After witnessing a historic peak of 32 million sq ft in 2019, India is expected to reach 100 million sq ft in over three years, as per a report by property consultant CBRE South Asia report.
“Over the past decade, India has consistently aimed at diversifying from a services-based economy to becoming an alternate manufacturing destination in APAC,” said Anshuman Magazine, Chairman, India & South-East Asia, Middle East & Africa, CBRE.
“As a result, the demand in the Indian I&W sector has surged, making it one of the key growth drivers of the real estate industry. With strong government support to ease investment norms through attractive tax sops and policy initiatives, we can expect increased interest from domestic and global manufacturers,” he added further.
Government initiatives such as Industrial & Dedicated Freight Corridors, Bharatmala and Sagarmala projects, Jal Marg Vikas, and UDAN are expected to significantly improve the logistics ecosystem in the country.