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Activity in India's real estate market 'is increasing'
05 Jul 2009
India is starting to experience a pick up in activity in the mid-to-high income property sector, experts have claimed.
Since the market peaked in 2007, there has been a decline in the sector of between 30 and 45 per cent in certain areas, reports Maa Properties.
Many developers were left with unsold luxury and high-end property when the economic downturn hit.
However, a recent study conducted by Jones Lang LaSalle Meghraj found that there has been a revival in the industry, with prices rising by around 25 per cent across the mid-to-high income sector.
Rohtas Goel, chief managing director of Delhi-based Omaxe, asserted that the reversal in general economic sentiment after the recent elections and the greater availability of affordable housing contributed to this.
This comes after Farook Mahmood, chairman of Bangalore-based advisory firm Silverline Group, said high-net worth individuals are starting to consider buying property in India again, reports LiveMint.com.
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