As overseas property investors look for new markets to invest their funds, the Indian real estate market is difficult to ignore.
Indian real estate has now been booming for the last few decades, and with the blip caused by demonetisation now turning the corner, the Indian economy and real estate sector is expected to go from strength to strength over the next five years.
Indeed, the Indian economy is now the fastest growing with a growth rate of 7 per cent, overtaking China, and is certainly the fastest growing of all the five major emerging BRICS national economies: Brazil, Russia, India, China and South Africa.
It is also expected by the UN that India will take over from China as the most populated country in the world by 2022, and all those new people will need properties to live in.
The Indian government is taking considerable steps to increase housing facilities and to make it affordable they have slashed the interest rates on housing finance.
There are various Non-Banking Financial Companies and other lenders who are providing property finance at an attractive rate of interest. They are adhering to the changes introduced by the government since demonetistation and are working with developers to make a housing dream come true.
India is reviving its economy, and major credit can be given to the real estate industry. Furthermore, as per the plans and policies implemented by these institutions, the growth of the country is ready to set a new benchmark in the next five years.
Mumbai and Bangalore seem to be the preferred Indian real estate investment areas at the moment.
Mumbai is booming with residential real estate projects to deal with the boom in demand from an ever increasing population.
Bangalore is seen as the ‘Silicon Valley of India’, being the centre of the booming computer and internet industry in the country, and therefore needing to house an ever increasing population of information technology (IT) workers.
Indian real estate builders and developers are offering eye-catching schemes to revive the market. There are several interesting property buying schemes which have attracted many buyers by now. They are offering properties with decent amenities at affordable prices.
They have also launched several schemes to attract buyers and property investors, and are working in synergy with the financial institutions to ensure that property finance is readily available.
There could be many investment opportunities for overseas property investors in the great Indian revival.