/24-7PressRelease/ - Hyderabad, India, June 01, 2008 - It has never been better for real estate developers in Hyderabad. They are being wooed by foreign realty companies despite the recent slump in property prices in the city. CNBC-TV18 finds out what makes Charminar city such an attractive realty choice.
Foreign realty companies have bet nearly USD 1 billion on Hyderabad in 2007 alone. The city has attracted firms like PBEL, which is a joint venture between two Israeli property firms and Hyderabad's INCOR Infrastructure. It will invest USD 280 million to develop a massive commercial and residential project on a 28-acre plot located off the first phase of Hyderabad's Outer Ring Road. "We felt that there is a need for a big quality residential housing in Hyderabad. Looking at the government's proactive role in pushing infrastructure, we have decided to go ahead," said Anand Reddy, Executive Director, PBEL.
It is the infrastructure like the new international airport, IT parks, the Digital Entertainment city, Fab City and the Outer Road Ring project that is drawing big ticket investors like Malaysia's Sunway Group and Israel's Direct Capital Investments. Both will pump in money into township projects in Shamshabad, close to the new airport. Dubai's Emaar MGF and TSI Ventures are also betting on commercial projects on the outskirts of the city. The real estate boom is spreading beyond the traditional upmarket areas of Banjara Hills and Jubilee Hills. New places, which are developing at a fast pace, are Gachibowli, Shamshabad and Tellapur.
"The Hyderabad region offers tremendous advantage in terms of product development capacity; product mix and developers here are keen to tie-up with international players," said George Johnson, Regional Director, Jones Lang Salle Meghraj.It is a win-win situation for both foreign and local realty companies. While local companies get in land and approvals on to the table, the foreign companies bring in the capital and technology. ...........
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