Overseas property investors are currently being attracted to the market for Indian property as the sector continues to flourish based on positive economic growth.
According to property and finance website in2perspective, 2006 has been a good year for Indian property, getting off to a positive start when the government opened the construction and development sector up to foreign investment.
Several large overseas property investors, such as Dubai-based Emmar properties and Delhi's MGF Developments, then entered the market and were involved in the largest foreign direct investment in the Indian property sector – amounting to around £263 million.
Knight Frank has ranked India fifth in the list of 30 emerging retail markets and has predicted 20 per cent growth in this segment by 2010.
The market for domestic property in the country has also seen significant development, with demand partly driven by the availability of easy home finance.
Many developers are installing innovative features in homes, such as closed-circuit television systems and earthquake proofing, leading to higher levels of confidence and assurance in the housing market.
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Author
Carol McDonald