Financial Daily from THE HINDU group of publications
Tuesday, Jan 24, 2006
Financial Daily from THE HINDU group of publications Tuesday, Jan 24, 2006 |
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Industry & Economy
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Real Estate & Construction `Realtors may have to focus on non-metros' Our Bureau
Mumbai , Jan. 23 GROWTH for the real estate industry in the coming years would be in non-metros, as the growth in these regions would be increasingly driven by knowledge-based industries, said Mr K.V. Kamath, Managing Director and CEO, ICICI Bank, while addressing the annual convention of real estate developers on Sunday. The convention was organised by the Confederation of Real Estate Developers' Association of India (CREDAI). Pointing to the emerging mega trends, Mr Kamath said that non-metros would see a boom as knowledge- and service-oriented companies wanting to set up their businesses in India would prefer to hedge their bets. They would prefer these regions, as they want to curb high rate of attrition. The opportunity for real estate developers in such region would lie in creating commercial and residential space coupled with infrastructure development, he said. "We see migration of people to urban and semi urban areas from rural areas. Working as support staff in knowledge industries, which will need housing. The opportunities lie in providing that space for them," Mr Kamath said. He said that ultimately business for the real estate developers would be mass trading of realty space and not niche development. The industry can no longer expect tax holidays from the Government, he said. There is no undue pressure in the market and there is enough liquidity. The interest rates are not likely to rise.
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