One billion Euros from Germany are expected to get invested in the Indian real estate industry very soon. As per India’s ambassador to the country, German companies are very interested in investing in clean and green cities in India and are looking for partners.
India will experience the “largest wave of urbanization” in the world over the next two decades, as per Indian ambassador Mukta Dutta Tomar, who was speaking at the Natcon 2018, the annual conference of the Confederation of Real Estate Developers Association of India (Credai). The apex body of real estate developers is hosting the 18th edition of Natcon in the German capital.
“Sustainable urban development was agreed as a new priority area of bilateral cooperation between India and Germany in 2016,” Money Control quoted Tomar as saying. “Till 2022, Germany intends to provide financial and technical assistance in the range of 1 billion Euro.”
The ambassador further added that this where “the best of Indian business sense and German technology” can be brought up. She also added that Indian real estate industry can cooperate with Germany in fields like construction equipment, smart technologies and know-how.
Dwelling on the countries’ relationship, the senior envoy said that India and Germany share friendly relations for decades, something that rests on the common fundamental values of democracy, fundamental freedom and a rule-based international order.
Tomar also added that Germany is India’s largest trading partner in Europe with a bilateral trade of Euro 19.15 billion in 2017. While Germany is the seventh largest foreign direct investor in India, there are around 215 Indian companies operating in Germany.
The cities which are expected to see the benefit of bilateral collaboration has reportedly been identified Kochi, Coimbatore and Bhubaneshwar. The ambassador credited P. M. Narendra Modi’s efforts over the last four years to “helping break the stereotype about India.”