With more the 200 projects displayed, the Indian Property show marked
a Phenomenol opening. Dinesh Bhatia, Charge D'Affairs, Indian Embassy,
inaugurated the exhibition organized at the Ramada Hotel, Kuwait. Not
only real estate biggies but also major housing finance institutions
keenly participated in the exhibition to provide on the spot loan facilities.
Speaking on the even Mr. Bhatia said that it is great idea to organize
such an Indian property exhibition in Kuwait in view of the presence
of a large Indian expatriate community in Kuwait. He further added that
people here should know more about the booming real estate market in
India. It is not only an investment option. But, it could help many
expatriates realize their dream to build a home of their own.
The exhibition displays include diverse properties and the best financing
options from banks so that customers can shop for their dream home with
least effort and maximum convenience. With strong foreign exchange reserves,
healthy GDP growth rates, rupee appreciation, strong corporate performance
and expanding FII investments, India has emerged as an economic powerhouse.
Most significantly, the $12 billion real estate market in India has
been on a high growth trajectory, on the back of a booming economy,
increased participation of global players in the Indian market, new
technological innovations, new norms and policies with respect to maintenance
of buildings, the general upgradation of infrastructure, entry of many
world-class players in the hospitality and entertainment sectors, favorable
demographics and liberalized FDI regime.
According to latest data, the real estate sector is the second largest
employer in India. The sector is projected to grow at an average rate
of 20 percent per annum to $50 billion by 2010. And investment opportunity
is expected over $50 billion in the next five years.
"The Indian real estate industry has a lot of potential to offer.
Various foreign real estate and financial institutions companies have
entered the Indian market. Moreover, 100 percent FDI is allowed in real
estate development," said another exhibitor pointing out that the
Indian government has played a major role in supporting the growth of
the real estate sector by allowing NRI investment in the sector.