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Construction is a general term meaning the art and science to form objects, systems, or organizations, and comes from Latin construction (from com- "together" and struere "to pile up") and Old French construction. To construct is the verb: the act of building, and the noun is construction: how something is built, the nature of its structure. In its most widely used context, construction covers the processes involved in delivering buildings, infrastructure and industrial facilities, and associated activities through to the end of their life. It typically starts with planning, financing, and design, and continues until the asset is built and ready for use; construction also covers repairs and maintenance work, any works to expand, extend and improve the asset, and its eventual demolition, dismantling or decommissioning. As an industry, construction accounts for more than 10% of global GDP (6-9% in developed countries) and employs around 7% of the global workforce - over 273m people. The output of the global construction industry was worth an estimated $10.8 trillion in 2017.

The Construction industry of India is an important indicator of the development as it creates multiple investment opportunities across various related sectors. With a share of around 8.2%, the construction industry has contributed an estimated ₹670,778 crores (US$ 131 billion) to the national GDP at factor cost in 2011–12. The industry is fragmented, with a handful of major companies involved in the construction activities across all segments; medium-sized companies specializing in niche activities; and small and medium contractors who work on the subcontractor basis and carry out the work in the field. In 2011, there were slightly over 500 construction equipment manufacturing companies in all of India. The sector is labor-intensive and, including indirect jobs, provides employment to more than 49.5 million people. The construction sector is visualized to play a powerful role in economic growth, in addition to producing structures that add to productivity and quality of life. Real estate is a class of "real property" that includes land and anything permanently attached to it, whether natural or man-made. There are five main categories of real estate: residential, commercial, industrial, raw land, and special use.By 2040, the Indian real estate market will grow to Rs. 65,000 crore (US$ 9.30 billion) from Rs. 12,000 crore (US$ 1.72 billion) in 2019. Real estate sector in India is expected to reach a market size of US$ 1 trillion by 2030 from US$ 120 billion in 2017 and contribute 13% to the country’s GDP by 2025. Retail, hospitality, and commercial real estate are also growing significantly, providing the much-needed infrastructure for India's growing needs. Indian real estate increased by 19.5% CAGR from 2017 to 2028. Office space has been driven mostly by growth in ITeS/IT, BFSI, consulting and manufacturing sectors. During 2019, the office leasing space reached 60.6 msf across eight major cities, registering a growth of 27% y-o-y. In 2019, office sector demand with commercial leasing activity reached 69.4 msf. Co-working space across top seven cities increased to reach 12 sq ft by end of 2019. Warehousing space is expected to reach 247 msf in 2020 and see investment worth Rs. 50,000 crore (US$ 7.76 billion) during 2018-20. Grade-A office space absorption is expected to cross 700 msf by 2022, with Delhi-NCR contributing the most to this demand.

Sources- Various, Britannica, Wikipedia..


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31, May, 2022

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