The new India facing their particular housing bubble

New Delhi, October 22, 2006. - The huge Indian GDP growth has been accompanied by increases of 100 percent annually in the price of housing in some areas of the capital, New Delhi, where golf courses are raised with the slums .
Simply browse just housing supplements of major newspapers to realize that India is experiencing a real estate fever particularly in the case of the capital of the apartments has a good reach for most in a country whose GDP, more to grow, gallops to 10 percent.
An example of escalating prices is the central artery Panchseel Urban Road, where rents were in the first half of this year 110 percent higher than in 2005.
These days, the local newspaper "The Times of India" said wryly that to own a house in the downtown streets, valued at some 23 million euros, have to be a minister, an issue which would not comment Efe responsible Development of Delhi, DD Neemodhar.
And indeed, one of the finest neighborhoods to live, Aurangzeb Road, is packed with great dignitaries who paid a rental income of 8,000 euros per month in a country where tea costs ten cents.
According to the promoter told Efe Yograj Agrawal, urban pressures of the capital comes from its "shortage of land" which has caused many investors have turned their interests to the "emerging markets of the towns adjacent to New Delhi".
The same consultant confirms M. Arvind, who told Efe that the high population density in Delhi has caused many residential areas are transformed into commercial, so there is no soil to live.
"Every three months the prices increase substantially and demand will continue to grow, especially since half of the customers just want high housing property as an investment for the future," said Arvind.
According to the consultant, who refused to call it speculation, it is a very wise investment as the economy continues to grow so fast, especially because, he said, "investing in housing is now 60 percent more profitable than anything else."
So, as happens in large European cities, many natives of Delhi have been forced to live in nearby towns and go to work every day to the capital.
But these new cities, far from being mere dormitories, are the best example of the strength India: Gurgaon, for example, only during the past year have been leased 450,000 square meters of land for business use, at prices 44 percent expensive than the previous year.
That's easy to see lines of business and shopping centers as a symptom of what in India is known as the "second revolution", an opening to capitalism since 1993, has generated "reverse ghettos" of residential neighborhoods isolated from the poverty.
In town, near New Delhi, will rise 20 luxury hotels with 10,000 rooms by 2010, coinciding with the celebration in India of the Commonwealth Games.
Many young couples look to that time as fetish year, according to Arvind Agarwal and mark the end of the "boom" of the house.
But until then, many fear that prices of new houses in Gurgaon, this urban fervor reflected in its luxury shopping centers, golf courses and an emerging middle class, continue to grow at the rate of 180 percent this year.
And then, as Arvind said, "when Gurgaon has unaffordable prices, there will a lot of ground in the rest of India to build houses."