The Gurgaon real estate market has witnessed rising values to the tune of almost 30% since the downturn of 2008. This was at a time when it was raining affordable properties in other parts of the NCR. So what makes property in Gurgaon so popular?

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Sales of property in NCR rising
Aditya Bansal of the ABW Group who build property in Gurgaon was a chance to engage in integrated development after years of making their mark as developers of small, luxury properties in South Delhi. He says: “We believe that with the revival of real estate in India, the sale of residential property in the NCR region have gone up and are growing with time. The newly launched projects are also receiving overwhelming response from end users. This fast recovery of Indian real estate in the past few months, rising interest of customer and launch of state-of-art projects in this area is a testament of increasing confidence of customers in the NCR residential property segment.”

Metro driving Gurgaon property prices
The advent of the Metro has definitely given a boost to the growth of Gurgaon’s real estate. Saund says: “Places where the Metro has been announced have already seen a jump in values. Also the enhancement of the sector road infrastructure has been another boost. With the Metro walking the talk, citizens are more inclined to believe the commitment of the authorities in keeping to the sector roads schedule as well.”

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Foreign direct investment (FDI) in India’s booming real estate and housing market jumped 80 times between 2005 and 2010. Figures obtained by TOI show that in 2005, FDI in real estate was a mere Rs 171 crore. That soared to Rs 13,586 crore in 2009-10. In April and May this year, Rs 737 crore in FDI was pumped into the sector.

Property in Mumbai biggest draw
<It is no surprise that the largest number of building projects where FDI is in play are in the India’s commercial capital, Mumbai. Of the total 1,614 projects in which foreign investors have put in money since 2005, 422 were cleared by the Reserve Bank of India’s Mumbai office for building property in Mumbai, followed closely by 316 for property in Delhi. Other big cities like Bangalore (225 projects), Hyderabad (105 projects) and Chennai (68 projects) also enjoyed considerable attention of foreign real estate developers.

Largest investment Bandra Kurla Complex
Interestingly, given the booming property market across the country, FDIs are not confined to metros and big cities alone. Thus since 2005, various real estate projects have been given a green signal by RBI’s offices in Bhopal, Kanpur, Kochi, Jaipur and Panaji, amongst other places. The largest FDI in the last five years remains in the construction of a technology park at Bandra Kurla Complex in Mumbai. In this case, $372 million has been brought in through a foreign collaborator based in Mauritius.

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Delhi property rentals have gone up by 12 per cent on an average in Delhi and NCR in the April-June period of the current year compared to the same period last year, real estate portal report has said.

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Vasant Kunj and Dwarka most affordable
“Both Vasant Kunj and Dwarka seem to have emerged as the most affordable rental destinations in Delhi for the middle income group,” it said. Key localities in East and West Delhi have seen an upward trend in rental prices with areas like Patparganj, Vasundhara Enclave and Mayur Vihar witnessing a 12 per cent increase in rental values during the April-June over the same period last year.

Delhi rental prices set to increase further
Localities like Vikaspuri and Janakpuri of West Delhi saw 13 per cent and 8 per cent increase in rentals, it said. Within the Central and North Delhi, Connaught Place has seen an 8 per cent rise in rental prices, while Rohini and Pitampura saw a 37 per cent and 35 per cent increase. The report said that in the future as well rentals would only escalate. “Since there has been no new supply coming in immediately in the region, property in Delhi rental values will continue to escalate on a yearly basis,” it said.

India may overtake China as the world’s fastest growing major economy by 2015, as the South Asian nation doubles infrastructure investment and adds six-fold more workers than its northern neighbor, Morgan Stanley said.

India to to Top China as Fastest Growing Economy by 2015.

India’s growth may hit 9.5 %
India’s growth may accelerate to 9.5 percent between 2011 to 2015, Morgan Stanley economist Chetan Ahya said in an interview from Singapore today. India’s gross domestic product has expanded at an average 7.1 percent over the decade through the third quarter of 2009, compared with 9.1 percent in China, which surpassed Japan as the second-largest economy last quarter.

$1 Trillion to be spent in India
Prime Minister Manmohan Singh’s government plans to double spending on roads, ports and power plants to $1 trillion in the five years to 2017 to improve the quality of infrastructure that’s ranked below war-ravaged Ivory Coast and Sri Lanka. An increasing number of people joining the workforce and rising salaries will also help boost growth, Ahya said. Thi is sure to offer a huge boost to property and real estate in India.

