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MUMBAI: The downward trend in the property development market is expected to reverse as soon as interest rates become reasonable, a top industry official said.

“The property development market is down today. It has seen a strong growth and continues to grow at 20 per cent per annum. As soon as interest rates become reasonable, it will pick up,'' the Godrej Group's Chairman, Adi Godrej, said while addressing the Globoil India conference here.

People were willing to take mortgages which was growing rapidly. The mortgages market increased by 100 fold during the 1999-2008 period. The growth of the Indian middle-class was driving the property development sector, he said.

“Nearly 80 per cent of all property development is residential property. Besides, IT and IT-enabled services were driving commercial space. The investment in infrastructure and retail sector was also driving growth in the property development sector, he said. On the agri sector, Godrej said that “I am bullish on the agri sector. India has large acreable land after the USA.

It is larger than even China and Russia. However, India's eastern part remains underdeveloped as compared to its western parts which were largely developed. Godrej said that quality needed to be substantially upgraded in the infrastructure space. Much w orks needs to be done in the ports and airports segment, he added. – PTI

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