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In India's National Capital Region or the area around the capital New Delhi alone, Sherwoods noted that there is a shortfall in supply of approximately 4 million residential units in the last decade, which has increased demand for investments in real estate development projects.
Furthermore, Sherwoods revealed that with a growth in GDP of over 5% in the first quarter of 2009, India is one of the fastest countries to show signs of recovery from the global economic downturn, buoyed by an extremely strong domestic demand and a significant increase in purchasing power.
Accordingly, Sherwoods has been consolidating its project portfolio in India, which now includes the Wishtown Klassic Apartments project developed by Jaypee Group in Noida, and the Pioneer Park developed by Pioneer Urban in Gurgaon in the State of Haryana.
Puniet Singh, Chief Executive Officer, Sherwoods Independent Property Consultants (India) Private Limited said:
"Sherwoods is targeting all metropolitan cities in India, including New Delhi, Mumbai, Kolkata, Chennai and Bangalore as well as tier-2, urbanised cities such as Hyderabad, Pune, Chandigarh, Gurgaon and Noida. We believe this is a highly favourable time for real estate investments as India is now showing strong signs of recovery and opening excellent opportunities in the mid to long-term horizon. India's resiliency is of particularly strategic importance because growth has levelled out in other major global markets, putting India in the spotlight as a new prime destination for real estate investors."
Recent reports have shown a drop in interest rates from 11.5% to 9.25% and a 15% decrease in real estate rates in India, resulting in a dramatic increase in purchasing power by around 33%. The improving real estate landscape and growing affordability of property offerings have enabled Sherwoods to strengthen its customer base in the Indian market and consolidate its portfolio and value-added services.
As part of its intensified marketing efforts in India, Sherwoods has presented a selection of premium real estate projects in the Middle East, Europe, Africa, the Indian Ocean region, Asia and North America through its participation in major industry events including Cityscape India, the sub-continent's largest and only business-to-business real estate investment and development exhibition and conference.
Moreover, Sherwoods has been harnessing the potential of a burgeoning Non-Resident Indian investor market by incorporating highly attractive financing options through leading Indian banking institutions, which continue to be flushed with capital because of a robust retail deposits market supported by India's extremely large population.
"Given the size of population plus the strong appetite for real estate investment, India has certainly evolved to become a land of opportunity. Being a growth-oriented market, we believe that India has strong potential for professional property consultancy services, which Sherwoods intends to capitalise by offering a premium selection of value-added services related to property investments in India," concluded Singh.
Founded in 1988 in the UK by Iseeb Rehman, Sherwoods has grown to become one of the leading international real estate companies. Sherwoods has established several international branch offices in the UAE, UK, France, and soon in other key locations around the world.
The company offers a diverse range of services, including search & acquisition of properties; development consultancy, land appraisals and valuation; sales & lettings of residential/commercial property; new home sales; residential & commercial property management services; legal, tax and insurance services; and mortgage & remortgage.
Posted by Rana Mesbah
