Since the start of India's economic reforms in the early 1990s, the country's economy has been growing at a rate of 6% per annum, a rate which has accelerated to 8% during the last three years. "Real estate is one of the largest and fastest growing industries in India with a growth rate of 30% annually over the last three to five years," Manisha Grover, Managing Director at Jones Lang LaSalle Meghraj says.
And it's not just India's real estate sector which is thriving, its population along with its economy is also booming.
There has been a lot of activity in terms of investors, foreign developers and funds looking at investment opportunities in India.
"India is reaping the benefits of 15 years of reforms, and its economy is now set for a period of strong and sustainable growth," describes a recent report by international investment management service and property management company, Jones Lang LaSalle.
Its increasingly prosperous economy puts India on track to become the world's third-largest economy measured by purchasing power by 2010.
India is renowned for its services industries and it is much of this which is fuelling its growth. India's service sector now accounts for 50% of the country's GDP.
Services include call centres, software design as well as back-office. The country's IT and ITES (IT-enabled services) sectors are also growing rapidly at a rate of over 30% per annum and show little sign of slowing down.
The country's ability to design and produce well-made goods at a fraction of the cost in the US has also helped India to become a major exporter around the world.
The success of India's economy is having a positive effect on the country's 1.1 billion inhabitants with disposable incomes predicted to continue to rise at a rate of 8-10% per annum in 2006-2010.
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