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03/11/2010 - Property in India booming  03/11/2010 - Property in India booming

Property in India has become increasingly popular with investors as its economy continues to expand and demand for homes increases.

Increases in the number of companies outsourcing to India’s IT and manufacturing industries have produced a surge in employment and resulted in increased wealth amongst its population. This has led to a property boom - especially in areas such as Chennai and Bangalore where most of India’s IT and manufacturing industry is based.

Mr. Babu, president of the Confederation of Real Estate Developers’ Association of India (CREDAI) commented; "India's residential and commercial property markets in urban cities are expected to grow sixteen percent on-year in the next 10 years.  Now may be a good opportunity to buy Indian properties as the market is picking up and more [property] developers are launching projects."

Some cities have already seen a rise in property prices of between ten and fifteen percent in the last year alone.

This year the Indian Property Fair held at the Singapore exhibition centre welcomed over 1,500 visitors.  Exhibitors said that they had seen interest in areas such as Bangalore, Chennai and Hyderabad and also received enquiries for second tier cities such as Coimbatore, Maduri and Tiruchy.

"Apart from the Indian residents in Singapore, there are also a growing number of Indian expatriates from the Middle East who are settling here." said Mr R Narayanamohan, chairman of the Singapore Indian Chamber of Commerce and Industry.

"What attracts these buyers is the need to maintain their roots in the regions where they hail from", he added.

Although, due to Indian property ownership laws, foreigners are unable to buy an apartment or landed property, they can invest in large developments as long as they comply with the laws on foreign direct investments.

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