photo credit: indichick7
Indian property investment and development businesses have been given an overview of things to come at a real estate exhibition.
The Confederation of Indian Industry (CII) ran Build Up 2008 at the Bangalore International Exhibition Centre last week.
Topics included construction, property investment and development “on a global scale”.
According to the Times of India, predictions included a “stabilisation” of property prices and a “softening” in land values.
Other experts noted India was now feeling the impact of the global downturn.
Quoted by the paper, Kumar Gera, chairman of the Confederation of Real Estate Developers Association of India, said:
“We are feeling the ripples of the global slowdown. There’s a 30 per cent drop in new projects compared to a year ago.”
According to earlier figures from the CII, the real estate sector is expected to touch $90 billion by 2015 along with a planned investment of about $456 billion over 2007 to 2012.
A CII exhibition statement read:
“The continuing investment in India’s infrastructure sector presents a tremendous business opportunity making it an attractive investment option for foreign investors.”
The organisation is a non-government, non-profit group which aims to play a “proactive role” in India’s development process.
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