ONLINE DESK: According to Karvy India Report, Wealth in real estate in India is likely to double to Rs 121 lakh crore in the next five years, suggesting a turnaround for the sector in future.

“Individual wealth in the real estate sector is set to double to Rs 121 lakh crore in the next five years on increased transparency due to the implementation of RERA and focus on the affordable housing segment, according to Karvy India Wealth Report.

“Individual Wealth in physical assets grew to Rs 140 lakh crore in FY17, having grown by 5.92 percent as against 10.32 percent recorded in FY16. Individual wealth in gold stood at Rs 68.45 lakh crore, which is close to half of the total physical assets base. Similarly, wealth in real estate came in second at Rs 60.25 lakh crore,” Karvy Private Wealth said in its 8th edition of the India Wealth Report.

Gold and real estate together form nearly 91 percent of the physical wealth in India, it said

Abhijit Bhave, the chief executive officer of Karvy Private Wealth said in the report, “In the physical assets space, Indians love for real estate will continue. Wealth held in real estate is likely to double to Rs 121 lakh crore over the next five years. This indicates a revival of growth in real estate sector in coming years on the back of increased transparency in regulations along with renewed focus on affordable housing segment,”