It is no secret that India is growing at break-neck speed.
It’s economy is flourishing, with GDP in 2010 estimated to at $1,339 USD billion (IMF forecast) it is ranked the 12th largest in the world (ahead of Australia which is 13th) and it’s population is booming, currently the 2nd largest in the world at 1,140 million (2008 World Bank estimate).
Such factors have inevitably led to a massive growth in the number of rich individuals and consequentially, households that are considered as wealthy (to have risen from 3 million in 2003 to 11 million by 2013).
Whilst the Indian real estate market struggled in 2008, cheap credit and a general pick up in developing suggests the peak levels achieved a few years back are not far away again.
With such a growing population, comes a growing middle class with money to spend. In fact, it is estimated that approximately 2 million houses are required by next year. This amounts to a potential market of $66 USD billion.
The Top 6 prime property markets in India right now see New Delhi (south) and Mumbai (south) far ahead when it comes to prices, with Hyderabad, Alibag, Bangalore and Chennai following. The top market for luxury holiday homes remains Goa as well as Alibag.
For foreigners, the purchase of Indian real estate is a not permitted. However, with millions of Indian expats throughout the world, India can be assured of plenty of outside investment.