Date:10/09/2007 URL: http://www.thehindubusinessline.com/2007/09/10/stories/2007091051161500.htm

Back ‘Cheap housing, manpower key to real estate growth’

Our Bureau

Hyderabad, Sept. 9 There is a need to address manpower shortage and enhance construction capabilities in Indian real estate industry, according to Mr Shyam Prasad Reddy, Chairman, Indu Projects Ltd.

Speaking at a panel discussion on ‘Indian Real Estate Scenario – Bringing up-to-date’ at Indian School of Business here on Saturday, Mr Reddy said non-availability of authentic statistics on real estate industry was a serious hurdle in bringing out industry forecasts.

Prof Joseph Gyourko, Wharton Business School, University of Pennsylvania, said some fundamentals of Indian real estate market were strong.

“However, this may not be uniformly spread across the country. While the market in Bangalore can be booming, it may not be the case with some other city,” he said.

Mr Nayeen S. Shah, CEO, Mayfair Housing, pointed to the shortage of long-term funds for developers. “Though short term funds are available, we need long term funds for big projects,” he said.