(Image source from: India to become 4th Largest Infra Market by 2025: RICS})
The trend of growth will place India’s infrastructure market in fourth place in world, according to the report of Royal Institution of Chartered Surveyors (RICS). The real estate and construction sector have been encouraging the Indian Economy, mostly irrespective of inflation levels as the consumers and business entities are concentrating more on this sector.
"Recent reports commissioned by RICS found affordable housing was an acute problem in some BRICS nations including Brazil, China and India, exacerbated by growing urban populations," Royal Institution of Chartered Surveyors (RICS) said in its report.
India now stands at number 6 with 5.3 per cent share in the global infrastructure market, the report predicted that India’s share will be around 9.8 percent in global market.
"Real estate and construction sector in India is continuously evolving at a rapid pace. All stakeholders of this profession need to come together to attract high quality talent in this sector," RICS Global MD - Emerging Business Sachin Sandhir said.
The urban development in India, China, Nigeria, Indonesia, the USA, Pakistan and the Democratic Republic of Congo will grow high, which is more than 50 percent of the world. The report also mentioned that China and India’s share will be more than one-third of total growth.
The report specifically mentioned the initiatives by the Indian government towards energizing the sector by facilitating investors to invest. RICS, which is a global body for setting standards in property sector, said affordable housing and other constructions are growing rapidly.
-Kannamsai
