The prices of properties in India will increase by five to six times in the next five years, said Deputy Minister in the Prime Minister’s Department Datuk SK Devamany today. Hence, Devamany said Malaysians should look at investing in the property sector in India.
“The prices of properties and land in India are reasonable and can’t be manipulated. Malaysians should grab this opportunity,” he said when launching The India Property Investment Fair in Kuala Lumpur. The two-day fair showcases products of various property firms in India.
Devamany said the objective of the fair was to showcase the opportunity for the Malaysians in the property sector in India and to inform them that they would not face issues in ownership of the properties.
He said the fair would be organised in Kuala Lumpur every year to provide investment opportunities in the real estate sector in India for Malaysians, particularly, the private sector. Last year, the fair was organised in Kuala Lumpur for education purpose, he added.
Devamany also said that relations between Malaysia and India had grown stronger with the signing of the Comprehensive Economic Cooperation Agreement (CECA) between the two countries. The CECA envisages liberalisation of trade in goods, trade in services, investments and other areas of economic cooperation.
He added that the sister city agreement between Kuala Lumpur and Chennai, and the Little India in Brickfields were among other factors that strengthened the relations of the two countries.
The sister city pact between Kuala Lumpur and Chennai presents an ideal platform for the two cities to come together in the fields of art, culture, tourism and economy.
“This fair will further strengthen the relations between India and Malaysia,” he added.
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