Indian developers in Israel, exploring the future of real estate together
On August 6, 19th national conference NATCON, 2019 was organized by the apex industry body of real estate developers, CREDAI. During the Conference, Benjamin Netanyahu, Prime Minister of Israel asked collaboration of Indian real estate developers with their Israeli counterparts to boost profitability and productivity.
The Prime Minister, while addressing realtors in CREDAI conference through video messaging said Indian and Israel are already partnering in several areas such as security, Cyber and IT, agriculture and now construction and real estate.
He added that, CREDAI’s conference in Israel, which is a sign of the further strengthening of ties between the two nations. He said that “The future belongs to those who innovate … Israel is an innovation nation.”
During the conference, CREDAI in association with CBRE, released a report “India 2030 – Exploring the Future”. The report encapsulates the potential of the Indian economy by 2030 and its implications on the growth of the Indian Real Estate sector.
The report estimated that by 2030, India would have a USD 9 trillion economic opportunity and per capita income could touch USD 5,625. It also stated that the government would have to spend at least 7-8% of its GDP on infrastructure.
Indian Ambassador to Israel Pavan Kapoor, while speaking at an even told the developers that the scope for collaboration between the two nations in the real estate and construction sector is significant. He added that the bilateral trade between India and Israel stands at around $5.5 billion, of which only $102.6 million is in construction services.
CREDAI is the apex body of the industry. There are around 12,000 builders as its members. In the national conference NATCON, about 1,000 builders from around 200 cities in India are participating in this event. It is reportedly the most significant Indian business conference in Israel.