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Indian property 'set to bounce back'

The Indian property development market is set to rebound once interest rates stabilise, it has been claimed.

According to The Hindu, Adi Godrej, chairman of business conglomerate the Godrej Group told the Globoil India conference in Mumbai that the country's mortgage market increased 100 per cent between 1999 and 2008.

He added: "The property development market is down today. It has seen a strong growth and continues to grow at 20 per cent per annum. As soon as interest rates become reasonable, it will pick up", the news provider reports.

Mr Godrej went on to say almost 80 per cent of all property development is residential property, while IT-enabled services are driving the commercial property market.

Last week, PropertyWire reported property developers in India, including those dealing with luxury homes, are offering buyers incentives to buy real estate.

The news provider added that the country's government is making moves to allow companies to build twice as much property on the same size plot of land.