Publications

- March 1, 2018: Vol. 10, Number 3

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Unfulfilled demand: Lessons from India’s past decade and opportunities for the next

by Prakash Kalothia

India has seen macroeconomic stability improving over the past three years, with sustained high GDP growth, stable currency, inflation under control, and fiscal and current account deficits at reasonable levels. Given strong urbanisation trends (with about 150 million people moving to cities in the next 10 years), a young population (with a median age of 27 years), and a fast-expanding middle class with per capita income expected to double in the next 10 years, demand for high-quality real estate should remain strong across property types.

India is an under-built and capital-starved market, and we are enthusiastic about opportunities in real estate.

Evolution of the Indian real estate landscape

India’s policy for foreign direct investment in real estate has been progressively liberalised over the years. When India allowed FDI in real estate in 2005, it was largely restricted to equity investments in large-scale greenfield developments. During

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