‘No impact of Dubai crisis on Indian realty market’

But Consultant Jones Lang LaSalle Meghraj Country Head Anuj Puri cautioned that if the corporate debt default in Dubai turns into a sovereign default,there would be real economic issues,which may not only hit India but others also.

“Indian property market is very robust and largely dominated by internal demand. So there will be no adverse impact on us,” DLF Executive Director Rajiv Talwar said.

Emaar MGF,a joint venture between Dubai-based Emaar Properties and India’s MGF,said its operations are only in India and the developments in Dubai would have no impact.

“Our business and funding plans are on track,” a company statement said. Emaar MGF is in the process of coming up with an initial public offer.

“Emaar has not asked for any external support and maintains good financial strength. Emaar Properties remains committed to its investments and Emaar MGF’s business in India,” it added.

Faced with funding crisis,Dubai government on Wednesday had asked creditors of state-owned Dubai World and property group Nakheel for a six-month standstill on interest payments on debts amounting to USD 80 billion.