Indian Real Estate to Lead the Global Market

May 9, 2007	(Be the first to rate this story!)  Loading ...
Print This Story   Email This Story Subscribe Newsletter

Growing the fastest in the world, property prices in India are well on their way to leave every other country behind, says the data revealed by Knight Frank and Citi Private Bank.

The real estate in India, along with those in Russia and China has increased 40 to 50 per cent in the past few years. In comparison to this, London, witness a price growth of 30 per cent in the high end segment.

Residential property prices in India are estimated to be going through the roof. Mumbai is known to have the most expensive residential properties, where an average per sq ft will cost Rs 50,000. This includes properties like the Chattan Bungalow on Malabar Hill or Sunita Apartments on Napean Sea Road, says Pranay Vakil, chairman of Knight Frank India.

Other peripheral locations include St. Petersburg and Moscow in Russia, Delhi and Mumbai in India, as well as Guangzhou and Beijing in China, says Liam Bailey, head of residential research at Knight Frank.

The prices of the most expensive properties see a sharp appreciation of more than 14 per cent in 2006 as compared to a 9 per cent increase in the mainstream market.

In the next five years, the wealth will continue to grow along with an imbalance between supply and demand in the best prime market locations. Though, prime markets will perform better than mainstream markets but the growth in 2007 will still be lower than the previous year, says Bailey.

Residential properties in London are believed to be the most prohibitive in the world. Prime property in the British Capital is anywhere around $4,590 (Rs 1.87 lakh) per sq ft. Hyde Park, one of the largest green spaces in Central London is fetching $8,000-$10,000 (Rs 3.26 lakh to Rs 4 lakh) per sq ft.

News Published Under:   Real Estate India |

Comments