Introduction - on this page you will find links to
details of Indian
homes for sale,
India rental accommodation, holiday
homes and shared housing in India. India is a land of variation,
colour and in some instances diversity which can be seen in the extreme
Located in South Asia, it is bordered to the north by Pakistan and across the
Himalayas by China. It has a coastline with the Bay of Bengal, the Arabian sea
and the Indian Ocean. The capital of India is Delhi, which is situated towards
the north of the country, where the climate is monsoonal with cold winters,
hot dry springs and monsoon rains in the summer. The most pleasant time to
visit Delhi is from October to December, when the monsoon rains have finished
and before it starts getting cold in January. The other major cities of India
are Mumbai, formerly Bombay which is located on the West Coast, Kolkata,
formerly Calcutta, located in the North West, Bengalru which was known as
Bangalore, towards the South, and Chennai formerly Madras in the South West.
The Indian Property Market
- The shift from rural to urban
areas, has placed a strain on already overcrowded towns and cities in India,
which in itself has led to a housing demand. Office blocks are being constructed
in new business parks, sited with shopping malls, and apartment buildings. These
new constructions are competing with the older colonial apartments that can be
found in the south of Mumbai for example, and even Bandra, is becoming a well
established but older part of Mumbai. The area of Powai in the north of Mumbai,
is popular due to its high rise apartment buildings, overlooking lake Powai, in
the town on Hiranandani, one could be in any town in the West, with its shopping
centre, bowling alley, supermarkets and book stores. However building into the
edge of the jungle has its drawbacks, and residents must be wary of animals
venturing into land now populated by people, but what was once the animals own
territory. This does not and should not deter the property investor or developer
in India, for so long as building work does not violate any environmental
legislation, there is much to be had in investing in property in India.
Private residential apartment
blocks are springing up in all major cities in India, for example in Delhi the
BPTP project in Faridabad, named Parklands is one such example which is set to
complete in early 2009. Developers will take deposits up front that will secure
the purchaser early refusal on their choice of apartment in a development not
yet even started. This particular example, Parklands, will not only be
residential apartments, but commercial state of the art office space and retail
sectors which will create a township of its own right. The express way running
from Noida, a commercial centre in its own right, is close by and thus Parklands
will be an attractive proposition for both the private investor, individual
wishing to live there, or business wishing to locate there. On the other hand,
properties that are weekend retreats are also on offer in many areas of India,
and one would not necessarily think that they would exist close to the big
cities. However, weekend homes near Mumbai are on offer in the region of £17000.
These are in stark contrast to the modern high rise apartment and aparthotel
blocks that are being developed in and on the outskirts of cities such as
Mumbai, Delhi, Bangalore and Chennai.
The majority of new developments
are bought by investors or young professionals. Student accommodation is not so
well advanced in India, since many students will remain at home for the duration
of their studies, or they will live on campus at one of the large University
sites, such as in Pune. Culture and tradition will favour young people of
University age, staying at home rather than moving away from home to live on
ones own. Additionally, the cost of private renting is no doubt prohibitive.
Property in the South of India
in particular, favours holiday homes and weekend homes for both non residents of
India, and Indian residents alike. Property in Goa is popular as a holiday home
investment opportunity, and there are plots of land for sale in the region of
£30,000, upon which bungalow style properties can be built. In Salvador do Mundo
in north Goa, luxury villas with their own private pools can be bought in the
region of £100,000. Its climate makes an ideal holiday destination for Europeans
in particular, however it is also only an hours flight away from Mumbai and
therefore resident Indians will enjoy spending leisure time away from the city
and instead head to the sea and Goa.
Mumbai - Mumbai in India used to be known as Bombay. Lying on the West
Coast of India in the Country’s state of Maharashtra, it is home to the Indian
film Industry, Bollywood. The population of Mumbai is vast with over 12.5
million inhabitants, a large proportion of whom live in the legalised and
illegal slums in the city. In the north of Mumbai is Lake Powai, which was once
surrounded by jungle, but is now developed and is home to expatriates from the
UK, USA, Australia and Europe, along with the wealthy from India and Mumbai.
Further south is an area called Bandra, which is also home to wealthy Indian
families, attracted to live in Mumbai for its links to the film and television
industries and other commercial enterprise. In the very south of Mumbai, is the
financial city, which in many ways looks like London, with its train station
modelled on St Pancras, wide streets and pavements and green park areas. Right
at the very tip of Mumbai is the Gateway of India, a monument built in the
1900’s to mark the visit to the city by King George V and Queen Mary.
Overlooking the Gateway to India, is the Taj Hotel, where one can enjoy tea,
cakes and sandwiches in five star surroundings, a marked difference to the
poverty that can be seen outside. The city grew into a sea port with particular
importance after the opening of the Suez Canal, however since this time, its
historical generation of wealth has diversified from the seaport and textiles,
to finance, banking, engineering and information technology.
Land in Mumbai is being
developed all the time and construction is one area that has influenced the boom
felt in the city as migrant workers have moved to Mumbai in search of work that
is often associated with construction, either of property or of infrastructure.
Areas around Powai and the north, Bandra, Malad, Mulund, have seen developments
of residential apartment blocks, commercial zones and shopping areas. Slums have
been bulldozed to make way for more retail parks and apartment and office
blocks, creating gated communities where the middle wealth can live, work and
shop in one area. However, it is thought that redevelopment will be the way
forward for the construction industry in India, and in Mumbai in particular,
with land space becoming in short supply.
Economy - The Economy continues to play a huge part in India’s growth, as
over the years, Governments have removed the barriers to free trade and
nationalised industries have become privatised and foreign trade and investment
encouraged. This has led to a GDP growth of over 9% in most recent years.
However, the gap between the rich and the poor is increasing, not decreasing, so
although migration has been seen from rural areas, into the cities where work is
more easily available, and generally better paid, the upwards trend in the
economy has favoured the rich more than the poor. Foreign investment has
increased significantly since the early 1990’s when the restrictions on foreign
trade have increasingly been lifted making it easier for foreign corporations to
enter previously nationalised industries. Additionally, a highly educated
workforce in large numbers exists in India, making it an attractive country in
which to outsource IT, telecommunications, back office, and call centre
operations. This has been aided by the fact that the official language of
commerce in India is English.
Politics - Politically, India has a federal government, whereby the
country is divided into twenty eight states. The head of state is the President,
however the Prime Minister is in fact head of Government. Government resides
within New Delhi. In 1947 India was given independence from British rule, after
the United Kingdom had colonised the country in the 1800’s.
