Wednesday, February 07, 2007 6:04 PM
Realty Market To Become $102bn By 2010 Says Developer
At a recent real estate and urban studies panel discussion at Indian School of Business (ISB), Mr Shyam Prasad Reddy, MD & CEO, Indu Projects Ltd said that our Indian realty sector is expected grow from the present level of $14 bn to $102 bn in the next decade. Explaining the current real estate scenario in the country, Mr Reddy said that the shortage of 19.4 mn housing units, including 6.7 mn units in urban India, and mushrooming of retail projects would provide a huge opportunity for domestic as well as global infrastructure players in the country. He, however, pointed out that Indian realty industry was ailed by lack of transparency and credibility, an acute shortage of data & academic research and a lack of uniform laws and regulatory systems. Many of the panelists presented at the discussions included Mr Ganesh Raj of Ernst & Young, Mr Arvind Pahwa of JP Morgan Asset Management, Mr Nayan Shah of Mayfair Housing, Mr Kishore Gotety of ICICI Venture Funds Management, Mr ! Suresh Maramreddy of Citigroup Property Investors, Mr KG Krishnamurthy of HDFC Property Ventures, Mr Neel Raheja of K Raheja Corp., Mr Ramesh Sanka of DLF, Mr Luv Shah of Deutsche Bank REOF, Mr Ramani Sastri of Sterling Developers, Mr Mohit Singh of Shipra Group, Mr Balaji Rao of Starwood Capital India & Mr William Kistler of Urban Land Institute ( Europe).
Business Standard New Delhi Edition January 23 2007