Indian Real Estate forum launched

May 19, 2006 (PRLEAP.COM) Business News
The Mumbai Real Estate Junkies have launched a Real Estate Discussions forum recently to capitalize the recent growth in Indian real estate industry.

There is a clear market boom in the Indian real estate, today. Indian real estate companies are fast expanding. The demand for houses, offices and retail space has caused prices to shoot up.

A posh seafront apartment in south Mumbai was recently bought at the equivalent of $1,400 per sq ft, as expensive as an apartment in New York. While in Kolkata it is the twin towns of Bolpur and Shantiniketan, where there is a rush to build American-style row houses. Prices of properties in metros like Mumbai, Delhi, Bangalore, Kolkata and Chennai are rising at 30-40 percent a year, due to scarcity of land and rising incomes.

Unlike the Tier 1 cities like Bombay, Chennai, Delhi and Bangalore that witness rapid real estate boom, even Tier 2 cities like Pune, Thane, Nasik, Hyderabad, Jaipur and Chandigarh are likely to follow suit.

For the past three years, the Indian economy has been growing at about 8 percent, a trend that is expected to continue in the future too. Prices of homes in India have on average tripled in the last two years and will probably expand four-fold in the next 3-4 years.
The average cost of a home that was about 22 times the average annual salary years ago, costs about 4.7 times the annual salary of an individual, today. Expanding cities and job opportunities add millions of people to the work force every year. Lifestyle and family values constantly change as a result of these factors. And there is a growing need for more living space, office space and entertainment throwing open huge markets for real estate.

Rajkumar, the CEO of Mumbai Real Estate Junkies have expressed confidence over the growth of the forum and expects lots of real estate agents nation-wide to join the discussion forum.