Skyrocketing land prices make restaurants go abroad
If realty bites, Indian restaurant owners seem to be biting off more than they can chew offshore. Skyrocketing real estate prices in India are forcing homegrown restaurateurs to take wing abroad with investments in the UK, the US, Dubai and the Far East. And this is no curry-in-a-hurry when veteran restaurateur Anjan Chatterjee is livid about the investment returns ratio in India.
Yes, the prices that we have to pay in Mumbai and Delhi are exorbitant and we would rather invest in New York and Leicester. Not only do we have to invest less in real estate there, but the returns are much higher than what we get in India, says Chatterjee, promoter of Speciality Restaurants.
Restaurant owners believe that real estate prices in south and central Mumbai is higher compared to prices in the UK, the US or Dubai, while prices in Noida, Gurgaon and other areas are either on a par or more than those in the Far East and Europe.
More : economictimes.indiatimes.com