No impact on us, say realtors

 
DLF, Unitech, Parsvnath Developers and Emaar MGF all said they have no exposure in Dubai, while Omaxe said it has an investment of Rs 40 crore which it has asked for refund. But Consultant Jones Lang LaSalle Meghraj Country Head Anuj Puri cautioned that if the corporate debt default in Dubai turns into a sovereign default, there would be real economic issues, which may not only hit India but others also.

“Indian property market is very robust and largely dominated by internal demand. So there will be no adverse impact on us,” DLF Executive Director Rajiv Talwar told PTI.

Emaar MGF, a joint venture between Dubai-based Emaar Properties and India’s MGF, said its operations are only in India and the developments in Dubai would have no impact.

“Our business and funding plans are on track,” a company statement said. Emaar MGF is in the process of coming up with an initial public offer.

“Emaar has not asked for any external support and maintains good financial strength. Emaar Properties remains committed to its investments and Emaar MGF’s business in India,” it added.

Expressing similar views, Parsvnath Developers Chairman Pradeep Jain said: “I do not forsee any concern in Indian real estate market as it is entirely different from Dubai property market. In India almost 100 per cent demand is from (domestic) end users but in Dubai only 10 per cent is local demand.” Mumbai-based Hiranandani Group, which is developing a 90- storey housing project in Dubai through a joint venture with ETA-ASCON group, said the financial crisis there will not have any impact.