There is a shortage of 24 million houses in urban areas at the beginning of the Eleventh Five Year Plan.
The real estate boom and fast growing retail market are fuelling the development of over 500 malls in India by 2009 with 103 malls planned in Delhi and surrounding areas as per a report.
India is still the best performer in the office space market in the world, with average rentals growing around 36 per cent as against an average rise of 25 per cent in the Asia-Pacific region.
The advertisement spends of most national and regional builders and developers have gone up by 100 to 150 per cent in the recent past.
Along with the construction industry, the real estate sector is the second largest in terms of employment generation in the country.
Currently the real estate sector constitutes much less than the expected 10 to 15 per cent of the total market cap, like elsewhere, though in 2007 over 40 per cent of the total IPO mobilisation came from the realty sector.