New Delhi: The real estate sector in India is likely to reach a market size of $180 billion by 2020, from $126 billion reported in 2015, a report said.
"The housing sector's contribution to the Indian GDP is expected to almost double to more than 11 per cent by 2020, up from estimated five to six per cent," said the CREDAI-JLL report released at the inaugural session of CREDAI Conclave 2018 here on Wednesday.
The Confederation of Real Estate Developers' Association in India (CREDAI) is the apex body of private real estate developers in the country, while, JLL is a professional services firm specialising in real estate.
According to the report, the Real Estate Regulatory Act is expected to consolidate the real estate sector in the country as it would force out unscrupulous developers.
The report further said: "Private equity and debt investments in real estate increased by 12 per cent on year-on-year (basis) across 79 transactions in 2017."
"Private equity inflows in office and information technology and information technology enabled services during 2014-2017 (year-to-date) are 150 per cent higher than the previius seven years' inflow combined," it added.
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Jakarta, Apr 17: Indonesian authorities issued a tsunami alert Wednesday after eruptions at Ruang mountain sent ash thousands of feet high. Officials ordered more than 11,000 people to leave the area.
The volcano on the northern side of Sulawesi island had at least five large eruptions in the past 24 hours, Indonesia's Centre for Volcanology and Geological Disaster Mitigation said. Authorities raised their volcano alert to its highest level.
At least 800 residents left the area earlier Wednesday.
Indonesia, an archipelago of 270 million people, has 120 active volcanoes. It is prone to volcanic activity because it sits along the “Ring of Fire,” a horseshoe-shaped series of seismic fault lines around the Pacific Ocean.
Authorities urged tourists and others to stay at least 6 km (3.7 miles) from the 725-metre (2,378 foot) Ruang volcano.
Officials worry that part of the volcano could collapse into the sea and cause a tsunami as in a 1871 eruption there.
Tagulandang island to the volcano's northeast is again at risk, and its residents are among those being told to evacuate.
Indonesia's National Disaster Mitigation Agency said residents will be relocated to Manado, the nearest city, on Sulawesi island, a journey of six hours by boat.
In 2018, the eruption of Indonesia's Anak Krakatau volcano caused a tsunami along the coasts of Sumatra and Java after parts of the mountain fell into the ocean, killing 430 people.