Last Updated: July 2011 The real estate sector in India is on a growth path.

The development in the real estate market encompasses growth in both commercial and residential spheres. Further, it has been estimated that there would be shortage of 26.53 million houses during the Eleventh Five Year Plan (200712), which provides a big investment opportunity, according to a report by the Technical Group on Estimation of Housing Shortage. The popularity of the Indian real estate sector is also highlighted by a report Emerging trends in Real Estate in Asia Pacific 2011 published by PriceWaterhouseCoopers and Urban Land Institute. The report focuses on various places where developers such as Ansal Properties and Omaxe are building commercial and residential developments. These places include Jodhpur, Agra, Punjab, Uttar Pradesh, Haryana, Madhya Pradesh, and Rajasthan among others. Indian Real Estate: Investments During 2010-11, the Indian real estate and housing sectors received US$ 1.12 billion in foreign direct investment (FDI), according to the Department of Industrial Policy and Promotion India (DIPP). Further, the industry also witnessed growth in private equity (PE) investments as well. Around 20 deals worth US$ 1.32 billion took place during January-May 2011, as compared to 22 deals worth US$ 483 million during the same period last year, according to Venture Intelligence, a research service focused on PE and mergers and acquisitions (M&A). Some of the major deals that were undertaken during the first five month of the current calendar year include investment of US$ 320 million by Jeff Morgan Capital in Compact Disc Indias film city project, investment of US$ 318 million by Warburg Pincus in Oceanus Real Estate and Ascendas Indias investment of US$ 190 million in Phoenix Infocity. Further, US$ 86 million was invested by Tata Realty in Peepul Tree Properties. Indian Real Estate: Major Developments
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Phoenix Group, an infrastructure company, plans to invest around US$ 44.68 million in six real estate ventures in Hyderabad. Mumbai-based infrastructure and real estate company Atlanta is looking for a partner to buy 26 per cent stake in a US$ 2.12 billion entertainment township project it is developing at Suvali near Surat in Gujarat. Patel Realty India Ltd, a wholly-owned subsidiary of Mumbai-based publicly-held Patel Engineering Group, plans to launch 3-3.5 million sq ft of projects valued around US$ 66.48 million during 2010-11 across the country. Phadnis Group plans to invest US$ 176.68 million in sectors such as real estate, hospitality and infrastructure in the next three years. India Property Fund, managed by NRI investor Purnendu Chatterjee's TCG Real Estate and US-based Vornado Realty Trust, will be investing US$ 60.32 million in two residential developments in national capital region (NCR) and Mumbai.

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Shapoorji Pallonji Group has floated a US$ 500 million private equity (PE) fund, mainly focussed on real estate. Real estate company Ambuja Realty is planning to set up three more tourist resorts in West Bengal and Sikkim on the lines of the Ganga Kutir model in West Bengal. Real estate industry has grown to over US$ 2.49 billion in Chhattisgarh with the state government collecting revenue of US$ 181.65 million from stamp duty and registration fee on land transactions. Real estate developer DLF has decided to develop its US$ 226.18 million Infopark project spread over 54 acres comprising of an IT block, a luxury hotel, a retail chain, service apartments and recreational facilities in three phases. The Government of Punjab has approved the master plans for the planned development of eight towns - Sultanpur Lodhi, Hoshiarpur, Tran Taran, Sangrur, Bhaga Purana, Rama Mandi, Kotkapura and Fatehgarh Sahib. DBS Affordable Home Strategy Ltd, in association with SAATH, a non-government organisation, will launch a 3,800 residential housing project in US$ 8,985-US$ 22,464 bracket under the brand name 'Umang Vinzhol' in Ahmedabad. Puravankara Projects Ltd has announced US$ 379.68 million luxury residential project at Pallikaranai in the suburbs of Chennai. Chennai-based real estate developer, True Value Homes India Pvt Ltd (TVH), plans to invest around US$ 178.39 million over the next three years to develop around 12 projects, majority of which will be in the residential segment. Tata Housing Development Company Ltd plans to invest nearly US$ 22.22 billion in developing another 40 million sq ft of housing across India in the next three years, including around US$ 77.80 million in low-cost and affordable housing.

