Times Realty India 2011, a two-day exhibition being held in Dubai on the realty sector of India opens today in Dubai. The exhibition will see participation from some of the biggest organizations in the property industry from India.
Shahid Balwa, a key figure in the telecom scandal that has shaken the government, has resigned as the head of his flagship real estate company, DB Realty. Balwa is vice-chairman of Gulf group Etisalat’s joint venture in the country and at 36 was the youngest billionaire on last year’s Forbes India rich list.
Global companies said their real estate portfolios will grow most in Asia by 2013, boosted by the powerhouse economies of China and India, with those in more mature markets trading sideways, a survey said.
With only $400-500 million of foreign funds flowed into the Indian real estate sector in 2009-10, the outlook ahead seems to be far from being rosy.
A mammoth increase in planned supply of retail malls in India will increase retail companies’ bargaining power vis-à-vis real estate developers.
The Finance Minister seems to be getting more appreciation than brickbats for renewing focus on the housing needs of Aam Aadmi. Even the real estate sector is divided and while the long awaited demands have not been fulfilled, a section of the realtors with affordable housing projects have appreciated the efforts.
Real Estate developers across the country have termed the Union Budget 2011-12 as a tie cricket match which can’t be termed as won or lost. However, they are all unanimous that it is not a game changer budget for the sector.
It would seem that the Union Budget 2011 pointedly ignored the larger issues affecting the Indian real estate sector at this sensitive stage of revival and growth.
Affordable Housing development is expected to be encouraged with the announcement of a new Housing Mortgage Guarantee Fund which will cover the risk of Housing Finance Companies for lending to less advantaged sections of society.
The limit of funds to be invested by foreign investors in the Indian infrastructure sector has been raised with Finance Minister Pranab Mukherjee also allowing mutual funds to accept foreign funds in the national budget presented on Monday.