises Property brokers, land owners, home buyers, property owners and home finance institutions, contributed 39.69% to the gross state domestic product (GSDP) of the metropolis at existing prices, along with most recent Delhi Government statistics.

The contribution of the area has growing to 1.02 lakh crore in 2010-11 compared to 35,885 crore in 2004-05, recording annual compound development of 19.16% in the last six years. Consistent with worldwide property consultant Jones Lang LaSalle, the region will witness further expansion with most companies working in the city firming up development plans or executing property growth plans with upswing in the economy.

Reflecting the buoyancy in the zone, it remarked overall Property in Delhi and NCR observed a net absorption of 1.63 million sq ft of property space (151,755 square metre) in first quarter of the year. The momentous performance by the area has largely been pointed to improved demand for commercial real estate by companies for office space and business actions leading to vigorous rental development.

“The sector has budding to develop further provided the city government and the Centre relax certain norms for use of terrain for property development,” remarked Pradeep Jain, chairman of Confederation of Real Estate Developers’ Association of India (CREDAI).

 

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