A British minister today called on the Indian real estate sector to continue investing in the UK market, saying the two countries should further advance their mutually beneficial relationship.
Addressing some of India's leading realtors and developers at the House of Lords in London, Minister of State for International Trade Greg Hands praised the industry's "fantastic track record" of investments in the UK.
"I am delighted to meet India's leading real estate developers, who are a testament to the fantastic track record of Indian investment in the UK. The UK is committed to ensuring that, as one of the fastest growing economies in the world, India has our full support to invest and succeed here," Hands said.
"Through a series of strong investments, like from Mumbai-based Lodha group who are expanding their business in the UK, India remains one of the top five investors into our country, securing and safeguarding thousands of jobs. I look forward to joining with my Indian colleagues to further advance the mutually beneficial relationship between our two countries," he said.
As many as 800 Indian delegates, including high net worth investors, are in the UK this week to explore investments in residential and infrastructure developments across the country as part of the annual international convention ofthe Confederation of Real Estate Developers' Associations of India (CREDAI).
The Department for International Trade (DIT) will be showcasing key investment opportunities, which it claims will benefit the UK and Indian investors and help regenerate large parts of cities like Leeds, Manchester and Nottingham in Britain.
According to official figures, the market value of the UK's real estate is over 1.6 billion pounds, representing 21 per cent of total net wealth, and the UK claims to be the most popular destination for global real estate investment in Europe.
Real estate contributes 94 billion pounds to the UK economy, accounting for 5.4 per cent of GDP, and making a huge contribution to employment and regeneration.
The CREDAI annual convention is being hosted in London for the first time, following cities such as Moscow and Shanghai.
CREDAI's 12,000 members are responsible for billions of dollars of real estate investments in India and across the world.
The DIT said its experts will attend the event to promote bilateral infrastructure trade and investment opportunities between the UK and India and advise on the ease of doing business in the UK's housing and real estate sectors.
Delegates will also be touring the UK, visiting the so- called Northern Powerhouse cities in the north of England and the Midlands as well as Scotland to look at real estate and infrastructure investment opportunities in local towns and cities.
According to DIT figures released this year, the UK secured more inward investment projects in the last year than ever before, with 127 projects coming from India, creating and safeguarding 11,644 jobs.