Cityscape, one of the world’s largest business-to-business real estate brands, is all set to return to Mumbai this year following the success of the first Cityscape India event. More than 80 exhibitors showcased their projects and expertise at the inaugural Cityscape India 2007, which kicked off at the Bombay Exhibition Centre in November last year.
“We have been seeing the changing landscape of Chennai over the years. From a single house, the concept has changed to 100-500 units in a single place. While it is a lifetime dream for middleclass people to own a home, those working in IT firms plan such dwelling in the first year of their employment itself. Streamline your projects in such a way as to avoid delays. Identify the weak spots and inform us and we will try to take remedial action,” he said. Prakash Challa, president, Confederation of Real Estate Developers’ Association of India
About 200 property projects across India are showcased by 18 builders at the two-day India Property Expo being held at Ramada Hotel starting from Friday. Dinesh Bhatia, Charge D’Affairs, Indian Embassy, inaugurated the exhibition. After touring the stalls, Bhatia said such property shows are great in view of the presence of large Indian expatriate community living in Kuwait. Real estate not only helps people realize their dream of owing a home, but is also an investment option for many, he added. V. Ramachandran, Director of Indus Fairs and Events, who are organizing the expo in association with Danat Al Sultan, speaking to the Arab Times said the projects in the exo are spread around 20 cities and several major towns in India.
The year 2007 saw good times roll out for the india real estate sector. Big-size IPOs, a slew of government measures and FIIs helped in giving a much needed facelift to the sector. Clearly, realty hogged all the limelight and even high interest rates failed in dampening the spirits. Looking ahead, what’s in store for the property market? Will the going continue to be as good or is there a bumpy ride ahead? SundayET spoke to some industry experts to get an idea on what to expect from realty 2008.
* In broad terms, 2007 has been a good year for the Indian real estate sector. All fundamentals are firmly in place, and there have been only isolated ‘overheated’ pockets.
* The volume of residential sales had slackened, but is now picking up again satisfactorily.
* Of concern have been the facts that too much funds were chasing and continue to chase too few good projects, and that the supply of quality spaces across sectors and geographies did not meet existing demand.
* 2007 also did not resolve the question of whether SEZs in India are merely a ‘real estate game’ or whether they will serve their intended purpose.