Within the next two years, India will start matching China’s growth rate, Ahya said. After that “there will be a clear divergence of growth rates between the two countries,” he said.

India will add 136 Million workers by 2020
Japan’s nominal gross domestic product for the second quarter totaled $1.288 trillion, less than China’s $1.337 trillion, the Japanese Cabinet Office said today. Japan remained bigger in the first half of 2010, the government agency said. India will add 136 million workers, more than the population of Japan, by 2020 compared with 23 million that China will add, Ahya said. That will help the nation tap into a rising pool of savings and help finance infrastructure projects, he said.

Indian Luxury housing,which took a beating in the last two years, is poised to gain momentum yet again, basically in India’s Tier-I cities.

Luxury property in India attractive segment again
Though luxury property in India emerged as an attractive segment with investors in 2006-07, characterised by launches of dozens of projects aimed at the affluent class, the global economic downturn arrested this trend in 2008 according to Jones Lang LeSalle India. From then on, the focus of Indian builders has shifted to affordable property in India.

India heading for 8% GDP
However, with India’s GDP expected to clock 8% plus growth in 2010-11 and probable double-digit growth starting from 2012, the country is ready for the next wave of wealth creation, especially in tier-I cities. The Indian property developer community senses this and has launched more luxury property projects in the recent past.

Navyroof.com see’s large increase in Mumbai luxury property projects
At Navyroof.com we have seen a large increase in luxury projects coming to market in recent months with lots of new luxury property in Mumbai and property in Delhi coming to market. This is a major change away from the last two years when developers shelved lots of high end projects.

This trend should to gather pace, primarily in Tier-I cities, especially in Mumbai and other such areas where wealth creation is a significant factor and continues to be more pronounced.

Similar to the stock market reaching new heights, Mumbai city will lead the pack with more launches of taller, high-specification and luxurious projects in the future.

For Delhiites seeking a reasonably priced apartment of their own in Delhi,there is some big news. Delhi Development Authority plans to launch a new housing scheme next month in which as many as 15,000 flats and apartments in Delhi in various categories would be on offer through a lottery.

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3 star specifications
The flats in Vasant Kunj are being built to 3-star specifications.Improved material and new types of tiles and design will be featured in these flats.DDA officials said the pricing of the flats would take into account these added features.

MIG and HIG category flats
The scheme will offer LIG as well as MIG and HIG category flats as per norms set by the authority.
There was an overwhelming response to DDAs 2008 scheme and numerous charges of corruption were levelled against its officials.The court,however,had given a clean chit to the agency.

Housing Bonanza
Around 2,000 apartments in Vasant Kunj,built to 3-star specifications for the Commonwealth Games,will also be on offer in the mega DDA scheme Other flats,across all categories,include those in Jasola,Rohini and Dwarka DDA will follow its usual lottery system for allotment.Only those who dont own a flat in the city are eligible to apply

In a move to offset losses due to reduction in stamp duty charges to a uniform 5 per cent across the State, the Andhra Pradesh (AP)Government has effected upward revision of the registration charges and market prices for properties from August 1.

AP Stamp duty cut to 5%
The State Government had recently announced its decision to slash the stamp duty rates from 7 per cent and 6 per cent in urban and rural areas, respectively, to 5 per cent which conforms to Central Government guidelines. While the registration charges would, henceforth, be based on revised market prices in urban areas, in other parts of the State, it would be fixed by a committee of sub-registrars.

The stampede for affordable housing by Indian developers may coming to an end. Indian property developer DLF has said they may withdraw from the much-hyped affordable houses, stating low margins under the scheme are unattractive. Is this the start of a new trend now that property in India has recovered?

Rise in debt is hurting
DLF is grappling with 25 per cent rise in net debt to Rs 18,463 crore so low margin housing does not cut the mustard.Talking to analysts, DLF executive director Saurabh Chawla said that along with other realty firms and associations, the company has approached the government for possible tax incentives to develop affordable houses, but have not got any.

“We are very focused on margins… If it doesn’t make sense, we will not be launching the projects,” he added.

Entering the race for low-cost housing, the company had planned to build 1,00,000 affordable homes at a price below Rs 20 lakh at major cities across India and the first such project was to come up in Gurgaon.

The Financial Times look at the Indian economy and ask whether inflation or growth is the dominating policy their in a pod cast.

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