New Delhi: India’s property market is already hot, and it’s set to get even hotter.
Land for sale across the country is a $1 trillion market, according to a new report by consultancy Knight Frank, and is expected to grow to $2 trillion by 2025.
According to the report, the market is expected as the world’s fourth-largest in terms of both land and income.
This is the largest land market in the world, behind only Australia, the United States and China.
There are about 30,000 properties listed on the Knight Frank website, with about a third of those located in cities.
India is home to more than 70% of all properties listed in the country, and the country also accounts for more than half of the country’s total land-market valuation.
As part of its land-value assessment, Knight Frank also looked at properties on the other side of the border in Nepal, where there are about half a million properties listed, and its report says that the market there is expected “to grow to more in excess of $100 billion by 2025”.
But while India’s market is still relatively new, there are signs of it growing.
In January, India’s central government issued a list of 30 cities where properties could be sold to foreign investors, a move that could boost the local economy.
The list includes some of the world and domestic capitals such as New Delhi, Mumbai, Chennai, Bengaluru, Hyderabad, Chennai and Hyderabad.
India’s central and state governments have also promised to boost rural development through a rural land fund, as well as help urban areas improve access to banking, transport, power, electricity, communications and water.
The report suggests that the national government may also increase subsidies for rural development, including for smallholder farmers and other farmers who can afford to pay for their land.