BENGALURU: A PREFERRED INVESTMENT DESTINATION IN THE INDIAN REAL ESTATE MARKET
REALTORS AND OTHER STAKE HOLDERS FROM 15 COUNTRIES PART OF FIABCI MEET IN THE CITY
Bengaluru : With Bengaluru being one of the preferred investment destinations in the real estate market, FIABCI-INDIA played host to the convention on ‘Bengaluru – A Global Destination – An Investment Perspective’ on September 13 and 14, 2017 at Shangri-La. Guest of honour for the occasion, Shri. R. Roshan Baig, Hon’ble Minister for Urban Development, Govt of Karnataka were part of the conclave.
According to Property Consultant Knight Frank, “Indian Real Estate market increased by 137% between 2011-2013 and 2014-2016 from $3.2 Billion to $7.6 Billion.” The numbers can be attributed to recent landmark policy decisions by the Government of India such as Smart Cities, RERA, Housing for All and GST. The reforms in the policies were made with the intention to bring Indian Real Estate at par with global cities, which was the focal point of discussion at the panel. The impact of these changes was debated among learned scholars, real estate professionals and foreign players.
The event focused the spotlight on Bengaluru as a global Investment destination. Mr. Farook Mahmood, World President FIABCI stated, “India is a vibrant market adapting to new laws and regulations but the overall sentiment is one that of short term pains for long term gains.” He also divulged the sentiments of the International community stating that “RERA protects the interests of the consumers thereby ensuring foreign investment.”
Bengaluru has been at the hub of this rapid growth, and this complimented FIABCI-INDIA’s objective to bring in positive urban transformation in times of continuous urban growth. Hence, it was fitting that the city played host to this gathering of experts and notable personalities of Real Estate Industry from all over the world.
Irfan Razack, CMD, Prestige Group and Raj Menda, Co-founder and Corporate Chairman at RMZ Corp were panelists for the discussion on ‘Changing paradigm of Real Estate’. Other prominent real estate stakeholders present at the event were, Ashish Puravankara, Managing Director, Puravankara Projects Ltd and Shankar Sastri, President, CREDAI Karnataka.
Over 50 International delegates participating from across USA, UK, Europe, Middle East and Far East, witnessed the event with the objective to evaluating business opportunities in the Garden City of India. The other distinguished dignitaries included, His Excellency Yafea Al Faraj, FIABCI, UA and the French Consul Monsieur Francois GAUTIER.
Some of the other eminent guests present at the event were R.V. Deshpande, Minister of Higher Education and Tourism of Karnataka, Shri.K.J.George, Hon’ble Minister for Bengaluru Development & Town Planning, IAS Kapil Mohan,Principle Secretary of Housing Board, Govt of Karnataka, IAS Mahendra Jain, Additional Chief Secretary, Urban Development of Karnataka, IAS Anjum Parwez, Secretary, Municipalities and UDAS and IAS Smt. Vinothpriya R, Secretary, REAR.
FIABCI, the International Real Estate Federation, is a business network of real estate professionals worldwide. It provides access and opportunity for real estate professionals interested in gaining knowledge, sharing information and conducting international business with each other. FIABCI was founded in 1948, serving the Global Real Estate Community for over 65 years, which is headquartered in Paris.
FIABCI Members represent all real estate disciplines including Brokerage, Property Management, Valuation/Appraisal, Investment, Development, Consulting, Legal, Architecture, Planning and Insurance.
Members work in all types of property sectors – Commercial, Residential, Luxury, Retail, Rural, Resort, Industrial, etc FIABCI’s areas of focus include global networking, international business development, education and advocacy in the global real estate industry. With members in 65 countries, including 100 Professional Associations, 65 Academic Institutions and 3000 individual members from all professions of the real estate sector, FIABCI is the most representative organization of the real estate industry in the world and holds special consultative status with the Economic and Social Council (ECOSOC) of the United Nations.
FIABCI World Council classified as World Council of Brokers, World Council of Developers /Investors, World Council of Experts, World Council of Managers. FIABCI World Prix d’ Excellence Awards and events are conducted to award the members for excellence in Real Estate field, which are equivalent to the Oscar Awards.