About Author -
Michaelle Sui is an associated editor to the website http://www.indianground.com/. Indianground is dedicated to explain all your related queries for real estate India and India properties, with the latest news updates. Your feedback and comments will be highly appreciated at "michaellesui@gmail.com".
Residential properties in India today are at a phenomenal growth rate of 25 to 30%. It's not a bubble- do not get this wrong. There are various reasons in our growing middle class economy to contribute to the boom in Indian real estate, whether commercial or residential. If you have thought of investing in residential real estate India then perhaps you have all the reasons to go further.
Availability of easy finance schemes
Check out various home loan schemes at very competitive interest rates offered by the big giants like ICICI, HDFC, HSBC etc.
A big jump in the heavy spending patterns in the middle class economy.
This has been primarily due to flocking of big multinationals known to be exceptionally good pay masters, westernization of consumption habits, easy investment opportunities which are pretty much alluring etc.
Relaxation in FDI rules for venture capitalists which has increased the inflow of foreign capital in real estate India. Example: RIRIC (Royal Indian Raj International Corporation), a Vancouver-based Real estate company, will be shortly investing $2.9 billion in a single residential project named Royal Garden City in Bangalore over a period of 10 years. Another project in the same city that seems to stop the heart beating is Morgan Stanley Real Estate which has decided to invest around $68 billion in Mantri Developers Private Ltd., a Bangalore based private real estate developer.
Another prominent feature of urban India is the fact that infrastructure has been finally picking up. Take the case of 8-lane national highways as in Delhi-Jaipur road through Gurgaon, one of the fastest selling residential properties India.
Influx of IT and BPO and other major MNC professionals in metros and nearby areas have also helped in more and more Homes for sale.
Residential Real Estate India
80% of the real estate market is residential property India. According to a survey conducted, residential properties reported an average growth rate of 24-30% in the prime metros of India like Mumbai, Delhi, Kolkata and Hyderabad, Chennai and Tier-ii cities like Jaipur, Goa and Pune. The growth has been extraordinarily encouraging in revenue generation from the real estate sector of the Indian economy. In 2002 Indian residential real estate grew at snail pace of 0.4% and this picked up in leaps and bounds by 2003 at a rate of 6.3%.
Demand for more apartments in India on rise
Population in India is expected to reach 1.3 billion by 2020. This indicates that there will be a rise in demand for residential properties for at least 90 million dwelling units.
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