Mumbai, April 27, 2011: Hurt and insulted by wild allegations of corruption against the real estate sector, CREDAI (Confederation of Real Estate Developers Associations of India) has presented a time-bound programme to the government to tackle the menace. The Confederation today presented a time-bound action plan to Union Urban Development Minister Mr. Kamalnath at the two-day 11th National Conference (NATCON) of CREDAI. CREDAI national president Mr. Lalitkumar Jain, in his speech, regretted that the developer community was being branded as being corrupt and sought an appointment with the Prime Minister to discuss ways and means to check the cancer of corruption instead of indulging in blame game. This country is, sadly though, rated to be one of the most corrupt nations of the world. Any citizen of this great country will feel hurt and humiliated. The Real Estate Sector is rated to be the biggest contributor to this notoriety. As a responsible citizen and an honest businessman I and all my colleagues in real estate feel greatly insulted, Mr Jain said.

With a great sense of responsibility I must say that we the developers are the victims of the system and not the beneficiaries," he said and lamented that the real estate sector was being branded as the breeding ground for black money and corruption. We hate this system which makes us look ugly, Mr Jain said pointing out that it is the various government procedures and delays in clearances that rise to corruption. We curse every person who exploits us to give us a legitimate permission which we deserve instantly and without any illegitimate demand. Delving into the issue of the long process of clearances, he said this process involved connecting with more than 150 people in about 40 departments of central, state government and municipal corporations. After investing heavily in to land cost, even a days delay in approvals adds to the costs. And in desperation and when speed becomes important, the concept of speed money creeps in, he pointed out. Each and every developer has to go through the frustrating processes of getting approvals and this is the mother of all problems. We have to obtain more than 40 certificates, NOCs, and clearances. This takes anything between 2 to 3 years. Each person in the system cashes in on the desperation of developers. As you all are aware, this business of ours is highly capital intensive, he said. The McKinney report to the Government of India as long ago as in 2001 said that land approval related hurdles are costing 40% higher to home cost, he said. Hence, instead of blaming it on anybody, CREDAI decided to get into the roots and find a solution as a top priority agenda and launched a revolutionary concept Mission Transparency. The campaign, launched a month ago, has been evoking tremendous response from among not only stake holders, but the media, he said. CREDAI presented two key documents to Mr Kamalnath at the NATCON a compilation of best practices by some state governments that can be emulated by the rest of the country and a comprehensive checklist for approvals. Mr Jain urged the Centre to have the Best Practices document circulated among all States by the Independence Day this year and finalise the comprehensive checklist by the next Republic Day after consultation with the various Central and State government departments and even the municipal corporations and development authorities across the country. One year from today, we should have the new systems in place to be implemented, he said. For the developer community, he said CREDAI would launch an aggressive nationwide campaign to sensitize the governments, NGOs, media and citizens at large on the issue. It is our conviction that the developers are builders of the Nation as they will be the

most important stake holders in urban development of the country. We also are responsible citizens of the country and will like to conduct our businesses with utmost diligence, dignity and above all honesty. On July 9, 2007 BSE had introduced yet another index The BSE Realty Index comprising of real estate stocks. The base year for the index is 2005 and base index value is 1000. Like the Sensex, this index is also computed using free float methodology. 11 scrips are included in the Realty Index, representing about 95% market capitalisation of real estate development companies in BSE - 500 index. On July 9, the index value was reported to be 7333.97. The following table shows the list of 11 companies, their free float market capitalization and weightage in the Realty Index. Company Free float market capitalizati on (Rs. Crores) Weightage (%) DLF Limited 14,542.01 35.94 Unitech Limited 12,773.71 31.57 Indiabulls Real Estate Limited 5,639.65 13.94 Parsvnath Developers Limited 1,375.80 3.40 Ansal Properties & Infrastructure Limited 1,213.38 3.00 Mahindra Gesco Developers Limited 1,096.16 2.71 Sobha Developers Limited 1,011.35 2.50 Anant Raj Industries Limited

890.13 2.20 Phoenix Mills Limited 725.06 1.79 Peninsula Land Limited 707.12 1.75 Akruti Nirman Limited 489.84 1.21 Total free float market capitalization: Rs. 40,464.21 crores Total market capitalization: Rs. 179,499.70 crores

Real Estate Companies of India

Real Estate market in India has developed remarkably in the past few years. The potential of the Indian property is proved by the growth of the major real estate companies of India. Infrastructure development, commercial real estate, residential complex, Popular Categories retail space development market is continuously booming with various activities. In the India real estate sector,the Indian government has approved a FDI of 100% which has given a boost to the Real Estate Companies. People from all parts of the globe are interested in buying the Indian property. The list below provides the name of the best Real estate Companies in India.

