The real estate sector in India is flourishing rapidly with a growth rate of 30 percent each year. About 80 percent of the real estate development in India has been in the field of residential housing. The remaining 20 percent of the real estate includes office, shopping malls, entertainment centers, hotels, multiplexes and hospitals. India’s booming outsourcing business industry and consumption-led growth are contributing significantly to its real estate growth. The outsourcing business houses including call centers, technical consultancy services, medical transcription units and programming houses constituted around 10 million square feet of real estate growth in India till 2003. In last couple of years the share of commercial sector in the overall real estate growth has been more prominent.

Considering the advantages of significantly lower cost of operations in India, several multinational companies across the globe are expressing their willingness to shift their operations to India. According to a 2003 estimate, the demand for office space by the ever expanding IT and IT-enabled service sectors in India would be around 66 million square feet, in the next five years. These multinational companies have realized the fact that in order to flourish their business, the skilled Indian work force can be of great use to them. So they need to provide the Indian professionals with all the facilities of modern life starting from housing to entertainment, so that they can give their best in the work place and at the same time be happy with their standard of living. This trend has set off the development of world-class entertainment centers and business centers, across the country, thereby bringing a radical change in the lives of urban population in India. The growing demand of skyscrapers in all the metropolitan cities across the country has changed the image Indian skyline.