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Real Estate recession impacts on foreign influx

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International hotel developers have joined hands with realty giants like DLF, Emaar MGF, Unitech and Parsvnath. They have plans to develop 5-star hotels. But, fund famished developers attempting to hike funds for their base activities like housing and commercial land ventures are deduced to have the total ventures on the back heater. MD of HVS International – a hospitality consulting firm said to www.propertykhazana.com that, “Out of about 1.15 Lakhs planned room cater, only about 68,000 rooms will be developed in the coming years. We think that many declared ventures might not serve as we thought.” Aibara Consultants said that, now debt hiking is a hard move and Lemon Tree Hotels CMD said that, “Only developed hotel ventures will experience a dilemma as their first concern is different.”
Cities like Bengaluru, Delhi-NCR, Mumbai, Pune and Hyderabad are witnessing problem, where new room volumes proposed with realty workers. In Bengaluru over 60% of new volumes are expected to rise up and similar with Chennai, Hyderabad, Pune, Mumbai and Delhi. Cities like Jaipur, Mumbai, Agra and Hyderabad witnessed an annulling growth in room catering in 2008 compared to 06-07. From the past couple of months it has witnessed demand and supply dissemblance in Tier II cities. Unitech MD said to www.propertykhazana.com that, “We have joined with Marriott Group for 3 ventures, one will be deputized in January and other two will start shortly.” Recent report is that DLF and Hilton’s JV hotel project will hit hard. Emaar MGF envoy also said that there is no vary in the hotel proposals of realty firm and is joined with Accor. CEO and President of Accor India said to www.propertykhazana.com that, “Majority of our ventures are on the way and till now none of our ventures are stopped or postponed.”
Source: NBTVLIVE

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