Expo highlights the advantages of investing in Indian real estate
By Vish Viswanathan
The Indian Property Expo is the only event of its kind and scale held in Sydney where NRIs or people of Indian origin have a genuine opportunity to meet up with large, listed and reputed developers from India to garner firsthand knowledge of Indian real estate. The seventh annual expo was held on July 11-12 at the Novotel in Parramatta, and due to popular demand, was extended to the following weekend.
Raja Venkateswar, President, Australia India Business Council (AIBC) NSW, inaugurated the event and well articulated AIBC’s role in cementing business ties between Australia and India, in his opening address. “There is a need for Australian Indians and Australian companies to connect with the fast growing Indian economy, and a need for Indian companies to leverage of the expertise provided by Australian companies in the field of construction, technology and ancillary services,” he said.
Gurdeep Singh, Deputy Mayor, Hornsby Shire Council offered a well-presented chronological walkthrough of the evolution of the Indian diaspora in Australia, and momentum gained by the community in all fields.
Vishal Gupta, CEO of Sumo Global, presented a brief and balanced statement on the risks and rewards of the Indian property market and how macro level economic indicators in India will drive long term growth. Kartik Mohandas was MC of the event.
The expo showcased a wide range of residential, commercial and retail properties from pan India, with top developers offering visitors a chance to network one-on-one on their real estate queries. In past years, the event has seen over 3000 visitors, investments of over Rs 500 crore and more than 50 developers from across India participating. This year too, over 500 people enthusiastically attended the weekend event where developers like Lotus Greens, Lodha Group, Godrej Properties, Ansal Housing, Puravankara and many others presented their properties. The Indian Telegraph was a proud sponsor of the event.
India’s property market has struggled in recent years amid high interest rates, a slowing economy and the looming threat of busting the real estate ‘bubble’. However in October 2014, in a boost to the cash-starved real estate industry, the Narendra Modi government relaxed the rules for Foreign Direct Investment (FDI) in the construction sector, including halving the minimum FDI requirement from US$10 million to US$5 million, and reducing the project size demanded of overseas investors. This increased the confidence of many developers and analysts who felt that the tide has started to turn and that 2015 could be a positive year for the industry.
Every astute real estate investor understands that property is a long term proposition and picks up good assets at the right value. The same holds true for the Indian property market which has seen good correction in prices over the last 2-3 years. Property sales have been sluggish due to high interest rates, increased supply and slow delivery of infrastructure projects.
What is changing this is positive macro-level factors such as controlled inflation, revised GDP growth, record NRI remittances, better economic outlook, positive business sentiments, a good India story in the making and a government with a pro-business attitude. In addition, rate cuts by the Reserve Bank of India which are passed to the end user, absorption of surplus supply by the domestic market due to minimal new launches, are also driving the new Indian property market. Real estate developers in India agree that things are moving in the right direction.
Participating developers were pleased with the response of the diaspora, as were the organisers who advised that they intend organising an even bigger event in the near future, taking the Indian Property Expo to cities like Melbourne and Brisbane.
The Indian Telegraph Sydney Australia
Indian Property Expo extended following high public demand