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Property prices in India to rise by 30%
BY IMRAN MOJIB December 08, 2017
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DUBAI: The present moment is a good time to invest in real estate in India keeping in view that the average rate of growth in prices has been more than 20 per cent per annum historically and likely to rise to as high as 30 per cent per annum, said Jaxay Shah, President of Credai, apex body of private real estate developers in India.

“Markets like Mumbai, Pune and Bangalore enjoyed appreciation in prices of around 15 per cent over the last one year. There is good news from smaller towns as well. Kochi is witnessing appreciation of more than 25 per cent annually as we speak. On the macro front too, the growth rate of the real estate industry is quite intact. The sector grew at a constant annual growth rate of 19 per cent over the last decade. The contribution of real estate to India’s GDP which stands at 6.3 per cent today is projected to increase to nearly 13 per cent by 2025,” he said.

Shah was speaking after inauguration of the first Credai’s Indian Property Show in Dubai on Thursday. The show was opened by Director General of Dubai Land Department Sultan Butti Bin Mejren, Consul General of India in Dubai Vipul, Deputy Chairman of the NRI Forum Karnataka Dr. Arathi Krishna, and Bollywood actor-producer Arbaaz Khan.

Participated by more than 200 Indian property developers, the three-day show displays more than 1000 residential and commercial projects across 14 states and 60 cities.

Reiterating the sentiment, Prestige Group’s Senior Vice President (Sales) Shub Ganguly added, “Going forward, factors like rapid urbanisation, increased migration to cosmopolitan and Tier 1 cities, and the government’s focus on infrastructure and affordable housing will give the required impetus and push to the real estate sector.”

“The optimism on the back of the reforms has infused trust in the sector among NRI realty buyers and we foresee a prolific growth in the industry in the long run,” said R. Srividya, General Manager of Indian Property Show.

It is first ever large international exhibition where properties starting from Indian Rs1.5 million and above are being showcased. Projects to suit every budget and requirement are available to fulfil the dreams of millions of NRIs in the UAE.

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