Ambuja Realty Group:

Bengal Ambuja Housing Development is a joint venture between Ambuja Housing and Urban Infrastructure Company Limited and West Bengal Housing Board. Ambuja has taken the Real Estate Development through the companies like AHUICL,ARDL,AAHUIL,BAMDL and many others. The company aims at homes at an affordable price built on strong base and which brings you close to Nature.

DLF Building :
This is a booming real estate company of India. The biggest real estate company of India is launching their most talked about project at the hottest location like Delhi. The company will

make dream homes for the Delhilites at a low price. The company is one among the key determinants for real estate companies. The company is a trend setter in the industry of real estate. The company has developed 42 million square feet of quality retail space in urban locations and metros in India.

Sun City Projects :

This is among the leading real estate companies in India. It has executed a a profusion in the sector of urban real estate projects varying from Group Housing to Townships to luxury apartments,shopping malls and complexes for office and amusement parks. For any query related to real estate the company can be contacted in New Delhi. Popular Categories

Merlin Groups :

The company is a major real estate company in India for the past three decades. The company has attributed Townships and office buildings in Kolkata, Ahmedabad, shopping malls,Hospitality ,Clubs etc in other destinations. It has also in its credit many prestigious Commercial and residential complexes.

Magicbricks :
The key leader in the real estate sector is this property site. It is also the number one property site of India. All the solutions related to real estate is at awaiting the click of a mouse. Just click any of the cities say Pune, Kolkata, Ranchi,Bangalore etc. You can also avail the property rates of various destinations like Kolkata, Chennai etc from this real estate site.

Ghar4u :
It is one among the top real estate companies in India. This Indian real estate company is a complete guide for anything related to real estate. The company has organized process in the field of Real Estate Marketing. The brochures provided by the company helps to make right choice for buying a home. The company provides tips for selling a house or renting a house.The company has a wide network in Jaipur,Visakhapatnam and Hyderabad.

NK Realtors:
A significant name in the Real Estate industry is NK Realtors. Rich portfolios of real estate projects are in the kitty of the company. The company has delivered excellent quality work in the real estate sector. The company has its base in Kolkata. The company offers services like flats,bungalows,commercial,retail,Ware house etc.

99acres.com :
This property site provides all the updated information about the real estate matters like Property Alerts,Property Dealers,Property Buyers etc. It is a one stop destination for real estate in

Ahmedabad, Nagpur,Coimbatore etc. One can choose from a variety of options for residential apartments from various cities.

Mittal Builders:
This company is engaged in real estate business for the last five decades. Property development activity is the agenda of the company. It has made significant achievements in the cities like Bangalore, Pune, Secunderabad ,Nagpur and many others.The company's remarkable residential projects are Mittal Park,Darya Mahal etc in the areas like Juhu Beach,Marine Drive etc.

K Raheja Constructions :
This real estate company plays a major role in the real estate development business. The company was awarded one among the top ten Construction company-'Best Construction & Real Estate Sector Implementation'.The company has in its credit real reality business,retailing outfits,hospitality sector. The company has its offices in Mumbai, Pune, Chennai,Bangalore etc

DLF Limited or DLF (originally Delhi Land and Finance) is India's biggest real estate developer. The DLF Group was founded by Raghuvendra Singh in 1946 and is based in New Delhi, India.[2] DLF developed residential colonies in Delhi such as Shivaji Park (their first development), Rajouri Garden, Krishna Nagar, South Extension, Greater Kailash, Kailash Colony, and Hauz Khas. DLF builds residential, office, and retail properties. With the passage of Delhi Development Act in 1957, the local government assumed control of real estate development in Delhi and banned private real estate developers. As a result DLF began acquiring land at relatively low cost outside the area controlled by the Delhi Development Authority, in the district of Gurgaon, in the adjacent state of Haryana. In the mid-1970s, the company started developing their DLF City project at Gurgaon. Its plans include hotels, infrastructure and special economic zones-related development projects.[3] The company is headed by Indian billionaire Kushal Pal Singh, a Jat from Buland Shahar. Kushal Pal Singh, according to the Forbes listing of richest billionaires in 2009, was the 98th richest man in the world and the world's richest property developer. The company's US$ 2 billion IPO in July, 2007 was India's biggest IPO in history.[4] In its first quarter results for the period ending 30 June 2007, the company reported a turnover of Rs. 3,120.98 Crore and profits after taxes of Rs. 1,515.48 Crore.

