Local assets more attractive than overseas properties: DLF

Amid India Inc's growing appetite to expand onto foreign lands, the country's biggest real estate company DLF feels focus on domestic assets will pay off better than overseas ventures for now.
Company Vice-Chairman Rajiv Singh, who is also the son of DLF's billionaire Chairman K P Singh, in an interview to McKinsey Quarterly has said that returns from overseas assets were not more attractive than that in local market as yet.
Talking about overseas opportunities available to DLF, Singh said that one such "opportunity is to own assets overseas and that is something we will consider when we find that returns from owning something overseas are more attractive than owning local assets. That's doubtful at the moment".
Although he did not rule out a foray into the overseas market, he said DLF was looking to concentrate on India.
"I am sure there must be lots of challenges in going abroad, but honestly I have not really looked at it that carefully. To me, the single-biggest challenge is not taking our eye off the ball in India," he told the business journal of the global consultancy major McKinsey.
Singh pegged at least 25 per cent annual growth in the Indian housing, offices and retail market and said that the realty industry was moving fast to meet the challenge.
"Can we go abroad and maintain our stable, solid, growing business in India? That's the question I keep asking myself. When I am clear about it and an opportunity exists, we will do it," Singh added.