Estate South 2006 summit in Chennai from Dec 8

Chennai, Nov 27: ''Estate South 2006,'' a two-day Summit on the Emerging Trends and Opportunities in South India's Real Estate sector would be held here from December eight.

Organised by the CII, the summit would focus on real estate reforms, real estate investments in India, financing of real estate in India, property management, retail revolution, opportunities in emerging cities, SEZ-potential cities of tomorrow and corporate retail estate dynamics.

Talking to reporters here today, Mr Irfan Razack, Chairman, Estate South 2006 said the two-day event would provide an opportunity for the industry to network with over 400 professionals from the real estate sector and help business meet prospective foreign direct investors and build businesses, besides facilitating interaction with key policy makers on issues and challenges affecting the business.

In view of the growing service sector oriented economy, mainly IT, ITES, Banking and Insurance, Telecom and Pharmaceutical, there has been increasing demand for residential, retail and hotels due to increase in spending power and consumerism.

Reforms in the real estate laws and largescale development activities that were underway across the country were some of the growth drivers of the real estate boom in the country, he added.

He said expansion of local developers, property markets moving from fragmented to organized, significant improvements in infrastructure, emergence of suburban and peripheral clusters, new initiatives for promoting developments like STPI, SEZ, and increased participation by domestic financial institutions to fund corporate and individual real estate were some of the key trends in the industry.

Mr Razack said the projected space absorption in Bangalore and National Capital Region would be over 30 million sqft and 25 million sqft respectively by 2009. By the same period, Chennai will need over 20 million sq ft for office expansion.

The projected demand for space in Southern India across product segments like commercial, retail, residential and hospitality is estimated to touch 610 million sqft by 2009, he added.

UNI