The Indian real estate market is on the cusp of a remarkable revival.
In the first two quarters of 2019, the number of people applying for mortgage loans increased by 9% and the number seeking to buy a home went up by 15%.
The market has witnessed a dramatic turnaround in the last few years.
For years, the average price of a property in India was between Rs 30 lakh and Rs 40 lakh.
In 2019, that rose to Rs 60 lakh, making it one of the highest in the world.
The real estate boom has helped India attract investment capital, and it has also helped its economy rebound.
While there is no official data on how many people own properties, experts say that it is expected to rise to more than 2 million by 2021.
There are currently around 1.5 million houses in India, and a lot of them are in rural areas.
The rural sector is the fastest-growing segment of the economy, according to the government.
As of January, there were over 1.8 million houses being built in the country, with the average cost being Rs 5 lakh.
The average cost of a home in the rural sector increased by 6.3% in 2019 to Rs 3.9 lakh, according the Urban Development Ministry.
In urban areas, the real estate sector grew by 4.6% in the same period, while in rural ones it increased by 2.5%.
The average house price in the capital cities rose by 6% over the last three years to Rs 1.92 lakh in 2020 from Rs 1,858 in 2019.
A new survey conducted by real estate company Gartner says that the average property price in Mumbai and Ahmedabad in 2019 was Rs 4.8 crore, up 6.1% from last year.
However, this is down from Rs 5.7 crore in 2019, when the average was Rs 534.3 crore.
The median house price is around Rs 4 crore, and the median land value is around one lakh acres, according data from real estate website FMC Property.
According to Gartners, the median household income in India is around $11,000 a year.
A typical house in the city of Mumbai is priced at Rs 1 crore, but it can cost up to Rs 4 lakh in some parts of the country.
According the Gartens data, India’s median income is expected increase by more than 8% in 2021.
“This is the biggest real estate surge in the past 10 years,” Gartons chief economist Prabhjot Singh said.
“It is a testament to the turnaround in India’s economy and to the country’s resilience that its real estate prices are on a par with the world’s most affordable cities.”
As the number and size of new homes in India increase, so too do the cost of renting.
According to a report by The Hindu, rents in the entire country have increased by 15% in two years, but in Mumbai, rents are now more than doubling over the past four years.
The report states that the rent inflation rate is between 7% and 8% a year, and that the cost to rent a property increased by 12% in Mumbai between 2016 and 2019.
The country’s median rent price has been hovering around Rs 2.3 lakh since the mid-1990s, and has increased by a whopping 11% over that period, according Garters report.
But even the median rent in Mumbai has seen an increase in the previous four years, from Rs 4,600 in 2014 to Rs 6,600 this year.
According in the report, rents have increased at a faster pace in urban areas.
Rents in Mumbai rose by a staggering 25% in 2016, and have now jumped by an astonishing 26.7% in five years.
Rents in Ahmedabad have also been increasing, but have remained relatively flat in comparison to Mumbai.
The annual average rent is around 5,500 in Mumbai but is currently at Rs 2,400.
The same report states there is an “increase in the number renting out their homes and the cost has risen from Rs 3,000 in the mid 1990s to Rs 5,000 by 2020.”
“There is no question that the rising rents are contributing to a decline in the housing market,” the report adds.
According data from The Indian Express, the rate of increase in average house prices in the Indian capital has been a sharp increase over the years.
In 2017, the city saw a 3.6-year jump in house prices, while by 2019, it had increased by 5.3%.
The real median price in 2017 was around Rs 1 lakh, but was then only Rs 1 million in 2019 and Rs 1-2 lakh in the year to date.
However the average median price increased by 14.8% from 2016 to 2019, and by 15.2% in 2020.
Rent prices in Mumbai have increased to a level not seen since the late 1970s. In 2016