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Indian cities draw investors in

5th June 2007 | back to article listings BACK    print this article PRINT

The Indian property market is going from strength to strength according to the latest reports. Some investors have recently begun ploughing money into the country as they take advantage of cheap property prices and favourable exchange rates. The Indian tourist ministry has also been heavily promoting the many different holiday options that the country offers.

In a campaign that last year cost £8 million, the ministry of tourism has been advising overseas holidaymakers to come and experience 'Incredible India'. A spokesman said the government "is putting greater emphasis on development of infrastructure at important tourist destinations and to promote and publicise various tourism products of India within the country and abroad".

It seems that the campaigning has paid dividends, as tourist numbers have increased by around 45 per cent in the past two years. India is a huge landmass and conditions vary widely in different parts of the country. It is possible to take a ski trip to the north or a beach holiday in the south. There are jungles galore inland, allowing for safaris and wildlife-themed holidays, with visits to the habitat of the native Bengal tiger particularly popular.

The cities are also experiencing strong property price growth and demand is expected to continue at high levels for at least the next 12 months, according to the chairman of the National Housing Bank (NHB). The NHB is a regulatory body for housing finance companies in India.

According to statistics collected by the body, property prices in some of the bigger cities - like Mumbai, Delhi and Bangalore - have risen by between 30 and 40 per cent in the past year. The NHB attributes this to lack of land and housing stock supply (as much as 3.1 million units under, by government estimates), coupled with a strong economy that has seen wages rise and some sections of the populace become increasingly affluent. "Demand for housing will remain strong," a spokesman said.

With this in mind, construction companies have gone into overdrive. Real estate is being built all over the Indian peninsula, including a huge development - described as a "mega housing project" by its developers - at Mohali. British investors that buy in India can be assured of getting a lot of property for their money and the present climate suggests a bright future for Indian investment.

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