Contents
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1 History 2 Recent history 3 Joint ventures 4 Sponsorship 5 Gallery 6 External links 7 References

[edit] History
In the early 1940s to 1950s, Raghuvendra Singh procured real estate around Delhi. The wealth generated was multiplied over the decades through investments like Punjabi Bagh, Rajouri Garden, Krishna Nagar, South Extension, Greater Kailash 1 & 2, Kailash Colony, Hauz Khas, and Panchsheel. In the 1970s and 1980s DLF purchased 3,000 acres (1,214 ha) of land from farmers in Gurgaon for $2000 per acre.[5] At that time, the Haryana government did not allow private companies to develop the land. Years later, when Rajiv Gandhi became Prime Minister, he ensured that the Haryana Government changed the local law and allowed private companies to develop land. Gurgaon underwent a private real estate boom which is continuing to this day.[6] The boom includes world-class office buildings, apartments, golf courses, shopping malls, 5-star hotels and a private expressway linking Gurgaon to Delhi Airport. In 1985, dlf started developing the 3,000 acres (12 km2) it had acquired from farmers.[2] In 1999, DLF developed its first A-grade office spaces for rent in Gurgaon.[2]

[edit] Recent history

Until the mid-1990s, most of DLF's operations were in Gurgaon and the Delhi metropolitan area. With its increased assets, DLF has been trying to increase its operations all over India. A major investment made by DLF was a INR 700 Crore (INR 7 billion) buyout of NTC Mill Land in Mumbai. Some of DLF's other development initiatives include a US$ 2.1 billion investment in Tamil Nadu,[7] a multi-billion dollar business park in Bangalore,[8] a US$ 1.7 billion investment in Madhya Pradesh's real estate and infrastructure sector,[9] and a INR 10 billion investment plan for developing special economic zones in Orissa.[10]

[edit] Joint ventures

Laing O'Rourke is a UK-based construction company that built Dubai International Airport and London's Millennium Tower. It will construct all DLF's landmark projects. Nakheel of Dubai are partnering with DLF for developing townships in India. WSP Group Plc is also partnering DLF,

providing management and consultancy to the built and natural environment. Feedback Ventures is providing consultancy for faster project execution. DLF has also teamed up with Hilton Hotels to jointly develop hotels in India.

[edit] Sponsorship
DLF is currently sponsoring Indian Premier League (IPL), a Twenty20 format cricket league in India. DLF Group has paid US $40 million to be the title sponsor of the tournament for 5 years.[1

Real estate is a legal term (in some jurisdictions, such as the United Kingdom, Canada, Australia, USA, Dubai, Trinidad and Tobago and The Bahamas) that encompasses land along with improvements to the land, such as buildings, fences, wells and other site improvements that are fixed in locationimmovable.[1] Real estate law is the body of regulations and legal codes which pertain to such matters under a particular jurisdiction and include things such as commercial and residential real property transactions. Real estate is often considered synonymous with real property (sometimes called realty), in contrast with personal property (sometimes called chattel or personalty under chattel law or personal property law). However, in some situations the term "real estate" refers to the land and fixtures together, as distinguished from "real property", referring to ownership of land and appurtenances, including anything of a permanent nature such as structures, trees, minerals, and the interest, benefits, and inherent rights thereof. Real property is typically considered to be immovable property.[2] The terms real estate and real property are used primarily in common law, while civil law jurisdictions refer instead to immovable property.
The Jaypee Group was founded by Mr. Jaiprakash Gaur. Jaypee Group is five decade old conglomerate based in Noida, India, involved in various industries that include Engineering, construction , Cement, Power, Hospitality, Real Estate, Expressways, Highways, Education and Social Commitment. Shri. Jaiprakash Gaur, Founder Chairman of Jaiprakash Associates Limited after acquiring a Diploma in Civil Engineering in 1950 from the University of Roorkee (now Indian Institute of Technology Roorkee), had a stint with Govt. of U.P. and branched off on his own, to start as a civil contractor in 1958, group is the 3rd largest cement producer in the country. The groups cement facilities are located today all over India in 10 states, with 18 plants having an aggregate cement production capacity of 24 Million Tonnes and same is poised to become 36 Million Tonnes before October 2011.[4]

Jaypee Group Type Private[1] Industry Conglomerate Founded 1957[2] Founder(s) Jaiprakash Gaur Headquarters Noida, India Key people Jaiprakash Gaur (Chairman) Products Engineering Construction Cement Power Hospitality Real Estate Expressways and Highways 11,671 crore (US$2.6 billion) (2009-10)[3] Net income (2009-10) Employees Over 20,000 Website www.jalindia.com Revenue 2,381 crore (US$530.96 million)

