CLSA has reporetd that Retail and IT services industry will drive the demand for commercial real estate in India. They will require 300 Million SFT in the next 5 years. It is likely that Tier-1 cities will slow down a bit while demand in Tier-2 and Tier-3 cities will grow at a faster.
Residential market might see a small correction in short-medium term but for long term they are still poised to give decent returns. However, residential property prices in cities will see a saturation while property prices in SEZs and townships will witness strong demand. Can't believe it ? Time will tell :)
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