2007 – Stupendous Year for Indian Real Estate

January 3, 2008	(Be the first to rate this story!)  Loading ...
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The year 2007 has been a record- breaking year for the Indian Real Estate Industry. The entire year witnessed immense boom in the sector overcoming all the predictions of possible realty doom.

Some of the stupendous real estate deals of the year included the sale of a 7,107 sq metre plot at the Bandra Kurla Complex belonging to the Mumbai Metropolitan Region Development Authority (MMRDA) for an astounding Rs 5.04 lakh per sqm, the highest bid for land anywhere in the country.

Also an apartment at Nariman Point attracting a Rs 97,842 per sq ft bid from a UK-based NRI proved to be an all-time high of sorts, besides reinforcing the popular sentiment that Mumbai holds the beacon on the real estate front.

The 9,178-acre township project ‘New Bangalore City’ at Bidadi, which realty major DLF bagged in consortium with the Dubai-based Limitless, turned out to be the highest and the single largest realty investment in the country so far. The project is expected to generate over Rs 50,000-crore value.

Not to forget the he realty score in the capital market. The market was on a high with the initial public offering of DLF raking in a record Rs 9,625 crore. A stunning number of township projects (totalling 210) were announced during the year, though some analysts say acreage was given the go by in the estimation.

IT sector was one of the major grosser with large volumes generated in IT office space. The residential segment too was closely IT-driven and reported robust growth. Non-IT commercial space too kept pace, more in line with the overall economic growth.

The year also saw a rising demand for quality manpower, and the salaries of civil engineers soared as also the need for their services.

Developers were on a roll, announcing plans to build in the next few years what they had been planning to build since their inception.

News Published Under:   Real Estate India |

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