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Dear Real Estate Professional,
Cityscape India 2009 has certainly come at the right time considering the current economic climate. Real estate professionals are now more than ever are looking for capital and long-term partners to weather the global crisis and eventually capitalise on the undeniable opportunities in the Indian real estate market.
The exert below is taken from a report compiled by Cityscape Intelligence on the current status of the Indian real estate market:
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Over the last five years, India's real GDP has surged by an annual average of nearly 9% and the Economist Intelligence Unit forecasts it is set to be the fastest growing economy in the world 2008-2030, with an average annual expansion of 6.3%. However, the slowdown in the global economy has been more pronounced than previously anticipated and monetary tightening, combined with strong inflation have dampened consumer demand. High interest rates have discouraged firms from investing and expanding their capacity which in turn has reduced productive potential. The Economist Intelligence Unit has recently lowered their real GDP growth forecasts for India to 7.3% for 2008/09 (April-March), while the actual for the same period 2007/08 was 9%.
In light of the overall economic picture and the rapid escalation in prices in real estate over the last few years, many real estate markets in India are currently undergoing a price correction. However, there still exists a fundamental demand-supply imbalance and real estate remains an attractive longer term investment prospect, with demand likely to be particularly strong for affordable housing and sustainable office buildings. A report by Jones Lang LaSalle Meghraj estimates India will develop approximately 110m sq ft of green space over the next few years and in the next 3-4 years about 200m sq ft of commercial space and 45m of retail space is expected to be constructed across the major cities providing ample opportunity for the development of environmentally, economically and socially sustainable buildings.
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Click here to download the full Cityscape Intelligence report.
Reaching out to over 300,000 global real estate investors, developers, consultants, architects, urban planners, corporate end-users, retailers and government departments and municipalities, Cityscape India 2009 will facilitate unparalleled networking between real estate professionals from India and abroad.
We hope you can join us from 9 – 11 December 2009 at the Bombay Exhibition Centre.
Sincerely,
Wouter Molman
Exhibition Manager – Cityscape India
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