By Accommodation Times News Service
Indian billionaires have emerged out as the top buyers of London homes putting nearly 1billion pounds into buying up the luxury homes. According to the report these Indians there are super rich and has capability to spend another 500million pounds on redevelopment in the next five years. According to the analysis, Indian ultra high net worth (UNHW) individuals are buying up super flats, estates and hotels in London against the backdrop of a faltering real estate market back home in India. This group of investors second only to British based buyers spent almost 450million pounds purchasing 221 residences in prime central London in 2013.
British buyers accounted for 30 percent of property in Mayfair, while wealthy Indians have snapped up 25 percent. Middle Eastern, continental European and Russian buyers all accounted for 13 percent of purchases each in the exclusive London borough.
According to ‘Daily Telegraph’ estimates, around 3,000 Ultra high net worth (UHNW) Indian families escape the heat of India in the summer and relocate to their homes in London also seen as a global investment safe haven.”Many have chosen to invest in Mayfair, especially in Grosvenor Square, because they can see that currently the district is undervalued compared to neighboring locations such as Knightsbridge and Belgravia.
There has been a spectacular 314 percent rise in sales values in Grosvenor Square since 2000, surpassing values such as Eaton Square and Cadogan Square,” said Peter Wetherell, founder of Wetherell.
Aside from private money, Indian developers are also entering the London market.
The Lodha Group, one of India’s largest residential developers, had recently purchased the Canadian High Commission in Grosvenor Square for 306 million pounds. The group plans to turn the seven floor 135,000 sq.ft. building into 18 to 20 luxury homes.