During President Recep Tayyip Erdoğan's recent visit to New Delhi, Indian Prime Minister Narendra Modi spoke of the government's housing plan which foresees the construction of more than 50 million homes in India by 2022.
Modi also expressed his government's desire to work with Turkish contractors, creating a stir in the country's real estate sector.
Real estate sector representatives expect Turkey to claim a share from the new housing projects in India, the world's seventh largest geographical area, and the second most populous country in the world.
Turkish Emlak Konut GYO General Manager Murat Kurum told Anadolu Agency (AA) that Turkey is quite advanced in terms of contracting, workforce and experience.
"We will transfer this know-how abroad over time. The Turkish contracting sector will also take its significant share here [in India]."
Suggesting that the sector will be supported not only with construction but also with Turkish engineering and architectural services, Kurum said, "Turkey will not only be one of the main actors carrying out housing projects in India but will also compete with other countries. We have multiple advantages that set us above the competition. In the end, if this project is realized, we will gain a significant share in India's real estate market."
Mithat Yenigün, president of the Turkish Contractors' Association (TMB), pointed out the tremendous potential for business in India, adding that Turkey's contracting sector has a positive outlook on doing business in the country.
Yenigün pointed to the fact that India is a large country with a population of 1.3 billion, saying that the country has numerous needs and endless possibilities.
Meanwhile, Kuzu Group Board Member Özen Kuzu said that India has drawn worldwide attention with its stable economic growth. Turkey and India, which have two of the biggest construction sectors in the world, have a lot of potential for cooperation.
Kuzu said that the Turkish construction sector has made a name for itself globally and continues to attain more successes with every passing day.
"Our industry is in search of new markets and can make great investments in India over the coming period. The Kuzu Group would like to do business there after evaluating these opportunities," he said.
Hamit Demir, chairman of Demir İnşaat, said Turkey is in a very important place globally, both in terms of infrastructure and technology in the construction sector. The world's attention is now focused on Turkey's success in the construction sector.
Regarding India's real estate sector and trade, he said that there are very serious shortcomings in terms of construction development and added that housing construction is almost nonexistent and the whole country is based on unplanned urbanization.
He said Turkey has the capability to carry out urban transformation projects while protecting India's existing cultural heritage.
"The country's landscape can be reshaped with the help of Turkish construction companies, who have vast experience in transformative projects."
He added that this opportunity, if realized, holds serious business potential not only for construction companies but also for its various sub-sectors.
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