Homeowners in India are getting younger, despite a rise in the cost of property, according to Limitless, the global real estate arm of Dubai World.
The average age for buying a home in India is now 32, thanks to a sharp rise in personal income and easier access to mortgages. Just four years ago, people were, on average, over 40 before they bought their first home.
These and other trends in the Indian real estate market are revealed as the first Cityscape India gets underway in Mumbai today (Monday). India is a key market for Limitless, which is showcasing nearly US$100 billion worth of global projects – including Bidadi, its first development for India – at the show.
Research by the Limitless strategy team also shows that in India:
• The average home now costs Rs2,500,000 (US$65,000) compared to Rs1,800,000 (US$45,000) 10 years ago;
• disposable income almost trebled to nearly Rs30,000 (US$750) over the last decade;
• it is likely to increase by up to 13 per cent more by 2012;
• the number of mortgages is rising by 40 per cent each year; and
• the number of cities with a population of more than a million is rising fast: in 2001 there were 35 and by 2011 there will be 53 – a jump of over 50 per cent.
Bidadi, Limitless’ 4,000 hectare community project near Bangalore, is the first of several projects in the pipeline for Limitless in India. It will provide house 750,000 people, and is one of five new towns the government is planning for planned for the outskirts of Bangalore. Nearly 300 million people are expected to flock to urban areas in India over the next 20 years.
Limitless has partnered with top Indian developer DLF in a 50-50 joint venture for Bidadi. Other Limitless projects on display at Cityscape India include Al Wasl in Saudi Arabia; Halong Star in Vietnam; and Arabian Canal and Downtown Jebel Ali in the UAE.
Visit Limitless (stand number A40) at Cityscape India, 19-21 November 2007.
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Media enquiries: Rebecca Rees, Limitless PR on +971 4 375 9733 or Rebecca.firstname.lastname@example.org