photo credit: markhillary
Real estate developments in one area of India will see “no threat” from a crisis which brought down one of the world’s best-known investment banks, it has been claimed.
Bharat Infratech said some developers may have been left “gasping” by the demise of American firm Lehman Brothers last week.
But it said its schemes, which include one of the country’s largest residential projects in Kondapur, Hyderabad, will go ahead “as planned”.
The firm said the Kondapur project involved a land bank of 500 acres with Lehman Brothers and Tiger Global, but would remain on track.
The news could boost confidence in those involved in real estate investing in Hyderabad and the surrounding area.
Srinivas Manda, head of marketing for Bharat Infratech, said: ”
Events at Lehman Brothers Holdings will have no bearing on the progress of any of our projects as all of them are already funded and will go ahead as planned.
“Further, the investments in Bharat are governed by the Indian laws for FDI investment and the lock-in period stipulated therein.”
Real estate investment property in India is currently undergoing an uncertain period, with prices for new homes undergoing a slump after three years of growth.
However, large injections of cash from foreign investors and an ongoing demand are thought to guarantee a bright future for the sector.
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