India will be fourth largest infra market by 2025, says RICS report

India's thrust on developing infrastructure facilities comparable on a global platform across the country have received a unexpected shot in the arm with a recent report from the Royal Institution of Chartered Surveyors (RICS), the world's leading professional body for qualifications and standards in land, property and construction, stating that the country was well placed to become the world's fourth largest market for infrastructure projects by 2025, with its construction and real estate market making rapid strides in recent years.

The report further states that India, placed sixth presently with a share of approx 5.3 percent of the global infrastructure market was likely to move up to the fourth position with a share of approx 9.8 percent by the year 2025.

It further points out that affordable housing continues to be a major problem in BRICS nations like India, Brazil and China, with efforts to boost the stock of homes in this category hampered by the fast population growth especially in urban cities.

According to the report, a handful of countries including India, Nigeria, China, Nigeria, Indonesia, Pakistan, US and the Democratic Republic of Congo will be the frontrunners of more than 50 percent of the urban growth going forward, with India and China alone contributing in excess of one-third of this estimated growth.

It further adds that with the new Indian government clearing the way for the introduction of Real Estate Investment Trusts (REITs) and Investment Infrastructure Trusts (InvITs) to boost the fortunes of the real estate sector in the country and usher in an era of increased transparency and accountability in realty transactions, the construction and realty industry needed to keep a closer eye on the changing policy landscape and be ready to take advantage of similar initiatives in the future.

Echoing this view, RICS Global MD for emerging business, Sachin Sandhir further reiterated that with the real estate and construction business in India evolving at a rapid clip, there was a need among all the relevant stakeholders of both industries to join hands and introduce measures to attract quality manpower into the industry to help take it forward.