Indian property developers may raise $4.7 billion selling shares this fiscal year, more than the amount raised in the past 2 years: Ernst & Young

India may have a shortage of 45 million homes by 2012, according to the Ernst & Young study, which cited National Housing Bank estimates.

Indian developers need more funds to build more houses :
Ernst & Young study :

DLF Ltd., biggest Indian real estate developer, raised $2.2 billion in June.
6 others, including Housing Development & Infrastructure Ltd. and Omaxe Ltd., raised $1.5 billion in this year.
Indians are spending more of their rising incomes on houses.
Indian economy is growing at an average of 8.6 percent for the past 4 years.
Construction of houses accounts for 80 percent of the real estate industry.

Ganesh Raj, a senior partner, Ernst & Young :

``There has been an increased focus from the developer side on strategic alliances, creation of land banks, geographic expansion and raising capital to fund their extensive development pipeline,''

Moody's Investors Service :

India's real estate sector is forecast to grow to $90 billion by 2015 from $12 billion in 2005.

Tags: Housing Development & Infrastructure Ltd, National Housing Bank, Indian real estate, Moody's Investors Service,