India gets realty check from Gulf Investors
Despite the current economic downturn, India’s real estate is said to be worth about $16 billion and is estimated to post annual growth rate of 30 per cent to reach $60 billion by 2010 according to research outfit ‘Çityscape Intelligence’. As a consequence a large contingent of regional real estate investors and developers are poised to descend on Cityscape India to further their long term ambitions in the sub-continent.Graham Wood, Exhibition Director for Cityscape India said, “The internal demand for commercial and residential real estate in India is undeniable. The investment climate may be difficult but developers will benefit from lower land prices, lower material and labour costs. Providing that the finance is in place, many developments may be approaching completion after the downturn has bottomed-out.” Dubai-based Limitless is confident about the long term prospects of India’s real estate sector.
"India is currently facing a shortage of some 21 million homes, and more than 300 million people are expected to migrate to urban areas over the next 20 years. At Cityscape India, we will showcase 11 global projects including Bidadi our proposed 4,000 hectare mixed-use development near Bangalore which will house around 750,000 people," said Saeed Ahmed Saeed, CEO of Limitless.In addition Mohamed Binbrek, Group Chief Executive Officer of Dubai Properties recently confirmed that the company hopes to expand its development projects into India. He went to say that whether the scheme would be residential, commercial or mixed-use, the project would be funded by the firm itself. Dubai-based real estate developer Majid Al Futtaim (MAL) has announced it is investigating India ‘a market to be in’ as a possible region for investment and development.
Younis Al Mulla, MAL business development officer, said that the firm was looking to enter a joint venture with a local firm to help it build a mixture of residential and commercial real estate in the country.The investment arm of Ras al-Khaimah also plans a $5 billion business centre at Hyderabad. Ras Al Khaimah Investment Authority (RAKIA), which manages funds of the emirate, part of the United Arab Emirates, said recently it had signed an initial agreement with Andra Pradesh Industrial Infrastructure Corp to set up Hyderabad Economic City, which will offer financial and healthcare services. Indeed demand for affordable housing is an issue that Kumari Selja Minister of State (Independent Charge) for Ministry of Housing and Urban Poverty Alleviation will address during the opening of the Cityscape India Conference.“With 70% of India’s 1.2 billion people categorized as lower class, the demand for affordable housing ..........
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