India’s last real estate boom was driven by the speculative demand of investors like Harshad Mehta. Since that is not the case now, this boom is far more stable and sustainable. There might be a slight correction in the medium term but the long-term prospects are excellent. There is a demand for 200 million square feet over the next 5 years, and the residential sector needs almost 25 million houses. In the retail context, over 500 shopping malls are under construction and will be operational by 2008. On the whole, the real estate sector is slated to grow to $45-50 billion in 5 years. These figures should speak for themselves.
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