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Lower interest rates key to affordable housing

18 Nov 2008

Cityscape intelligence finds India’s real estate developers focusing on mid-income housing amid calls for liquidity & finance at lower rates

Research conducted by Cityscape intelligence ahead of next month's Cityscape India exhibition and conference, has revealed that many of India's top real estate developers are beginning to change their business strategy away from luxury or high-end projects towards mid-income residential developments.

However, although many developers can self-liquidate to a certain degree through attractive incentive schemes, they are lobbying the Government and the financial sector to inject much needed capital into the market and lower interest rates to benefit the developers, investors and end users.

"It has been said many times before the demand for low cost affordable housing in India is undeniable. However prices need to be realistic to begin with and mortgages affordable as well. Sentiment could be the only stumbling block, which if removed could energise India's entire real estate sector," said Graham Wood, Exhibition Director, Cityscape India.

To underscore the importance of this property segment, the Honourable Minister for Housing and Urban Poverty Alleviation, Kumari Selja, will address domestic and international delegates during the opening of Cityscape India which is due to take place at the Bombay Exhibition Centre on 8-10 December 2008.

Her speech entitled 'Affordable Housing For All In India' will outline the initiatives to develop residential property, not only for India's burgeoning middle class, which is now estimated at 325 million people, but also for India's lower class, which still represents approximately 70% of India's 1.2 billion population.

"This could be news that some of India's investors and developers have been waiting for. One thing is certain, the real estate industry will be given an insight into the Government's mindset on low cost housing initiatives and equally important a platform to present their own challenges direct to the minister," added Wood.

Cityscape India is an annual international networking exhibition and conference focusing on commercial architecture, property investment and development and attended by the most significant investors, developers, architects and consultants.

The event was launched in 2007 to provide the country's real estate sector, with a networking platform where domestic developers can source international investment contacts. It is also a platform where international developers can meet Indian investors. This year, Cityscape India is set to welcome more than 8,000 participants from around the world.

Another highlight this year will be two parallel conferences, 'Infrastructure Finance & Investment' and 'Retail City Summit Day'. Notable participants include the Trump Organisation of the United States, Al Futtaim Group Real Estate, UAE, Merrill Lynch, India and Ansal API Group, India.

Donald Trump Junior, Executive Vice President of Development and Acquisitions for the Trump Organisation, spoke at last year's Cityscape India, and is set to return this year sending a clear message of intent to India's property market.

The Cityscape India 2008 Real Estate Awards will also honour leading real estate professionals and companies for their outstanding contribution to the industry.

Platinum sponsors of Cityscape India 2008 are Limitless a Dubai World company and Soundlines, a diversified company with offices in UAE, Saudi Arabia, Qatar, India, Nepal and Bangladesh. Leading real estate and investment company Tanmiyat are the Gold sponsors. The Silver sponsor is engineering & technology services company, Indian-based Barton Willmore International/Neilsoft a joint venture between Barton Willmore International (UK) and Neilsoft (India).


Source: Cityscape Intelligence

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