Indian house prices rose rapidly from 2002 to 2007. Strong economic growth and urbanization supported house prices, while in city centres a housing bubble was encouraged by inadequate infrastructure, lack of planning and antiquated land use laws.
Interest rate rises are beginning to bite in India, and housing markets in major cities weakened in 2010, says a report by the Global Property Guide.
The demand for commercial property in the country is expected to remain robust in the first half of 2011, boosted by strong manufacturing activities, says a survey by RICS India Commercial Property Survey.
Ashiana Housing strengthening its Facility Management arm, has launched resale and rental services for Ashianaites.
The Confederation of Indian Industry (CII) has said there is a need to improve the infrastructure and increase in flow of capital in the housing segment, given the increase in the land prices.
Kotak Realty Fund, the property investment arm of India’s Kotak Mahindra Bank, plans to raise as much as USD 500 million by the second quarter of this year, in a bet on the long term case for property in Asia’s third-largest economy, a top official said.
Ashiana group has announced the completion of Phase 3 of its group housing project. Just half an hour’s drive from Gurgaon. Ashiana Aangan is strategically located at Bhiwadi, one of the fastest growing townships and industrial hub in northern India.
Mumbai saw a steep rise in property prices during the boom period of 2008. However, the economic slowdown in 2009 led to a property market crash which made itself very tangible in Mumbai in the first quarter of 2009, stabilizing by the middle of year and rising again between the 3rd and 4th quarters.
The Comptroller and Auditor General (CAG) said in a report released on Friday that the Income-Tax Department (I-T) understated claims on Pune-based businessman Hasan Ali.
The concept of international, standardized luxury floor space must evolve further before India can absorb the demand. Developers must come up with more imaginative ideas of differentiating their luxury malls from the run-of-the-mill.