Real estate prices to grow in India: Ansal

CHANDIGARH: Real estate developer Ansal Housing and Constructions Ltd on Friday said that real estate prices in the metropolitan cities will grow between 10-15 per cent while 20-25 per cent in small cities of the country during next 1-2 years.

Ansal Housing forecasted this growth despite the claims that property market in India is overheated.

"The real estate prices in Delhi, Mumbai and other metro cities will grow by 10-15 per cent and on the other hand, the prices in smaller cities will increase by 20-25 per cent," Ansal Housing & Constructions Ltd, Director, Kushagr Ansal told reporters on Friday.

Although the overall scenario of prices in the country tends to remain bullish yet there are certain pockets in which the market has shown sign of overheating, he opined.

"There are some places like Gurgaon where the real estate market has reached its peak but in other parts of the country the prices will grow," he said.

"During the development of real estate in Agra and Indore by our company, we observed that the real estate prices in these areas have increased by 20 and 30 per cent respectively," he said.

Meanwhile, Ansal Housing & Constructions Ltd today announced to develop residential township in Karnal at a land of 99 acres which involve an investment of Rs 150 crore.

The company has also plans to develop such townships in Zirakpur, Jammu, Kurukshetra, Panchkula and Yamunanagar in the near future, he said.

Having posted a turnover of Rs 200 crore during last year, the company expects an increase in total turnover by 60 per cent in this fiscal.