Unreal Estate Prices

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The prime land belonging to Mumbai's sick textile mills recently changed hands at a price that'll make you gulp: A cool 40-crore rupees for an acre! The value of the total deal was 700+ crores.

Is this the first sign of a frothy real estate market? Most people don't think so. Word on the street is that foreign money is furiously chasing real estate deals in India. Real Estate funds bankrolled by NRIs and other foreign investors are lapping up land not just in the metroes but also in the second-tier cities like Chandigarh, Pune, Nashik, etc. Easy home loans at low rates, the "Indian Dream" to own a home long before retirement, and a growing purchasing power are also helping push the home prices up.

Another news snippet that caught my eye yesterday: India will soon be home to the world's largest shopping mall. Called the "Mall of India," it's coming up in Gurgaon and will be ready by 2009. The face of retailing in India is undergoing a sea change.

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