India is known to be the second largest country in the world in terms of population after China. The whopping population of the country also spurs the demand of real estate in India. Real estate is witnessing a growing demand in India owning to its population. Barring the population that lies below the poverty line, the middle class, upper middle class and the upper class stands as the major contributors of real estate in India. The real estate sector has been the backbone of the Indian economy and has been a major contributor in the economic growth. It is evident from the very fact that the Real Estate Sector contributes 8.53% of the total GDP and also witnessed growth rate to the tune of 30%. It is also pertinent to note that this sector has emerged as the fifth largest destination of foreign investment. According to a study by ICRA (India’s Credit Rating Agency), the realty sector today ranks third among the 14 major sectors of the economy.
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