India’s real estate to need $ 257 billion investment by 2015

India’s real estate sector would need an investment of $ 257 billion by 2015, including Economic Weaker Section (EWS) housing, of which residential real estate alone would require $ 29 billion, says an EY-FICCI real estate report. “Investments required in the Indian real estate market by the year 2015, is approximately $ 42 billion (excluding EWS housing) and $ 257 billion (including EWS housing). Residential real estate alone will require an investment of $ 29 billion,” the report said. The Indian economy is ready to experiment with advanced funding options, such as real estate investment trusts (REITs) and provide industry players with a global competitive edge, said EY Tax partner (Real Estate Practice) Gaurav Karnik. “The contribution of the sector to country’s GDP has been estimated at 6.3% in 2013, and the segment is expected to generate 7.6 million jobs during the same period,” he said. However, due to macro-economic conditions, the Indian real estate sector across major cities is expected to see a mixed performance, the report said.