Godrej Group chairman, Adi Godrej today said that India's real estate sector cannot be compared to that of Dubai, as it has a great prospects of development in the near future.
"Dubai's debt crisis and India's realty sector cannot be compared. In Dubai, there is just a population of one million, while in India there are lakhs of families who wish to own their own house," Godrej told reporters here on a question whether India's realty sector will feel the heat of Dubai World crisis.
"The future prospects of India's realty sector is great in the segment of affordable housing. It is not that there is no demand for high-end housing, but the affordable housing sector the demand will be greater," Godrej further said.
Godrej Group chairman was here to promote investment in Godrej Properties Limited, the IPO price band of which has been fixed between Rs490 and Rs530 per equity share.
GPL is also planning a green township in the 330 acres of land in Ahmedabad Municipal Corporation limit of the city.
The township project will be launched early next year in which they plan to construct 15,000 to 20,000 homes in affordable segment in phased wise manner, managing director of GPL, Milind Korde said.
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