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Bangalore property sector 'booming'

Mid-range rental property in central Bangalore recorded record high values in the second quarter of 2008, it has been revealed.

According to the Business Standard, developments are quoting rates of between INR 100,000 (£1,280) and INR 120,000 per month, a rise of between eight and ten per cent in the last two quarters.

Cushman Wakefield-India's second quarter Bangalore-residential report stated: "The rising rate of inflation and the current cash crunch has led to stabilisation in rentals across most areas," the news provider reports.

The newspaper went on to say the next quarter is unlikely to witness any major changes in either capital or rental values in Bangalore's residential sector as the uncertain global economic climate and volatile stock market situation have changed the outlook for investment options in the market.

Earlier this week, the Economic Times reported comments made by Tushar Poddar, vice president of Asia economic research at Goldman Sachs, that any possible downturn in India's exports is likely to be limited.