Construction Industry News
The Confederation of Indian Industry (CII) recently organized a Real Estate Conclave in Bengaluru, focusing on the theme “Navigating Real Estate Excellence in Karnataka / South India.” Industry leaders, including Dr. Prashanth Reddy, Convenor of the EODB Taskforce at CII Karnataka, Managing Director of Fundermax India, and Director of Isotrack India, spoke at the event.
In his opening remarks, Dr. Reddy emphasized the importance of the Indian real estate sector. He stated, “It is estimated that 42.5% of the population will live in urban centers by 2034, up from the current 34%. This shift will require 78 million more housing units, translating to a potential investment of $906 billion by 2034. Globally, any leading city in a developed country has an urbanization rate of 50%, highlighting the potential for growth and development in the coming two decades.”
Dr. Reddy further highlighted the urgent need for innovative solutions and strategic planning to address housing shortages and sustainable urban development. He also pointed out the rising demand for both luxury and affordable housing, as well as a significant shift towards tier II cities. “These cities are the new engines of growth, reflecting the decentralization of economic activities,” he noted.
Other dignitaries present included Pavithra Shankar, MD of Brigade Enterprises; Ram Chandnani, MD of advisory & transaction services India; Venu, representing the CII Karnataka State Council; and Kamal Bali, immediate past chairman of CII Southern Region and president & MD of Volvo Group India.
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