The sector, which includes property brokers, home buyers, land owners, property owners and housing finance institutions, contributed 39.69% to the gross state domestic product (GSDP) of the city at current prices, according to latest statistics released by the state government.
The share of the sector has gone up to R1.02 lakh crore in 2010-11 compared with R35,885 crore in 2004-05, registering annual compound growth of 19.16% in the last six years. According to global real estate consultant Jones Lang LaSalle, the sector will witness further growth with most companies operating in the city firming up expansion plans or executing real estate growth plans with upswing in the economy.
Reflecting the buoyancy in the sector, it said overall Delhi and National Capital Region (NCR) witnessed a net absorption of 1.63 million sq ft of property space (151,755 sq metre) in first quarter of the year.
The significant performance by the sector has largely been attributed to increased demand for commercial property.
“The sector has potential to grow further provided the city government and the Centre relax certain norms for use of land for property development,” said Pradeep Jain, chairman of CREDAI.
As per the data, the contribution of the tertiary sector comprising hotels, restaurants, banking, insurance, legal services, real estate at current prices was R2.12 lakh crore in 2010-11, which is 82.27% of the GSDP.
The contribution in this period to GSDP by hotels and restaurants and related trade was estimated at R48,413 crore, which was around 18.71% of the total GSDP of the city. According to figures, share of primary sector comprising agriculture, livestock and forestry to GSDP in the the year 2009-10 and 2010-11 has decreased by 0.72% and 0.61% at current prices.
At R2.58 lakh crore, the GSDP went up by 10.53%, increasing from 10.28% in the previous fiscal. Delhi’s GSDP in the year 2009-10 was R2.18 lakh crore.
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