Tuesday, May 19, 2009

Dubai Major Real Estate Co Plans Offices in Metros

Sherwoods Independent Property Consultants is to open an office in New Delhi this summer as investor appetite grows amid a shortfall of four million residential units in the Indian capital. The Dubai-based real estate adviser, which has three offices in UAE as well as a strong presence in Europe, predicted on Tuesday New Delhi will have a buoyant housing market with rising demand among the burgeoning middle class as India’s economy booms. Sherwoods estimated that there is a supply shortage of around four million homes in the capital. Puniet Singh, CEO of Sherwoods Independent Property Consultants (India) Private Limited said: “Sherwoods is targeting all metropolitan cities in India, including New Delhi, Mumbai, Kolkata, Chennai and Bangalore as well as tier-2, urbanised cities such as Hyderabad, Pune, Chandigarh, Gurgaon and Noida.”

As well as showing signs of recovery from the global crisis, interest rates in India have from fallen from 11.5 percent to 9.25 percent, making mortgages cheaper. The Indian economy is likely to grow at 6.6 percent in the current fiscal year on the back of new investment proposals, economic think-tank Centre for Monitoring Indian Economy (CMIE) said in a report on Tuesday. “We believe this is a highly favourable time for real estate investments as India is now showing strong signs of recovery and opening excellent opportunities in the mid to long-term horizon,” Singh continued. “India’s resiliency is of particularly strategic importance because growth has levelled out in other major global markets, putting India in the spotlight as a new prime destination for real estate investors.”

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