Released on: October 3, 2007, 10:37 am

Press Release Author: Jim watson

Industry: Real Estate

Press Release Summary: India has been one of the rising stars in the world economy
in recent years, booming in industry, IT, filmmaking and numerous other ways, one of
the two big beasts, along with China, of the developing world.

Press Release Body: India has been one of the rising stars in the world economy in
recent years, booming in industry, IT, filmmaking and numerous other ways, one of
the two big beasts, along with China, of the developing world.

The Indian property market has been booming alongside this overall development in
various ways, be it real estate India as new building takes place, or the buy-to-let
that is made possible by the growth of the middle class and the popularity of many
areas with tourists.

Among India\'s advantages is that it is the world\'s largest democracy. Among the
disadvantages is a lack of regulation in key areas, including real estate. This, of
course, can cause problems for builders, which in turn can impact the property
market in the country.

However, this is all about to change, reports Forbes, as the government has
responded to calls for better legal protection in this area. S Jaipal Reddy, the
urban development minister, told reporters this week: \"A quasi-judicial regulator is
required in big cities as both consumers and builders may need protection,\" adding
that \"we will set up a regulator in Delhi which would serve as a model for other
states to emulate.\"

The report adds that the body will be set up inside the next six months, although it
will not be a nationwide body as, Mr Reddy noted, land regulation is a matter of
state-level jurisdiction. However, the pressure to eliminate malpractice throughout
India is likely to grow, according to Jonathan Yap, chief executive officer of
Singapore-based Ascendas Trust Fund.

He said: \"If India wants public investment, fiscal regulation needs to be in place.
There needs to be a clear structure for taxes and proper titles. There\'s a fair bit
of things to do.\"

Yet India does appear to be moving in the right direction in this regard. It has
just moved up 12 places in the rankings of the nations listed in the World Bank\'s
2008 edition of Doing Business, reports the Economic Times.

This still places it 120 out of 178 on the list, which indicates it has some way to
go, not least with China well ahead at 83. But, the report notes, it has provided
better credit access for business, better cargo rights and electronic registry for
security rights. In short, business regulation is improving and should continue to
do so. World Bank investment policy specialists Sabine Hertveldt told the paper: \"We
expect the India ranking to go up further next year, since a lot of the reform
processes are pending.\"

So with the prospects looking good for improvements in regulation and legal
protection, those involved in the property market in India may find that the amount
of red tape and difficulty drops for them too.

Opportunities abound in India for investors. For example, Homesgofast.com reported
yesterday that deals available include off-plan two-bedroom apartments starting at
£23,958 in Rudrapur, just as a special economic zone is being set up just outside
the city that could help the properties appreciate rapidly in value.

Thus the investor in Indian property may be able not only to enjoy grabbing some
bargains now, but having easier and better systems to deal with as their involvement
with the country continues into the future.

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