Investors will find plenty of opportunities to invest in property in India this year, it has been claimed.
Writing for the Property Report website, Anuj Puri, chairman and country head of Jones Lang LaSalle India, has highlighted the enormous growth potential that the country boasts.
Indeed, in spite of the continuing turbulence and uncertainty in other parts of the globe, India's economy will continue to grow at an annual rate of eight to ten per cent. In fact, by 2020 the country is forecast to become the third largest economy in the world.
"The implications of such growth potential on the Indian real estate industry are fairly obvious. There is, beyond any doubt, a staggering opportunity in the Indian property sector over the next decade," Mr Puri wrote.
He claims that the trend will be particularly visible in the Indian office real estate market, which is already on an encouraging upswing. Demand for commercial properties in India has already doubled from 20 million square feet to 40 million in 2011 and will continue to increase to 45 million square feet by 2012.
Meanwhile, the Indian retail market is also forecast to see rapid growth, rising to a value of USD 900 billion by 2020, from its current level of USD 500 billion.