The financial crisis in Dubai will not have much bearing on India’s real estate sector, developers, analysts and brokers alike told Hindustan Times on Friday.
All major developers said they had no significant exposure to Dubai realty.
Said Sanjay Verma, executive managing director Cushman & Wakefield a real estate consultancy firm, “The Indian developers have not invested any huge amounts for the real estate development in Dubai.” Verma further said the direct impact — if any — would be on the banking sector, which might affect funding requirements of real estate companies in future.
Analysts and developers also said the recent demand in Indian residential real estate has come largely from the domestic end-users, West Asian investors have hardly any role.
“Only in some pockets like Kochi could we see any major impact as it has a large population which works in Dubai and other places around the middle-east,” Anuj Puri, chairman of real estate consultant Jones Lang LaSalle Meghraj.