Biotechnology is the next. After the Information technology, the industry that is fast thriving is the bio-technology sector. Bio-technology sector is all set to bring another boom in Indian property market.
According to the data showcased by real estate consultant, Jones Lang LaSalle Meghraj the biotechnology industry is expected to need around 100 million sq ft of space in the future. Thus the real estate industry is believed to gain a lot by the development of biotech parks and manufacturing units as per the report.
Currently there are six biotech parks in India and around nineteen are to be developed. Indian realty is growing at tremendously and also attracting large investments with a market size currently being $12 billion (Rs 47,880 crore). The biotechnology industry furthermore is giving a hard push to the demand for quality commercial spaces as the estimated demand from the technology sector alone is likely to be 150 million sq ft of space by 2010.
To add to the fact that few years down the line demand creation for commercial space by the technology sector will be huge, the overall investment in the sector has also seen escalation. The investment has grown from $ 137.2 million in 2003 to $366 million in 2006. Out of the huge investment being made in the bio technology sector will go in setting infrastructure facilities and development centers. The major areas where the potential is and is needed to be tapped are cities like Hyderabad, Bangalore, Chennai, Mumbai, Pune, and National Capital Region.
India for quite sometime has been one of the most sought after destinations in terms of real estate investments and now it is to become a center of biotechnology industries.
Currently there are six biotech parks in India and around nineteen are to be developed. Indian realty is growing at tremendously and also attracting large investments with a market size currently being $12 billion (Rs 47,880 crore). The biotechnology industry furthermore is giving a hard push to the demand for quality commercial spaces as the estimated demand from the technology sector alone is likely to be 150 million sq ft of space by 2010.
To add to the fact that few years down the line demand creation for commercial space by the technology sector will be huge, the overall investment in the sector has also seen escalation. The investment has grown from $ 137.2 million in 2003 to $366 million in 2006. Out of the huge investment being made in the bio technology sector will go in setting infrastructure facilities and development centers. The major areas where the potential is and is needed to be tapped are cities like Hyderabad, Bangalore, Chennai, Mumbai, Pune, and National Capital Region.
India for quite sometime has been one of the most sought after destinations in terms of real estate investments and now it is to become a center of biotechnology industries.
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