International ventures started by Indian real estate companies in year 2006-2007 have now been working on to revise their overseas agenda. Many developers on domestic front are departing from weak markets due to decline in the international markets. The development strategies re-assessment has not been easier for realty market. Rahega group has planned to build in countries like Mauritius and Colombo. Real estate has halted new launches so that they could act as contractual bridge for completion of on-going projects. These are the self-preservation tactics opted by most of the developers.
Omaxe which entered Dubai in year 2007 with the plans to expand itself in parts of West Asia has now completely pulled out of Dubai. The world property developer of Dubai, Nakheel with a joint partnership and with an investment of over Rs 50 crore that is $10,850,000 has been exited out of market because of dormancy. Omaxe’s managing director and chairman Rothas goel despite of receiving their investment back said that he has no future plans to expand and invest outside India. Many companies are withdrawing from building in foreign market but Tata Housing has decided to board on projects in Sri Lanka. In year 2011-2012 Tata House has already invested in Maldives for Rs 1,000 crore. Real estate consultancy firm Cushman and Wakefield has advised companies extending themselves that they should focus on their core strength.
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