It had started in the decade of 50s when India witnessed the heyday of state-controlled planned economy based on Soviet model. There was a great demand and appreciation of foreign or multinational investments in the length and breadth of the country and this fervor increased to a greater extent in the following decades and anything foreign, certainly funds, was regarded as a blessing. Nevertheless, the situation is no more the same and from 1991 (that had the inception of market economy in India) to now, the scenario has changed to a certain extent.
The best specimen of this changed circumstances and also perception is that in the region of 100 Gujarat builders will try for in excess of 150 properties in Dubai at an auction to be held at the ballroom of the world’s tallest building, Burj Khalifa.
The news is not only authentic but it has also been learnt that a delegation of Confederation of Real Estate Developers of India (CREDAI), Gujarat chapter, is going to Dubai to attend the national convention of CREDAI on January 23. The delegation, by means of dwelling more will participate in an auction specially organized for them by an association of agents.
On the word of Jaxay Shah, President of CREDAI, Gujarat chapter, the first and foremost thought is to remain in Dubai for a couple of days after the CREDAI meet and explore opportunities for builders who are flush with funds. He said, in addition, at this point in time, real estate prices in Dubai are down by up to 40 per cent on account of the financial crisis; this uncanny situation has stimulated the Gujarat builders to give vent to their interests and establish business in the emirate.
Well it is not sure how far they will get successful. Well, whatever may be the outcome, the approach must be appreciated. All these indicate that Indian realty is not getting global but also has the proficiency to consume others.
So Indian real estate is getting imperialist, a nice show and it can certainly benefit Indian economy provided that the impetus is retained.
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