Dubai Crisis Has Not Hurt Indian Realty Market

A majority of realty majors in India said they are protected from the financial crisis in Dubai and it will not have any impact in the country’s property market. Biggies like DLF, Unitech, Parsvnath Developers and Emaar MGF said they have no exposure in Dubai, while Omaxe said it has an investment of Rs 40 crore (Rs 400 million) which it has asked for refund. However, consultant Jones Lang LaSalle Meghraj country head, Mr. 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.