Realty cos withdraw overseas plans
Real estate companies, which started venturing overseas around 2006-07, are reviewing their global plans. With the slump in international realty markets, many domestic companies are either withdrawing from weak markets or putting their global plans on hold. Raheja Developers, for instance, has shelved plans to enter the Colombo and Mauritius markets, while Hiranandani Group, which has a major presence in Dubai, has changed its strategy. It stopped launching new projects and is focussing on completing existing projects for other developers on a contractual basis. Omaxe Ltd has already exited the Middle Eastern city.
Contact: Raheja Developers.
Tel: 011-4061 1111.
Fax: 011-4061 1110.