India promises strong capital growth

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by Gill Montia

Hamptons International, the UK international residential specialist, is releasing the latest phase of the Mohali Villas development, in Chandigarh.

The properties are located just three hours north of Delhi and close to the foothills of the Himalayas.

An earlier phase of Mohali Villas sold out within a week and buyers have already seen their investment gain 15%. The latest phase comprises spacious five-bedroom villas from £140,000.

Views at Mohali Hills is an equally popular development in the locality, comprising two and three-bedroom apartments and four-bedroom two-storey penthouses.

Prices start from around £55,000 for a two-bedroom apartment. Villas will shortly be available at Mohali Hills from £125,000.

According to Sebastian Siddiqui, International Sales Manager at Hamptons International: “There has been a shift in the dynamics of the Indian property market over the last few years. This has been fuelled primarily by the huge growth of the Indian middle classes and with a projected shortfall of over 19 million homes the market will continue to flourish for several years.”

In Delhi itself, Palm Drive is expected to become a sought after location. Prices start from around £109,000 for a three-bedroom Premium Terrace apartment, while Sky Terraces with 180-degree balcony views start from around £205,000. Four and five-bedroom villas range from between £375,000 and £500,000.

Overseas private equity funds and bank are currently investing heavily in the Indian property sector, which promises strong capital growth.

The market has plenty to offer in terms of quality of build, security, accessibility, infrastructure and wide ranging of amenities, and India’s economy is expected to grow at over 8% per annum over the next few years.