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« DB realty to build Mumbai’s biggest mall | Home | Indian realty situation forces firm to suspend activity »

Japanese investors hesitant to invest in Indian realty

Japanese investors have become apprehensive of any Singur-like events in the six Indian states where they wanted to invest through the 100 billion dollar Delhi-Mumbai Industrial Corridor (DMIC). The industrial corridor, comprising manufacturing enclaves, special economic zones and real estate projects, would come up on both sides of the Delhi-Mumbai Railway Freight Corridor being developed in economic co-operation with Japan.

“The Japanese companies were apprehensive because Singur has hit the headlines. They were asking us,” a Department of Industrial Policy and Promotion senior official said. The DIPP, which is anchoring the DMIC, organised a meeting of a 25-member Japanese delegation led by International Affairs Trade and Industry Vice Minister Kiroyuki Ishige, with officials from the six states participating in the project. However, officials from Haryana, Uttar Pradesh, Rajasthan, Madhya Pradesh, Gujarat and Maharashtra sought to allay the Japanese’ fears stating that the Indian real estate sector has an “investment friendly” climate. The officials also gave details on the availability of vacant land which could be given to the Japanese firms for their industrial units. “Each state is trying to tell the Japanese that they have no land problem, they are good, they are not Singur or West Bengal, so (they should) please come (to them),” the official said.

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