India: Property covers the sector overview, sector size, competitive landscape, environmental scanning and recent developments in the industry. It also covers the market trends and outlook, housing trends, commercial property, retail space, special economic zones, hospitality space and construction cost, plus the profile, comparative matrix and SWOT analysis of the industry leading players: DLF Limited, Oberoi Realty Limited and Sobha Developers Limited.
Market Trends and Outlook
Key economic indicators-India
India is Asia’s third largest economy with a population of around 1.2bn. During the last decade, the country went through a period of rapid economic growth. It had an average GDP growth rate of 7.45% in the last ten years. However, in fiscal year 2012, the country saw a successive decline in GDP growth rate over all quarters due to high inflation rates and high interest rates. The GDP growth in the fourth quarter of FY12 was the lowest in the last nine years. The economy finally showed some hope in the first quarter of FY13, registering a GDP growth of 5.5% but dipped again in the third quarter to a decade low of 4.5%.
In June 2013, Fitch revised India’s credit outlook from negative to stable with a BBB- long term rating. Current account deficit grew to around 5% of GDP in March 2013 which fuelled the depreciation of the Indian currency causing the INR to reach an all-time low of 60.76 against USD on June 26, 2013. However, Moody’s kept its India rating/outlook stable in its June review.