India’s booming property market attracts UK buyers

Country:  India

28 February 2008

A growing number of Brits are attracted to the idea of buying property in India , due to strong property price growth.

Property prices across much of India are appreciating significantly, on the back of the country’s robust economy. Gross domestic product (GDP) alone is rising annually by over 8%.

Hamptons International has just released the latest phase at Mohali Villas in Chandigarh, located close to the foothills of the Himalayas, three hours north of Delhi.

The initial phase at Mohali Villas sold out within a week and buyers have already witnessed capital growth of around 15%. This latest phase offers five bedroom villas – measuring approximately 3,550sqft - from £140,000.

“There has been a shift in the dynamics of the Indian property market over the last few years,” says Sebastian Siddiqui, International Sales Manager at Hamptons International. “This has been fuelled primarily by the huge growth of the Indian middle classes and with a projected shortfall of over 19 million homes the market will continue to flourish for several years.”

Current Indian property legislation restricts the purchase of Indian property to Non-Resident Indians (NRIs) and People of Indian Origin (PIOs). There are around one million people of Indian origin in the UK.