Archive for August, 2008
Indian Real Estate Boom Set To Continue
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India, one of the world’s fastest growing economies will continue to witness growth in its real estate sector according to a report by Deutsche Bank. The findings said that the long-term growth prospects remain very good.
The report titled “Real Estate Investments In China and In: Big Returns In Big Countries?” remarked growth in the cities and urban areas will show significant increases and is forecasting the situation to remain that way for number of years to come.
An important contributor to this real estate boom is the increasing growth of the urban population. India is projected to increase its population by 55 per cent by 2050. Another driving factor is the anticipated rising population of ‘working age.’ The working age population in India is predicted to reach over 65 per cent by 2050.
Presently supply is not keeping up with demand for affordable housing, despite the real estate sector attracting foreign investors and investment.
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First US $billion Dollar Home In The World
The ordinary person would be blown away when given news that property can be bought for US $10million, $30million, $60million, $100million. But this is small change when it comes to a property owned by Mukesh Ambani, which is estimated to cost close to US $2billion.
The home, if you can call it this, is a 27-storey block, reaching up 550 feet high and boasting 400,000 square feet of interior living. The owner Mukesh Ambani is head of India-based petrochemical giant Reliance Industries.
Reliance is India’s largest private sector conglomerate (and second largest overall) with an annual turnover of US $35.9billion and a profit of US $4.85billion for the fiscal year ending in March 2008.
The home called ‘Antilla’ is a home with a difference. Apart from the price tag, no two floors are alike, with the artistic and design concept based on a blend of styles with architectural elements to give spaces a consistent feel without repetition.
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Indian Housing Market Expected To Keep Growing
The Indian real estate sector has witnessed a revolution, driven by the booming economy. Growing at a scorching 35 per cent the realty sector is estimated to be worth US $15billion and anticipated to grow at the rate of 30 per cent annually over the next decade, attracting foreign investment worth US $30billion, with a number of information Technology parks and residential townships being constructed across India.
A robust GDP growth and strong macro-economic fundamentals are driving today’s Indian economy towards externalisation, creating new business opportunities with manufacturing and service sector leading the way.
India is the 4th largest economy in terms of GDP which is currently US $3787.3billion. Huge potential business opportunities lie in the sectors such as infrastructure, manufacturing, services, technology, agri-products and education.
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Home Loans Are Being Increased By RBI
On July 29th, the Reserve Bank of India (RBI) announced it was increasing its key interest rates in a move to tackle inflation and reduce it to levels approaching 7 per cent, by March 2009.
Since April, the RBI has increased the repo rate by 125 basis points and the cash reserve ratio by 150 basis points. The bank has raised its key repo rate, the rate at which it lends money to other banks, by 50 basis points to 9 per cent.
In response, India’s Housing Development Finance Corp. (HDFC) said it has raised its retail prime lending rate (RPLR), on which its adjustable rate home loans (ARHL) are benchmarked by 0.75 per cent from 1st August 2008.
The housing finance company said that for new home loan customers, the ARHL loans will now be priced at 11.75 per cent per annum, while the fixed rates will be at 14.00 per cent per annum.
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