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About India Residential property prices in India’s prime cities have been consistently rising since 2006. The State Bank of India, the country’s largest lender, saw a home loan portfolio growth rate of 16 per cent in 2007. Property prices These price rises were caused by the rapid economic growth which India is now experiencing. Mumbai, India’s financial capital is one of the most expensive places in the world to buy a condominium unit. Apartments in South Mumbai cost around US$9,000 to US$10,200 per square metre, and such stellar prices can only be found in the world’s leading cities. Property prices in other cities in India are significantly cheaper than in Mumbai. In New Delhi, the administrative capital, apartments cost around US$2,000 to US$3,000 per sqm. In Bangalore, India’s Silicon Valley, prices are around US$950 to US$2,000 per sqm. Newer and smaller units in New Delhi fetch on average up to 8.4% rental yields yearly. But generally, yields are low to moderate in Delhi, at 4% to 5.8%. Bangalore’s more laxly-regulated rental market has higher annual yields at 7% to 10%. The ROI in this market is generally due to the ever increasing appreciation of the properties as India's economy flourishes. India’s economic miracle India’s rapid economic growth started after the government gradually opened the economy in the early 1990s. The government instituted economic reforms and reduced control over foreign trade and investment. From 1993 to 2002, average GDP growth was 5.8%. GDP growth accelerated to more than 7% in 2003 and 2004, and to 9.2% in 2005 and 2006, making India one of the fastest growing economies in the world. Being one of the 4 'BRIC' emerging markets, many cities in India are seeking recognition offering great investment opportunities - in particular the forthcoming infotech cities. To view current properties in this market click here | |||||||||||||||||||||
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