India’s realty industry scrapes the sky

A decade ago, Noida was little more than a scrubland just outside India’s national capital, New Delhi. Today, it is a booming township with unending concrete structures and is home to several multinationals. This metamorphosis of Noida in many ways symbolises India’s booming realty industry, estimated at $15 billion, and growing at a whopping 35 percent annually. “The real estate scene in India has undergone a sea change in the past four years,” said Venugopal N. Dhoot, president of the Associated Chambers of Commerce and Industry (Assocham), one of India’s three leading industry lobbies.

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