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New Delhi: A majority of big real estate developers in India said they are insulated from the financial crisis in Dubai and it will not have any impact in the country's property market.
DLF, Unitech, Parsvnath Developers and Emaar MGF all said they have no exposure in Dubai, while Omaxe said it has an investment of Rs 40 crore which it has asked for refund.
But Consultant Jones Lang LaSalle Meghraj Country Head Anuj Puri cautioned that if the corporate debt default in Dubai turns into a sovereign default, there would be real economic issues, which may not only hit India but others also.
"Indian property market is very robust and largely dominated by internal demand. So there will be no adverse impact on us," DLF Executive Director Rajiv Talwar said.
Emaar MGF, a joint venture between Dubai-based Emaar Properties and India's MGF, said its operations are only in India and the developments in Dubai would have no impact.
"Our business and funding plans are on track," a company statement said. Emaar MGF is in the process of coming up with an initial public offer.
"Emaar has not asked for any external support and maintains good financial strength. Emaar Properties remains committed to its investments and Emaar MGF's business in India," it added.
Faced with funding crisis, Dubai government on Wednesday had asked creditors of state-owned Dubai World and property group Nakheel for a six-month standstill on interest payments on debts amounting to USD 80 billion.
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