List of Top Real Estate Companies in India;A Sector Plagued by Scams and Scandals
29 Nov, 2010 || by Abhishek Shah Real Estate and Construction

Organized Real Estate Industry in India is only a couple of decades old .Real Estate Industry in India took off with the global boom in the Realty Sector which percolated down to India as well.Lack of clear land titles and litigation has made this industry one of the most opaque and corrupt ones.Due to the massive price appreciation and huge valuations,Land Scams have become quite common with Chief Ministers,Generals,Top Bureaucrats all involved in the murky environment of Real Estate in India.The most recent scam related to bribing of top public banks officials in the LIC Housing Finance Scandal has again put question mark on the fundamentals of the industry.Valuing the industry and making a real estate investment remains one of the most difficult investing tasks in the Indian Stock Market.Even Fund Managers are staying away from the Sector due to lack of trust in the Financial Statement given by the industry.That said modern India presents a booming picture of tall buildings and huge office areas & shopping malls. A list of the chief players in Indian market is given below:
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DLF: DLF s chief business is to develop housing, marketable and retail properties. Currently it has undertaken the development of 70 million sq ft of housing projects which it intends to finish in the next three years. DLF has joined hands with Delhi Development Authority to develop townships in Amritsar, Pune, Gurgaon, Mumbai, Chennai and Goa. DLF has been the construction company behind different malls in the major cities in India. The company is also

developing 50-75 hotels along with Hilton Hotels and infrastructure and SEZ in India in collaboration with Laing O Rourke (UK).The current market cap is around Rs.51,832.22 crore. Tata Projects: Tata Projects registered an annual turnover of Rs 2,300 crore on July 1, 2007. With more than 1,500 professionals the company has emerged as one of the chief player in EPC projects. Over the last four years, it has attained a CAGR of 50 per cent which quadrupled its annual turnover of 2006-07. Tata Projects functions in concentrated divisions like broadcast and distribution, steel, power production, oil, gas and hydrocarbons and industrial infrastructure. Sobha Developers Ltd: With an annual turnover of Rs 1,189 crore, Sobha Developers Ltd was initiated by the now chairman PNC Menon in the year 1995. On June 30, 2007, the company has 3,706 skilled professionals working for it. At present it owns Rs 3,500-acre land in eight Indian cities namely Coimbatore, Bangalore, Mysore, Chennai, Thrissur, Kochi, Pune and Hosur. The company s clientele include some of the top players in IT, hotel and construction sector such as Hewlett Packard, Mico, Infosys, Ramaraju Developers, Dell, Timken, etc. Shapoorji Pallonji & Co: The Company has more than 3,500 professionals working for it and is largely driven by its loyalty to consumer satisfaction. Some of the major projects undertaken by Shapoorji Pallonji & Co are World Trade Centre, Mumbai; TELCO industrial complex, Pune; Bhabha Atomic Research Centre, Kalpakkam; HSBC Bank, Mumbai; Hotel Taj Intercontinental, Mumbai; Bank of India, Mumbai; Indira Gandhi International Airport, New Delhi, etc. the company has created magnum opus of construction and has been a consistent executer of challenging projects. Unitech: Recently Ramesh Chandra, Unitech s Chairman has declared the investment of $ 720 million by his company in the coming four years to develop 28 hotels along with Marriott International. The market capitalisation of the company is Rs.16,867.40 crore.Its chief activities include construction, expansion of real-estate, consultancy in associated sectors, hotels, electrical broadcast and information technology. India Bulls Real Estate: One of India s largest listed developers developing residential and commercial real estate. Being a focused regional player, more than 90% of IBREL s portfolio by value is in the three major markets of Mumbai, NCR and Chennai. Established in 2000, the company has grown into one of the leading Indian business houses with its companies being listed on Indian and overseas financial markets having a combined net worth in excess of Rs. 18,000 crores. the current market cap being Rs.6,545.17 crore. HDIL: Ranked as India s fastest growing real estate company by Construction World-NICMAR in October 2007 & with a current market cap of Rs.8,567.76 crore, Housing Development & Infrastructure Limited has established itself as one of India s premier real estate development companies, with significant operations in the Mumbai Metropolitan Region. HDIL is a public listed real estate company in India with shares traded on the BSE & NSE Stock Exchanges. With operations spanning every aspect of the real estate business, from residential apartment complexes to towers & townships, commercial premium office spaces and retail projects like world-class shopping malls. it is India s largest slum rehabilitation company, & was given the Mumbai International Airport Slum Rehabilitation project in October 2007,one of the largest urban rehabilitation projects in India.. Emaarr-MGF: One of the world s leading real estate developers company in India and Development of properties in the residential flats, Commercial Properties, premium apartments etc. The Commonwealth Games Village builder is still trying to get listed on NSE. Currently not listed.

