Why India? - The New Contemporary Indian
The average age of the home buyer has decreased from 45 to 32 in one decade as the country's professional youths embrace the Western philosophy to owning property: "buy-and-pay-back", rather than "savethen-buy". All this bodes well for the real estate sector which is "likely to be a $90 billion industry by 2015 from $12 billion in 2005." (Moodys Investor Services)
The Government continues to develop the mortgage market. However, mortgages in India still only account for 2% of the country's GDP as compared to 54% in the U.S.A.
Sources: Real Estate Newsline, Ernst & Young, Summer 2005.