Global property developers are eyeing the Indian real estate market in a big way. The international players see the opening up of infrastructure sector and large-scale residential complexes being built across the country as big opportunities. 
 
Westport Malaysia, Dubai-based Emaar Group, SEMCORP, JTC and IJM are some of the international property developers who have already entered the country either directly or through joint ventures for property development. 
 
Most global real estate developers see India as a big market since the country would require around 16 million houses by 2007. 
 
Other opportunities include the development of large supplies of government and private mill lands, railway properties, port trust land and other public land. 
 
Joygopal Sanyal, head consulting division (western and eastern India), Chesterton Meghraj, said: "With most developed markets showing signs of maturity, India offers a big opportunity as real estate yields are on a upside. The residential property market price index is already up. Transparency in the real estate markets has improved drastically." 
 
At present, foreign direct investment is permitted for a minimum 100 acres integrated development with minimum capitalisation norm of $10 million for a wholly-owned subsidiary compared with $5 million for joint ventures with Indian partners.

Ground realty

• Westport Malaysia picks up 10% equity in Feedback Ventures, India.
• Kontur Bintang SDN Capital BHD, a Malaysian overseas corporate body, and a Malaysian Citizen, have invested $150 million township in Gurgaon.
• Ascendas, an Israel investment consortium, is building malls, offices, car parks in Chennai.
• Garuda, a Singapore investment consortium, is working in Bangalore, Hyderabad and Gurgaon.
• Dubai-based Emaar Group invested $100 mn in a Hyderabad township.
• Jakarta-based Salim Group is to invest over $100 mn in a township project in Kolkata.
• High Point Rendel of UK, US-Based Edaw Ltd and Kikken Sekkel of Tokyo teamed up to work in Jharkhand.
• Universal Success Enterprise, Indonesia, and Unitech have signed a pact for $140 mn IT and township in Kolkata.