Mumbai and Delhi property prices 'nearly doubled' in past year

[Beet]

Here's a story the Western financial press has not yet picked up on:

"Property prices in major Indian cities such as Mumbai and Delhi have nearly doubled in the past year as home and office buyers returned to the market, lured by a recovering economy and low mortgage rates. "

http://in.biz.yahoo.com/100806/137/baw2sf.html

[Update: corrected link]

[phk]

.... /drumroll .... and India has a property bubble.

[2952-0-0]

Awaiting the flood of stories predicting that India will collapse by next year in 3...2...1...

[Sbane]

In Noida, a suburb of Delhi, there has been a 10-fold increase in property prices in the last 15 years.

[© tweed]

.... /drumroll .... and India has a property bubble.

beautiful, really. first the Big Bang and now this.

[minionofmidas]

As if the lesser-value 90-odd percent of Indian land purchases were ever conducted in a way as to be picked up by such a story. The Indian Posh Elite has a property price bubble. Has had for some years.

[opebo]

As if the lesser-value 90-odd percent of Indian land purchases were ever conducted in a way as to be picked up by such a story.

You mean they don't have clear legal title?  Then they're not very meaningful anyway.

[minionofmidas]

As if the lesser-value 90-odd percent of Indian land purchases were ever conducted in a way as to be picked up by such a story.

You mean they don't have clear legal title?  Then they're not very meaningful anyway.

Not actually what I meant (though true in Bombay and other large cities... in the countryside though, it's usually the big owners who don't have clear legal title. Smallholding farmers all do - though often not just to the land they still have but also to land they'll never see returned to them this side of the grave.)

[Cubby]

How will this affect the growth of Navi Mumbai?