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adProperty News

     
 
Retail, real estate boom will persist this year
Source : The Hindu Property Plus Published On : 2008-01-12 City : Chennai

The organized retail segment will see an additional investment of $70 billion by 2010

 

          Retail and real estate boom will further roll down in 2008 as these two key sectors are well poised to notch a year on growth of 30 percent to 35 percent and between 40 per cent and 45 per cent respectively over the year 2007, according to projections made by The Associated Chambers of Commerce and Industry of India (ASSOCHAM).

 

          In 2007, the retail sector ended up with a growth rate of 25 to 28 per cent.

 

          Organised and unorganized retail size in the year has been estimated at $ 300 billion which is likely to grow up to $ 365 billion in the year 2008 and further reach the size of $440 billion by 2010.

 
Retail Sector:
 

          Releasing the assessment, the ASSOCHAM President, Mr. Venugopal N.Dhoot said that of total $330 billion, retail industry size in the year 2007 particularly in its organized retail segment is around retail less than 5 per cent which works out to slightly more than $16 billion.

 

          The organized retail occupied space of 1 million sq.ft. in the year 2002, which shot up to nearly 14 million sq.ft. By 2007 and in 2008, the space occupation in the organized retail sector is likely to be 16 million sq.ft. as retailers like Reliance, Plaza, DLF, Spenser and even Aditya Birla Group more expansion drive in retail sector, pointed out Mr.Dhoot.

 

          As per estimates made by ASSOCHAM, the organized retail segment would witness an additional investment of $70 billion by 2010 and in 2008 specially, the investment size would be around $25 to 28 billion as the chamber has projected retail growing around 30 to 35 per cent in the next three to four years.

 

          The ASSOCHAM Chief also said that in 2007-08 fiscal, total retails, contribution to national GDP is estimated between 8 and 10 percent which would further jump to nearly 12 per cent in next few years. By 2010, retail’s contribution to national GDP is likely to be 22 per cent.

 

          As per ASSOCHAM estimates in 2008, 150 new malls are likely to be added that would capture large organized retail market size.

 

          As regards real estate sector, the market size is currently estimated at $ 15 billion which has been growing around 35 to 38 per cent in the last couple of years as a result of which huge investments have poured into it.

 

          As a result, the reality sector in tier II and tier III and even tier IV cities would make major expansion drive for providing dwelling units to the neglected lot of society.

 

          As the property in metros has become costly and money got dearer, the developers are moving towards tier II and tier III cities.

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