12-15% Rise Expected in Prime Property Prices in India

Giving a clear message to the potential real estate buyers on the need to act fast, a research done by leading global property consultancy firm, Knight Frank along with Citi Bank, has forecast that the prime property prices in India is likely to increase by 12-15% in 2010. The Wealth Report 2010 Attitudes Survey, pointed out that over 70% believe that 2010 will be good year to invest in property, with half predicting residential property will be the sector’s top performer. Giving a global view on the performance of prime residential property markets with a focus on the key regions in the Asian Pacific property markets, the survey showcased that the Mumbai and New Delhi realty markets held a significant level of promise for potential investors. Pranab Datta, vice-chairman and MD, Knight Frank India said, ‘‘There are growing prime markets in every city of India. But, South Mumbai and South New Delhi are the markets, which are the highest in terms of prices followed by Bangalore, Chennai and Hyderabad. We anticipate that the prices especially in cities such as Mumbai and Delhi will return to the peak levels of 2008 in this year 2010.’’