A recent report has shown that UK investors are looking to India as the UK property market shows continuing signs of weakness. While the property market in India has been growing for some time, many investors feel that it is still at a very early age with vast areas of the country still relatively untouched by the increasing demand for quality property.
The growth in interest from UK based investors has been helped by the recent decision of the Indian government to relax the barriers for foreign investment into the housing sector. While the flow of funding is still very much controlled by the regulators, the walls are coming down and increased investment is flowing into the country. It appears that British citizens with connections to India are looking at areas such as Gujarat, Gurgaon, Bangalore, Chandigarh, Pune and Jaipur although when you consider the size of India a number of other destinations could well appear in the short term.
Financial powerhouse Merrill Lynch forecast that the Indian property market will increase by over 700% between 2008 and 2015, offering the potential for large property gains for those brave enough to take the plunge. It is also interesting to see the increase in Indian property road shows in the UK with London, Manchester, Birmingham and Leicester all hosting a number of investment briefings for those looking for alternative markets.
While the property market of India is not a new venue for many investors it seems that more and more in the UK are looking at this area as the domestic market continues to flounder. UK interest rates seem to have bottomed out, although some analysts expect them to rise by the end of the year, property transactions have all but dried up in some areas of the country and financing is still a major hurdle for many. All in all it is easy to see why so many are now turning their attention to the massive Indian property market, a market which is still very much in its infancy and set to show significant growth for some time to come.
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In commercial space reputed developers like DLF, Unitech, Vipul, Vatika, JMD, Omaxe Parsvnath, Sun city Projects Ltd. are pushing the concept of workspace, urban living and leisure time in all directions. The realty boom is unbridled but eminently sustainable.
Malls in Gurgaon have been instrumental in giving a pattern to mass affluent household spends as retail and commercial business is becoming specialized. There are a number of large format retail stores in Gurgaon and existing formats are changing radically according to size and category. Office spaces in corporate buildings as well as in commercial centers like IMT Manesar, Pace City, Info City and Udyog Vihar in Gurgaon have catapulted Gurgaon to become the Commercial hub of India.
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