MOHAMMED BIN AL ALABBAR - Building new india

IIPM INTERNATIONAL - NEW DELHI, GURGAON & NOIDA

MOHAMMED BIN AL ALABBAR
Building new india

Kolkata property market has grown by leaps and bounds over the years bygone and is today one of the most lucrative investment destinations in the country. The city has allured around Rs.250 billion in real estate investments over the past two years. As compared to other Indian metros, the capital of West Bengal offers cheap cost of living which serves as its biggest attraction to residential properties.

Kolkata has seen the entry of many foreign players in the market during the past few years. Leading Middle East firms have joined the list of global companies, targeting investments in India in hotels, malls, healthcare, housing, IT Parks and integrated townships. Several leading UAE real estate companies such as Al Ghurair Group’s ETA Star, Al Rostamani Enterprises’ KM Properties, Nakheel and Dubai Properties have announced gigantic developmental plans in the country. Of these, the name of Emaar stands tallest when it comes closest to contributing to what India achieves in this field during this century.

Emmar has reached the pinnacle of its success under the aegis of its current Chairman Mohammed Bin Al Alabbar. Emaar, which not surprisingly is also the largest property developer in the Middle East, has announced a joint venture in India with MGF for developmental projects in the states of Delhi, Andhra Pradesh, Karnataka, Tamil Nadu and Maharashtra. It is also coming up with a lucrative real estate project on the EM Bypass of Kolkata.

The entry of a company like Emaar shows the strength of the Indian Economy & also the scope of Indian real estate industry. A report by Jones Lang LaSalle estimates that $10 billion foreign direct investment will be injected into the Indian real estate sector in the next 12-18 months. Now this is huge and precisely where the entry of such big-ticket foreign players comes in. Entry of such players definitely brightens up the real estate scenario in the country and for the country, but is accompanied with a simultaneous challenge for them too – either shape-up or ship out. The benchmark of quality production, marketing, and every possible aspects of a business has automatically risen with the entry of Alabbar into the country. And where we talk about infrastructure defining what this century holds for India, the message is clear – the entry will definitely affect the real estate scenario in our country, whatever the predictions be; and Alabbar will be the key man defining the moments.

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Source : IIPM Editorial, 2008

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

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