India property market

All across the country, the Indian property market has been on a move upwards. Historically unattainable, a new class of people are now able to afford what their forefathers could never dream about – owning property. This situation has created a demand for both affordable and luxury developments across the country with suburbs popping up around urban areas and big cities.

Property used to be reserved for only the very wealthy. With religious class divisions historically segregating people into haves and have-nots only those with familial wealth or property were able to buy homes for themselves - all that has changed with the emergence of a new middle class. Now people with an education can get ahead regardless of religious beliefs meaning that a whole generation of people are now able to buy property like never before – it is a circumstance which was unimaginable just a decade ago. However, since the mid-1990’s the Indian government has brought in significant market reforms that have encouraged businesses – especially foreign-owned businesses, to flourish. As of now, after a decade of reform the India property market is one of the hottest anywhere on earth.

Along with market reforms, the Indian government contributed to the increase in the Indian property market by spending billions on improving the country's infrastructure. Roads were paved, new highways were built, hydro and electricity generation were improved and money was made available for the development of commercial office space. All of this contributed to India's attraction as a world player in many global businesses. In fact, India is the world's largest customer services back office operator. The biggest factor in the creation of so many customer service jobs is the phenomenal growth in the IT/ITES sector. This growth has largely spurred the demand for commercial real estate in the India property market and is also a big reason that there is a burgeoning middle class in this once third world country.

Although growth has been seen in all sectors, analysts predict that the next big boom will be in Indian real estate. With all indicators pointing to a great influx of foreign and local investment this formerly untapped real estate market is just opening up. Property values have already begun to rise in many of the big Indian cities, but on the outskirts, real estate speculation is still low, so there are still many bargains available for the taking. With its booming economy, rapidly increasing middle class and rising consumer wealth, Indian property is poised to become the next big ticket item in the real estate world.

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