Real Estate India Still Underrated According to Emaar MGF MD

November 2, 2008	(Be the first to rate this story!)  Loading ...
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The heat of the US meltdown has not spared Indian shores and the booming realty sector too is feeling its impact. But tough times make you stronger. “The present turbulence will make the real estate grow strong and it will emerge stronger after this phase,” said Shravan Gupta, executive vice-chairman & MD of Emaar MGF Land Private.

The importance to the real estate sector is a little underrated in terms of regulations and policy. Mr Gupta said it is an important sector for the growth of the economy and should be given more importance. He felt that considering the present scenario, sentiments were overpowering people’s thoughts rather than actual ground conditions. The effect of the global financial condition is certainly felt in India but according to him it’s not as bad as it is portrayed.

“Demand for homes does exist today. It’s just that the buyer is in a state of uncertainty looking into the world around him,” said Mr Gupta. The major factor which has hurt the sector is the high lending interest rates that drive away the buyers and the sector is in a stage of hibernation but no real slowdown is seen, felt Mr Gupta.

He added that prices in some cities may have gone up on the basis of lack of supply but still in India real estate is under-priced when compared to the rest of world. A collective force of the real estate developers should be presented before the government to implement certain uniform policies and regulations, which can benefit both the buyer and the developer. “As a developer we want to be a strong stakeholder in the growing economy of India,” said Mr Gupta.

News Published Under:   Real Estate Developers |

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