As per a report prepared by real estate consultants Jones Lang LaSalle Meghraj, the biotechnology sector will drive the real estate India market in the coming years. An estimated 100 million sq. ft of space would be required by the biotechnology industry by 2010, according to the report.

As in the case of IT, biotech parks would house manufacturing units within a self-supporting, integrated complex. Six biotech parks in India are already functioning, and 19 more are in the pipeline.

The Indian biotech industry registered a 33% increase in 2006-07, and is slated to achieve USD 5billion in revenue in 2010, and create a million jobs.

The JLL-M report has estimated the present worth of the Indian real estate market at Rs.47, 880 crore, or USD 12 million.

IT having played a vital role in Indian realty till date will continue to do so, with 150 million sq. ft expected to be added by 2010.

Biotechnology, with investments having trebled in three years between 2003 and 2006, is expected to push up demand for biotech hubs in Hyderabad, Bangalore, Chennai, Mumbai, Pune and the NCR.

Apart from domestic biotech players like Biocon, Panacea and Wipro, global players are also present in India. Developers in Hyderabad and Bangalore are spotting for properties around biotech hubs, as in the case of Omaxe’s project within a 326 acre biotech park in Patiala.

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