Myths about India... and their exposure
In reality, both India, fabulous and frightening, are only the fruit of the efforts of the mass media. Both those who write fairy tales and those who expose them have found enough inspiration on the banks of the Ganges. There is poverty, wealth, gold, and dirt in India. As in other Asian countries, the facades of even the richest cities are not always cleaned here. Nevertheless, even if we do not forget about some of the shortcomings of India, most of the horrifying "facts" about this country are nothing but the fiction of "socialist realists".
India is often presented as a backward country. But this is not the case – in fact, India is one of the largest developing economies in the world. There is also no high crime rate in India; life in some European countries is sometimes more dangerous. Universities in India are represented in the top hundred universities in the world. Scientific centers, large laboratories and factories with advanced technologies are actively developing. Contrary to the popular idea of India as a focus of exotic diseases, today this country has become the base for the largest pharmaceutical industries, from "generics" (inexpensive analogues of European medicines) to its own unique developments. And, if we talk about the pollution of this country, the resort areas in India look quite respectable, especially in the territories of expensive hotels or elite residential complexes.
No less myths surround and indian real estate. In the view of many of our compatriots, it is represented either by urban slums or tiny dilapidated bungalows in places such as the famous state of Goa in Russia. However, India is being built up like any other country – with modern new buildings of all classes, from the "elite" to the "economy", cottage settlements and expensive villas in regions where the level of well-being of buyers allows to build luxury facilities. Cheap housing in India exists today, but it is increasingly being squeezed by new projects that are affordable, but designed not at all for students or hippie vacationers.
A fairy tale for every taste
Investors are showing interest in real estate in India in search of that oriental fairy tale, and get it: developers, working with local projects, preserve the flavor and take into account the wishes of potential buyers. Pools, terraces, bridges and internal gardens are often included in the development project.
Those who want to feel like a real rajah and see magical India outside the window should carefully approach not only the project, but also its location. "India differs from other resort countries in the diversity of landscapes. In the north of the country, where the majestic Himalayas are spread out, there is the legendary Bengal, the habitat of Bengal tigers, red pandas and snow-white leopards, as well as the birthplace of the famous Darjeeling tea. In the very heart of India, in the state of Rajasthan, there is a snow–white Udaipur - a city-palace, an architectural miracle of old India," says Natalia Zavalishina, CEO of MIEL-DPM.
But those who are attracted by the traditional Indian beauty – the sea, palm trees and bright colors – should pay attention to the state of Kerala. It can be considered India in miniature: there are bustling big cities and small fishing villages, beautiful sandy beaches and high-altitude tea plantations. But the characteristic and unique feature of Kerala is not the ocean, but freshwater reservoirs - here lakes and rivers flow for miles surrounded by tropical forests and palm trees. Guides take tourists on these reservoirs in special boats, real water "houses", and local residents, whose lives are closely connected with water, also swim on them. The capital of Kerala is the city of Thiruvananthapuram, or Trivandrum. This city also seems to be a picture from a traditional Indian fairy tale – bright, colorful, surrounded by greenery. Here you can find historical monuments of the colonization era and ancient temples.
One of the most promising development projects is located on the outskirts of Trivandrum, which is now being offered to buyers on the Russian market. This village will be located on hills, in a wooded area, on three levels, and will be an apartment hotel, with all its essential attributes: fitness center, yoga center, meditation room, Ayurveda center, SPA treatments, medical center, dental office, parking, library. The village consists of 150 villas, with an area of 120 sq.m each, and six sections of 25 villas each. Each section has its own swimming pool, playgrounds for active games.
Now the project is under construction, the villas are already for sale. "With 100% payment - $ 90,000 each unit (60 sq.m.), when buying in installments - $ 108,000. The settlement should be fully completed by the summer of 2012. From the moment of completion of construction, rental is possible. The annual return for the first year guaranteed by the management company is 7%. A year later, resale is also possible with a 35% return on today's value ($ 90,000)," Zavalishina notes.
For those who are not attracted to real estate in the resort area, a measured life in an "Indian fairy tale", developers are ready to offer another India – dynamic, industrial, looking to the future. All the advantages of living in an actively developing region will be provided to buyers by the city of Bangalore.
It is the largest scientific and industrial center in the country, producing products of mechanical engineering, electronics, aerospace, telecommunications equipment and defense industry. In addition, Bangalore is often called the "Indian Silicon Valley" for the large number of companies related to information technology. It is also home to the University, the Institute of Sciences of India and the National Aeronautics Laboratory. Given Bangalore's increasing economic role in the world, CNN newspaper in 2007 designated this city as "one of the most attractive places to do business in third world countries."
Now Bangalore is the second most globally important (after California) center of world information technologies. Since the beginning of 2001, the regional headquarters and subsidiary production branches of 230 leading international corporations, including IBM, Compaq, Intel, Siemens, Sun, Microsystems, Cisco, the research center of Google and Microsoft, have been located here.
An elite village located in the very city of Bangalore, 18 km from the International Airport, in a unique ecologically clean place, is one of the most relevant offers for the modern real estate market in India. It is among the promising ones: a rapidly growing and developing region, which will be actively built up and attract new commercial enterprises in the coming years, will become the best "neighbor" for expensive housing. And the high quality that the developer offers to buyers will satisfy the needs of residents of this city and wealthy foreign investors.
In total, 9 "A" type villas (with a private pool) and 63 "B" type villas (with a communal pool) will be built. The current market value of the finished villa of type "A" is $ 1,667,500, the estimated market value at the completion of construction in June 2013 is over $ 2,000,000. The cost of the villa under the partial payment scheme is $ 1,410,000, and the monthly payment under the partial payment scheme (36 months from the beginning of June 2011) is $ 39,170
The market value of the built "B" type villa is $ 1,140,000. Estimated market value at completion of construction in June 2013 – 1 325 000 $. The cost of the villa under the partial payment scheme is $ 816,645, the monthly payment under the partial payment scheme (36 months from the beginning of June 2011) is $ 22,685.
The price bar for such projects, as well as for other elite class offers, is quite high, but there is also an unusual offer for investors: after 3 years, the developer can buy the object back with a 50% increase.
The modern Indian real estate market is at the peak of its development. Experts recorded an increase in prices in all segments, and one of the most popular was the luxury class: many foreign developers work in this segment today. This is attributed to the growing interest on the part of investors, who are paying more and more attention to India as a promising country for investment with great potential. Their attitude to Indian real estate was influenced by the permission for foreigners to purchase real estate in certain states. "You can buy real estate in India by registering it as a legal entity. This is already a proven procedure, for all sellersreal estate companies working with foreigners, this scheme has already been sufficiently worked out," explains Zavalishina.
In the old days, real estate in India was not diverse enough, and the map of the real estate market was divided very simply: in Goa – cheap real estate for poor foreigners, in Delhi – for the wealthy, in other regions – for their own. But today, supply and demand have shifted to other regions of India. India is on the verge of a boom in the real estate market, and in the near future prices for quality housing in this country may rise.
The article was prepared by