Note this is hardly a complete list of all the realty companies in India but a sample of the big listed companies.A couple of realty players like Oberoi Realty and Prestige Estates recently listed on the India markets

Highlights Of Commercial Sector Of India

February 17, 2011 tags: Commercial Real Estate by weblinkindiamaps

After agricultural sector, it is the real estate sector that contributes majorly to the economic development of the country. This sector is expected to grow at almost 30% rate and touch $180 billion in 2020. Where housing sector is contributing 5-6% towards the GDP of the country; the commercial sector is not far behind. There is a substantial increase in the commercial sector, which has paved a path for much-needed infrastructural growth of India. Also, the country is witnessing the construction of ultramodern parks all across, owing to the growing demands of the people for office spaces. Just in past 5 years, the country has undergone a paradigm change and has picked its pace.
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Having its own pool of cost-effective as well as intellectual capital, India derives pleasure of having an edge in the commercial sector. Almost 496.4 million personnel of the country have the potential of investing in the commercial sector of India. Besides, the commercial sector has growth prospects of an average of 30% per annum. In the next 10 years, it is expected that the commercial sector will witness an increase of revenue from $14 billion to $102 billion. Though not even 20% of the market has been tapped by NRI s, their belief is that investment in commercial sector assures high profits. The major factor that has initiated the growth of commercial real estate sector is government s initiatives such as relaxation in FDI investment or tax incentives for NRI s, etc. Government encourages the flow of capital to India. Investors in India can surely look for 25% ROI. Organized retail is a significant factor behind the unprecedented growth of commercial sector. The increased demand of luxury goods and higher purchasing power of consumers have also expanded the commercial sector like FoodWorld, MusicWorld and Health and Glow and majors like Birlas, Tatas and Reliance. With urbanization, big multiplexes and 5 Star hotels have been increasingly spotted in the city.

Commercial Real Estate Sector is certainly one of the major contributors towards the economy growth of the country. Still, this sector has a long path to tread. Indias real estate market suffered heavily in the global economic downturn. After the brutal fall in rentals reported for 2009, more companies are now seeking office space on the basis that rents are bottoming out. According to a report released in October 2010 by Cushman & Wakefield, 240mn sq ft of commercial property and about 4.25mn units of residential property will be

required to meet demand over 2010-2014. Office space demand will total about 55mn sq feet. Hotels will experience a demand for about 78mn room nights over 2010-2014. Bangalore, the National Capital Region (NCR) of New Delhi and Mumbai will generate demand for about 46% of the Indian office space over the next five years. Demand for office space in second tier cities, such as Chennai and Kolkata, is expected to increase at a faster pace, at about 17% and 22%, respectively. In Mumbai, retail rentals have been on the rebound since the beginning of Q210. They are set to grow further, averaging 10-15%, by the end of the year. Vacancies are low at a time when retailers are seeking to expand, after the global downturn. Residential property has seen increasing demand over Q210 and Q310. However, supply has been relatively low because of reduced construction activity during 2009-2010. Consequently, demand is expected to be three times the supply in 2010-2014. The staging of the Commonwealth Games in New Delhi in the first half of October 2010 has led to a major real estate market upgrade. Residential property prices in the surrounding areas which have benefitted substantially from improved infrastructure and connectivity have risen steadily for at least a year, at levels of 10-15% per annum (pa). The Games Village is a premium development in a prime location. India's economy chalked up impressive real GDP expansion of 8.6% year-on-year (y-o-y) in Q110, propelling full-fiscal year growth to 7.4% in FY2009-10 (April-March). The brisk pace of expansion has been largely underpinned by domestic demand. We are pencilling in real growth rates of 7.9% in both FY2010-11 and FY2011-12, which would put the country comfortably above our emerging market (EM)-weighted averages of 5.5% and 5.1% in 2010 and 2011 respectively. However, this pace of growth is not expected to continue to accelerate as 2010 unfolds. Indeed, the signs are that we will see a cooling in activity. Yet India's long-term growth dynamics are constructive, with the economy expected to enjoy the positive effects of increasing labour productivity, infrastructure build-out and a greater drive for reform. We are pencilling in a mean real GDP growth rate of 7.7% per annum over the next decade, higher than the 7.2% annual average seen between 2000 and 2009.