Land is being used for the construction of commercial and residential properties. Without land there would be no development of the country and hence the Government has taken stern measures to ensure that land is made available for such construction and developmental projects. While talking about the general land prices in India they have increased significantly over the past few years due to the development of the regions. The land prices in metros are soaring heights with new projects coming in everyday.
However the prices might differ from state to state and region to region but there has been an upward trend in the property prices. Any form of land whether agricultural or commercial is noticing high price due to the changes in the market forces. These prices are nowhere constant and hence if you are planning to buy a piece of land then you need to wait for the right time and opportunity to invest in the right location. Several factors like location of the land and prospects of growth also count while purchasing land and therefore more and more investors are turning to big cities for the investment.
Prices of land in New Delhi have noticed an increase of 17.01% which is 6.23% more than the last year. Mumbai experienced an increase of 8.84% while Pune registered highest annual price of 33.33%. Cities like Chennai and Jaipur also recorded a strong rise of 24.6% and 21.88%. Apart from the price rise there are also cities which noticed a decrease in prices and hence are favorable for investment. Kochi in Kerala noticed a decrease of 31.78% followed by Bhopal, Hyderabad, Patna, Surat and Faridabad.
The liberalization of the major sectors of the Indian economy brought foreign direct investments which created a boom in the real estate industry. Land rates have increased due to the two major factors as most of the real estate developers create false claims of overbooking and increase the demand and price and secondly the properties are sold quickly within a short period of time from one buyer to another.
In order for the prices to stabilize it is necessary for the Government to open the economy for more investment from abroad by changing the policies. These investments would result in development of the areas and a decrease in the land rates as more number of investors would be investing in a piece of land. Indian property market is a lucrative market as it yields good returns within a short period of time and hence proper investment can definitely add to the returns as well.
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