india property prices to grow 12 to 15 pc this year
News Posted On: 29 March 2010
Prices of prime property in India, particularly in Mumbai and Delhi could grow by as much as 12-15% this year according to a new research by Knight Frank India in conjunction with Citi Bank.
Pranab Datta, vice-chairman and MD, Knight Frank India said, "There are growing prime markets in every city of India. But, South Mumbai and South New Delhi are the markets, which are the highest in terms of prices followed by Bangalore, Chennai and Hyderabad. We anticipate that the prices especially in cities such as Mumbai and Delhi will return to the peak levels of 2008 in this year 2010."
Meanwhile the government is planning to relax the rules surrounding the service tax charged on payments for uncompleted property. A consultation team for local authorities is currently looking into whether it is possible that completion certificates could be accepted from third parties such as developers and architects, in the absence of one from the local authority. This would stop people from having to pay unnecessary surcharges when buying property.
No one can argue with the potential that the Indian property market houses (pardon the pun), the golden combination of massive economic and population growth is always going to drive up property values. However, i would like to see more being done to tackle the shortage of affordable housing in India. It is in fact the affordable sector that is potentially even more rewarding for investors than the prime sectors, in terms of rental incomes if not capital appreciation.
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