Modi′s UK visit leads to smarter real estate ties

The UK is India's go-to partner to fulfil its massive infrastructure challenge and achieve its goal of creating smarter and sustainable cities, explains one of the country's leading developers.Although the relationship between India and the UK has not always been a smooth one, the success of Indian Prime Minister Narendra Modi's recent visit to the UK has brought a new-found solidification between the two nations.In the past, India and Britain have been somewhat strategic partners in name only. This time, things are different, with Britain wishing to develop a genuine relationship with India.Trade deals worth more than £9 billion were signed between Indian and UK firms. This partnership is of great importance for the development of the Indian economy as British businesses support in the region of 700,000 jobs in India and is also India's largest European investor. Equally, India invests more in the UK than in any other European country, and between 2014 and 2015, investments from India increased by 65 per cent, making it the third largest source of foreign direct investment. Bilateral trade was worth almost £20 billion last year and UK exports of goods saw an increase of 3.4 per cent.The UK has pledged to invest over £70 million into Indian construction and retail real estate, with plans in place to open some of Britain's most iconic global brands in India, including Merlin Entertainments and Holland & Barrett International. This is great news for India for many reasons. The financial boost to the construction industry in India will not only greatly contribute to our economy, it will also serve to create thousands of new jobs.It is also welcome news for us at DLF, as this is likely to give way to investment into the development of smart cities like ours in Gurgaon. Already it is home to global businesses such as American Express and Genpact, and is poised to become the hub of corporate business in the region. With a total of 170 million new homes in India needed by 2030, there is an urgent demand for new, smart cities to accommodate the increasing population and migration from rural areas. India is also expected to be the fastest growing construction market in the world to 2030, and will account for 18 per cent of all global growth with a market reaching £1 trillion.Given the growth potential of the Indian economy and strength of the British economy, there is ample opportunity for both countries to enhance collaboration in urban infrastructure. India's advancements in technology are also attractive for UK investors, and thus opening up professional services will be a vital step forwards.Investment opportunities for technologies and solutions for smart, sustainable cities and green building solutions also look to be a key driving factor for Indian real estate over the next decade.DLF is committed to ecologically sustainable development and we believe in adopting the best practices and employing the latest technologies available worldwide.

Aakash Ohri is executive director of DLF, India's leading real estate development company. He has been instrumental in the growth of the luxury real estate business for the firm.

Views expressed in this article are the author′s and do not necessarily reflect the views of India Inc.