9-Hamptons International Portfolio UK and international property solutions News 250208

Subscribe to newsletter

Editor's Note: Hamptons International provide:-

Portfolio of UK and international property solutions

Links
Request Information
Terms of use
Contact

Hamptons International - Property boom in India attracts UK buyers

London 25 February 2008. India is one of the fastest growing economies in the world with over 8% pa growth in gross domestic product (GDP) projected over the next few years, 50% of which comes from the services sector. Some 650 million of its citizens are under 30, all of which have contributed to an unsurpassed property boom.
This week, Hamptons International, one of the UK’s premier international residential agencies and a subsidiary of Emaar Properties, will be releasing an exclusive allocation from the latest phase at Mohali Villas in Chandigarh. The development is located close to the foothills of the Himalayas and just three hours north of Delhi. This is just one of a wide choice of properties for sale in popular locations around India.
The initial phase at Mohali Villas sold out within a week and buyers have already seen a 15% uplift in their investment. This new phase offers large five bedroom villas (3550 sq ft) from £140,000. The Views at Mohali Hills is another popular development where two and three bedroom apartments and four bedroom two storey penthouses situated are available. Prices at The Views start from around £55,000 for a two bedroom two bathroom apartment. Villas will be available soon at Mohali Hills from £125,000
“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.”
Gurgaon in Haryana on the outskirts of Delhi remains the benchmark for modern India. Home to countless foreign multi-national corporations, banks, international call centre operations and state of the art shopping malls, the area has become a thriving and dynamic residential hub.
The Palm Drive will be one of the city’s most desirable addresses. The emphasis is on modern and sleek designs with exquisite finishing and architectural styles ranging from contemporary to avant garde. The homes will epitomise the sophistication of modern India. The development will include twin swimming pools, a health club and spa, tennis courts, a café, restaurant and juice bar. The Palm Drive is 15 minutes from IGI international airport, 20kms from Delhi and close to the proposed Metro line.
Prices at Palm Drive start from around £109,000 for a 1,900 sq ft three bedroom Premium Terrace apartment. Sky Terraces with 180-degree balcony views start from around £205,000 for a 3150 sq ft three bedroom three bathroom apartment. Premium four and five bedroom luxury villas range between £375,000 and £500,000.
India can no longer be regarded as an ‘emerging’ market. Around $30 billion is believed to have been invested in the Indian property market through foreign funds and institutions with over 150 Indian and overseas private equity funds including JP Morgan, Falcon, 3i, Blackstone, ICICI and HDFC banks investing heavily in this sector
Emaar MGF - a joint venture between Delhi based MGF and Emaar Properties PJSC Dubai world’s largest listed real estate company – have provided India’s largest FDI in real estate amounting to over half a billion dollars for projects with a total capital outlay of $4 billion. The projects are planned for Delhi-NCR, Hyderabad, Punjab, Uttar Pradesh, Tamil Nadu and Maharashtra with Hamptons International taking a lead role.
Mr Siddiqui continued: “Our Indian buyers tend to be extremely sophisticated and knowledgeable about the market and we are seeing a strong shift away from their investment in more traditional areas such as the UK, Spain and Eastern Europe. Strong capital growth is obviously a primary factor but build quality, security, accessibility, infrastructure and range of amenities are just as important.”
Current Indian property law currently limits the purchase of Indian real estate to Non-Resident Indians (NRIs) and People of Indian Origin (PIOs) but the market continues to roll on for investors fortunate enough to be a part of it. With over 1 million people of Indian origin in the UK the future prospects look very attractive.

Email: RogerP@hamptons-int.com