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Property boom sets in as economy expands
Section Investment Pune Posted on Thu Jan 11, 2007 at 10:47:13 PM EST
As in most parts of India, Pune's
realty sector was all these years
dominated by smaller builders, who
were strapped for funds. Banks are
generally shy of lending to
developers, and it was difficult for
many to take up major projects. But
things have changed even in Pune
now.
With the government of India allowing 100 per cent foreign direct investment (FDI) in the real estate sector, many international majors have started funding projects in Pune. This has enabled them to acquire state-of-the-art equipment and the latest in construction technology.
Private developers have been
emboldened to construct sprawling
IT parks and commercial and
residential complexes across the city.
International firms like Merrill The real estate sector in India attracted about $3 billion in FDI during the first half of the current fiscal, with international groups including Dubai's Emaar Properties, and a clutch of US- and Singapore-based financiers (Morgan Stanley, Siachen Capital, Goldman Sachs, JP Morgan Stanley, AIG, Blackstone, Tishman Speyer, Warburg Pincus and GIC) investing in the segment.
A recent entrant is Starwood
Capital group of the US, which plans
to invest $500 million in the real
estate market, especially in cities like
Pune. Top Indian developers are also
raising billions of rupees through
initial public offerings (IPOs), and
most of them have to plough these
funds into cities like Pune, which
have huge demand, as well as ample
land for expansion.
According to industry estimates,about $5 billion is expected to be
raised through IPOs, and about $10
billion through the FDI route over the
coming year or two by the real estate
sector. Cities like Pune will
undoubtedly attract a significant
chunk of the funding.
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