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The 9th
Asian Real Estate Society (AsRES)
The Grand New Delhi, Vasant Kunj Phase II
We welcome participants to organize special Panel Sessions or to serve as Session Chairs. Please forward your suggestions and indication to Kanak Patel kp10005@cus.cam.ac.uk The submission should
include the following information:
Timetable All submission should
reach us not later than 15 March, 2004.
Please submit abstracts or full papers (in
Best
Paper Award $1,000 Pounds Best Paper Award in Property Management and Sustainable Development: Sponsored by Royal Institution of Chartered Surveyors (RICS). US$1,000 Best Paper Award: Sponsored by the American Real Estate Society (ARES) Foundation. To be considered for the
best paper awards, authors must submit complete and unpublished
papers to Piyush Tiwari (piyush@IDFC.com) by June 15, 2004.
India, the fourth largest economy in the world, has been maintaining a GDP growth rate of around 5.5% for more than a decade. Analysts have projected that India has potential to almost double her present rate of growth with labor and capital productivity improvements. Real estate and infrastructure plays an essential supportive role in improving labor and capital productivity. Real estate investment is also a leading indicator of economic growth in all market economies. Reform process in Real Estate Sector has garnered unprecedented momentum and with vast untapped opportunities, India could well be the desired location for real estate developers/investors in the not-too-distant future. A parallel can be drawn from China, which receives almost three times of the FDI inflows in India and almost half of this FDI inflow in China is in the Real Estate sector compared to minimal in India. Despite fundamental differences between these two countries, i.e., government was the sole owner of land in China and has started to privatize recently compared to private sector ownership of most of the land in India, the potential gains from real estate sector in India are also undeniably tremendous. Two major steps taken by Indian government - allowing foreign direct investment and setting up real estate mutual funds or Real Estate Investment Trusts - would catalyze real estate sector in India in not too distant future. In the past, archaic regulations, unclear titles, low property taxes, low user charges, constrained mortgage finance and lack of quality standards have been the barriers to real estate development in India. Because of this land supply curves have almost been vertical and land costs are disproportionately high. According to a study by Girish Despande and Madhurima Das of Pricewaterhouse Coppers titled "Indian Real Estate: A Radical Shift", if the ratio of land cost/sq. m. to GDP per capita in 1999 for New Delhi is considered as the index at 100, the rate would be two in Kuala Lumpur, six in Sydney, seven in Bangkok, nine in Tokyo, 12 in Singapore, 13 in Jakarta and Seoul, 22 in Taipei, 52 in Bangalore and 115 in Mumbai. With important reforms during last five years such as repealing of Urban Land Ceiling Act, modification in Rent Control Act, rationalization of property taxes and with many other proposed for the real estate sector such as computerization of land records etc., this anomaly is expected to be corrected. According to Gail Lyons,
Chairman of National Association of Realtors, "There are an
estimated 3 million real estate agents, of whom only about 10
percent are full-time. Although real estate plays a vital role in
the economy, development of best practices standards in areas such
as brokerage, commissions, licensing, and code of ethics will be
important as the real estate industry in India modernizes its
practice". Commercial banks are new players in traditional domain of
specialized housing finance companies. This has not only enhanced
competition in mortgage finance market but is also leading to
development of secondary mortgage market for asset-backed
securities.
The venue for the conference is The Grand Hotel located in the centre of Delhi's emerging commercial district. Delhi is a palimpsest, bearing the complexities, the contradictions, the beauty and the dynamism of a city where the past coexists with the present. The city was built and destroyed seven times during her 5000 years of history and has been witness to the various events, which has brought India through the history books. Many dynasties, with diverse culture, ruled from here and the city absorbed and enriched the cultural diversity in daily life. Rich in the architecture (Indian, Mughal and British style), exploring the city can be a fascinating and rewarding experience. Today as the capital of
India Delhi and major gateway to the country, contemporary Delhi is
a bustling metropolis, which successfully combines in its folds both
the ancient and the modern. The division between New Delhi and Old
Delhi is the division between the capitals of the British and the
Mughals respectively. The walled city (Old Delhi) is all about
traditions and culture where one shall be able to glimpse a past
lifestyle. New Delhi on the contrary is a city trying to live up to
the 21st century standards.
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