Professionalism and Clarity – Need of the Hour for Indian Real Estate

January 23, 2007	(Be the first to rate this story!)  Loading ...
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The Indian property market is slated to leap frog to $102 billion by the year 2010 from its current figure of $14 billion, says Shyam Prasad Reddy, managing Director and Chief Executive Officer of Indu Projects Limited.

Reddy was participating in a panel discussion organized jointly by Ernst and Young Private Limited and the students of the Real Estate Club and the Wadhwani Centre for Entrepreneurship Development at the Indian School of Business on “Indian Real Estate – the Research Imperative”.

Reddy cited the increased purchasing power of Indians, easier funding by housing finance companies and banks as catalysts for growth in the Indian property market.

The Indian property market has a potential of approximately 20 million homes, including 6.7 million in India’s cities and towns. Growth in the retail sector is opening up doors for domestic and global infrastructure developers in India.

The real estate industry in India however still lacks maturity, and a more organized and professional structure is required. There is a lack of research and data in the Indian property market, which could be corrected with uniform laws and transparency in the operations by real estate developers. With foreign investment in real estate picking up, more professionalism is required, emphasized Reddy.

Participants on the panel were Ganesh Raj of Ernst & Young, Arvind Pahwa of JP Morgan Asset Management, Nayan Shah of Mayfair Housing, Kishore Gotety of ICICI Venture Funds Management, Suresh Maramreddy of Citigroup Property Investors, KG Krishnamurthy of HDFC Property Ventures, Neel Raheja of K Raheja Corp., Ramesh Sanka of DLF, Luv Shah of Deutsche Bank REOF, Ramani Sastri of Sterling Developers, Mohit Singh of Shipra Group, Balaji Rao of Starwood Capital India and William Kistler of Urban Land Institute ( Europe).

The discussions identified five core areas of research for the ISB Real Estate Research Lab for the current year.

News Published Under:   Real Estate India |

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