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India Looks For Foreign Investment In Property

Sep 1, 2008
Many countries around the world have stringent regulations about who can own property in them. Thailand is an excellent example, with strict laws governing the purchase of Asian apartments and property by non-Thai people. Indian has also had some barriers in the past, however now the government and real estate agents in India are breaking these down, in an attempt to garner more foreign investment into the country.

IT outsourcing has always been one of India's biggest industries, and as more and more Western businesses outsource both their customer service functions and information technology functions to India, property in commercial hubs in the country is becoming harder to come by. It is also becoming more expensive - office space in Mumbai currently costs as much as it does in Manhattan, in a country where living costs are more than ten times lower.

Now, areas such as Rudrapur are gaining more attention from investors, and people looking to develop the areas. The government sees the sense in developing these emerging markets with property for sale in India, and non-resident Indians as well as foreigners are being encouraged to invest in places like Rudrapur.

Rudrapur has recently been re-zoned by the government, with hefty tax concessions for businesses. Liam Bailey, Head of International Research for Stanley Redfern Ltd, says that "We are seeing businesses flocking to the area since the government designated it as a Special Economic Zone (SEZ). This means businesses pay no income tax for the first five years and receive a 30% discount over the following five years." This measure has encouraged Indian real estate agents and property managers in India. They keenly anticipate the 300,000 or so employees that will be taking up posts in the city in 2008, who will also need property.

"Unlike many other parts of India, Rudrapur has a solid infrastructure and great transport links. Electricity rates are the lowest in the country and there is no shortage of water. All this adds up to a great demand for people to live and work there", Mr Bailey continued. The area also has famous Indian views, from complexes such as Mountain View, set against the stunning Himalayan landscape. The serviced complex, set within lush, immaculately maintained grounds, has balconied two bedroom apartments, with a guaranteed five percent rental income for the first two years.

Goa is another area which has plenty of Indian property for sale; the natural wonders of Goa are doing for property prices here what the IT outsourcing industry did for Bangalore and Hyderabad. Holiday homes are being purchased by non-resident Indians, non-resident Goans and domestic buyers. While land prices in the rest of the country are expected to fall somewhat, due to a rise in interest rates, the opposite is true in Goa. Prices of property in this Indian state are rising, making for sound investments.

According to Rajesh Goenka, director of Axiom Estates, interest in property for sale in India from non-resident Indians has grown by 20-25% per quarter over the last two to three years. These buyers have faith in the domestic economy, and have a firm belief in the long term viability of the market. Perhaps international citizens should take note of their attitude!
About the Author
Gregory Smyth is an independent author providing assessment and comments on leading International Property Consultants in Asia and Greater China , especially CB Richard Ellis.
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