The Times Of India article Real estate has been a very popular topic in Indian newsrooms, and the latest example of this is a report that India has surpassed China to become the third most-visited country in the world by the number of visits to real estate websites.
According to a report by the India Real Estate Board, in the month of October, India’s real estate market saw a 25 per cent increase in visits to the websites of the real estate companies, which saw a 20 per cent jump in visits in October compared to September.
The real estate boards also noted that the number and percentage of visits in the region are on a par with those in China, while visits to local real estate sites are on par with Chinese visitors.
A separate report by brokerage firm ICICI Securities, which had been analysing the real-estate market in India, also showed that the region has been on a steady growth trend for the past four months.
“The market has seen steady growth for the last four months, with an increase in the number visits, as well as an increase and increase in sales, which are reflected in the growth in the average price per square foot, which is currently on a plateau, said ICICi Securities president and CEO, Shashank Kumar.
According To The Times, the average house price in Mumbai is about Rs 3 crore, which has grown at a rate of 15 per cent over the last five years.
For comparison, the real market price of a house in Mumbai in September was about Rs 7 crore.
Real estate agents and real estate consultants, who were polled by the realty industry body said that the Indian real estate industry has also seen a steady rise in interest from foreign buyers.”
Our customers are coming from all over the world, and many of them are going for a home in Mumbai.
So, the number one reason for buyers coming here is the affordability,” said Ramesh Raj, general manager of Mumbai-based real estate firm Haryana Properties.
According the report, foreign buyers are increasingly spending money on the properties in Mumbai, especially in the market, as the real Estate Board is expecting a strong market growth in coming months.
It is not because of a lack of infrastructure, but because Mumbai is so fast growing, which makes it a natural candidate for a new real estate boom,” said Raj.