Indian developers hold exhibition

JAKARTA (JP): A total of 25 companies from India, most of which operate in the property sector, are luring investors and property buyers from Indonesia in a three-day exhibition at the Jakarta Fairgrounds which lasts until today.

The "Indian Property & Investment Exhibition '96" was opened Saturday by Indian Ambassador Shri. Sudhir T. Devare after a half-day seminar entitled "Investment Opportunities in India".

The exhibition particularly targeted Indians, including expatriates and Indonesian nationals of Indian origin.

The Indian Ministry of Urban Affairs and Employment recently issued a ruling permitting non-residents of Indian nationality/origin to invest in the urban development and housing sector and purchase properties in India.

The seminar noted that 26 percent of India's population of 843 million now live in urban areas, leading to the rapid growth of demand for property and the skyrocketing of its prices.

A study in 1995 revealed that the prices of land in dwelling areas of Bombay reached US$1,909 per square meter, the highest in the world, as compared to the world's lowest price of $194 in Perth, Australia and $262 in Jakarta.

Due to lack of buyers at home, the Indian exhibitors are seeking buyers from Indonesia.

Rajesh Khubchandani, vice president of HMG Estates and Housing Ltd, one of the exhibition's participants, said about 40 percent of the prospective buyers are expected from outside India. (jsk)