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Indian property boom continues

20th July 2007 | back to article listings BACK    print this article PRINT

There has been a lot of foreign investment money ploughing into India in recent months as the nation's property market hots up. Prices in the major urban centres have been going up consistently and have been further boosted by the influx of investment.

This has in turn attracted further investment and a number of property market analysts now have India on their shortlists of countries to watch.

A recent report by Reuters found that property prices in key areas of the biggest India cities - such as Mumbai and New Delhi - have more than doubled since 2005. In Bangalore, the price of the average flat has increased by half over the past two years and you would now be lucky to find one for under £50,000.

It may surprise some to learnt that the Reuters report drew comparisons between Indian property prices and Shanghai, the latter being well known internationally as a prosperous business centre. Prices in India are around 20 per cent lower than those for similar properties in Shanghai - but are continually increasing.

One property company based in India - Indian Ocean Ventures - is predicting that the total value of the national property market will rise from £6 million to £27 million over the course of the next three years. The company says that this is because the market is experiencing a lot of interest from overseas investors.

CEO and managing partner Rohan Narse advised prospective investors to look at the north - specifically, around Delhi - and the west of India. These are where most of the industry is concentrated and as such where most of the money and demand is. A key thing is "to decide on a certain area or a certain developer - people are sold on India but they're not sold on which area or which developer".

"One of the fastest growing industries is hospitality - hotels. There are probably about seven or eight thousand good quality hotels in the whole of India, whereas in Hong Kong itself there are about seventy thousand. So really there is a significant amount of hospitality building work that is required," he added.

This may be because last year, the government spent just over £8 million on promoting the country as a tourist destination to both domestic and foreign markets. feeds. The Indian tourist office says: "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."

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