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<keyword id="6371902" type="UNKNOWN" weightage="20" keywordseo="home-buyers">Home buyers</keyword> in Delhi, Mumbai, Bengaluru and Chennai are elated over plummeting <keyword id="35507" type="UNKNOWN" weightage="40" keywordseo="property-prices">property prices</keyword>, a trend which has also become a cause of concern for investors.<br />
<br /> The slowdown of property price appreciation in these top cities has forced the investors to opt out of <keyword id="6354553" type="COMPANY" weightage="40" keywordseo="real-estate">real estate</keyword> market in India.<br />
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Property investors are pained over difficult exit and incurred losses.<br />
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Presently, in Delhi-NCR property prices have seen minute appreciation around 2 per cent in the last quarter of 2015 against 7 per cent in 2014.<br />
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Likewise, in Mumbai also the residential property prices saw an appreciation of 3.3 per cent only.<br />
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"A sign of any residential market's increasing maturity is evidenced by gentler price appreciation - a process which has been very much in evidence in the country's financial capital. Fourth quarter price performance in Delhi-NCR, Bengaluru and Chennai is also representation of what happened through the year," said Ramesh Nair, chief operating officer, business and international director at JLL India.<br />
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Meanwhile, JLL predicts that the Mumbai residential property prices in 2016 will touch 6%.<br />
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The JLL study showed that unlike the pre-global financial crisis times, the market has seen a rather subdued growth in prices over the last couple of years.<br />
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"Current market does not offer any incentive to investors, even our usual set of investors are not showing any interest in picking up properties. If annual appreciation is less than 5% and lease rental yield is around 1.5% per annum, then why would they be keen to invest?," ET quoted Yashwant Dalal, president, Estate Agents Association of India, as saying.<br />
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However, Pune, Hyderabad and Kolkata have still seen relatively better appreciation in home prices at 5-10%.<br />
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(Image: Indiatimes)<br />
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Stagnant property prices cheer home buyers, become headache for investors

<p>Housing sales have gone down marginally by 1% in <a href="http://www.businessinsider.in/thelife/real-estate/property-rates-in-top-eight-indian-cities-have-fallen/articleshow/57573937.cms">eight major cities</a> of India, falling to 28,131 units during January-March as compared to the previous quarter.</p><p><br /></p><p>This indicates at the demand for housing units slowly recovering from the impact of <keyword id="3315394" type="UNKNOWN" weightage="100" keywordseo="demonetisation">demonetisation</keyword>.</p><p><br /></p><p>Also read: <a href="http://www.businessinsider.in/financial-institutions-were-hit-hard-by-demonetisation-but-heres-why-bfsi-has-still-managed-to-sail-through/articleshow/57631451.cms">India's financial institutions were hit hard by Modi's demonetisation move, but here's why BFSI still managed to sail through</a></p><p><br /></p><p>During the previous October- December quarter, housing sales stood at 28,472 units in Gurugram, Noida, Mumbai, Kolkata, Hyderabad, <a href="http://www.businessinsider.in/future-of-business/the-most-popular-parts-of-delhi-mumbai-and-bengaluru-where-people-invested-in-real-estate-in-2016/articleshow/56503428.cms">Bengaluru</a>, Pune and Chennai, as per data from the <keyword id="6354553" type="COMPANY" weightage="100" keywordseo="real-estate">real estate</keyword> data, research and analytics firm PropEquity.</p><p><br /></p><p>The report adds that launches of new homes fell 19.46% in the Q4 of 2017 to stand at 22,897 units from 28,428 units in the Q3 of 2016.</p><p><br /></p><p>"Overall the fall in demand and new launches of residential projects slowed down in the Q1 as impact of <a href="http://businessinsider.in/topic/demonetisation">demonetisation</a> on the real estate sector tapered down faster than  the expectations," PropEquity said.</p><p> <br /> Talking of <a href="http://www.businessinsider.in/thelife/real-estate/Stagnant-property-prices-cheer-home-buyers-become-headache-for-investors/articleshow/52201283.cms">prices</a>, housing prices declined by 1.67% to Rs 6,185 per sq ft as against Rs 6,290 per sq ft during the period under review.</p><p><br /></p><p>The report is hopeful about the coming months, saying that the housing supply would slowly pick up.</p><p><br /></p><p>(Image source)</p>

Housing sales fall by 1% in top eight Indian cities

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<br /> According to JLL India, <keyword id="6354552" type="COMPANY" weightage="80" keywordseo="hyderabad">Hyderabad</keyword>, <keyword id="2094" type="COMPANY" weightage="80" keywordseo="Pune">Pune</keyword>, <keyword id="57321" type="PERSON" weightage="80" keywordseo="Navi-Mumbai">Navi Mumbai</keyword>, and Ahmedabad are among the 10 affordable <keyword id="6354516" type="ORGANIZATION" weightage="80" keywordseo="property">property</keyword> markets in the country where flats are available within the budget of Rs 30-50 lakh. <br />
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The other six cities are Kochi (Kerala), Ghaziabad(Uttar Pradesh), Jaipur (Rajasthan), Nagpur (Maharashtra), Surat (Gujarat) and Coimbatore in Tamil Nadu. <br />
<br /> In its latest report, property consultant JLL India has listed 10 cities that offer great lower-budget <keyword id="6354553" type="COMPANY" weightage="80" keywordseo="real-estate">real estate</keyword> investment prospects over medium to long term. <br />
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"These towns and cities offer a wide spectrum of investable options in real estate with relatively lower property price levels, providing the incentives for future capital appreciation and healthy returns," JLL India Chairman and Country Head Anuj Puri said. <br />
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On Hyderabad, Puri said it is perhaps one of the most it is perhaps one of the most affordable cities among all tier 1 cities of India. Even the well-developed residential localities in Hyderabad, such as Manikonda, Kukatpally, Miyapur and Sainikpuri offer housing properties in the budget range of Rs 30-50 lakh. <br />
<br /> The report mentioned that Hyderabad's <keyword id="46631" type="UNKNOWN" weightage="80" keywordseo="Realty-market">realty market</keyword> is now set for an upswing after a prolonged slump due to the global recession followed by political turmoil. <br />
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About Pune, JLL said the city has recorded good growth in the affordable housing segment over the last couple of years. Such projects are located on the periphery of the city and offer small 1-2 BHK flats with basic, no-frills amenities. <br />
<br /> "While <keyword id="35507" type="UNKNOWN" weightage="80" keywordseo="property-prices">property prices</keyword> have increasingly become unaffordable in Mumbai, Navi Mumbai still provides numerous options for residential housing within the budget of Rs 30-50 lakh," Puri said. <br />
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The proposed SEZs at Dronagiri, Ulwe and Kalamboli, and the upcoming international airport at Panvel are expected to help generate employment and boost demand for commercial and residential developments. <br />
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On Ghaziabad, JLL said that the city is an emerging residential neighbourhood of NCR which has a very high supply of flats in the budget of Rs 30-50 lakh. <br />
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"Well connected via metro and roads to the job markets of Delhi-NCR region, the city caters largely to the mid-segment home buyers. The city has a high supply of ready-to-move-in properties offered by renowned developers," the report sad. <br />
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Infrastructural developments such as extension of the Metro Rail and widening of the NH 24 will further boost Ghaziabad's realty market, it added. <br />
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On Kochi, JLL said: "Gone are the days when the city's builders focused only on affluent buyers. Today, the Kochi residential real estate market is dominated by affordable housing segment, which accounts to about 60 per cent of the total housing projects in the city." <br />
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Image credit: Indiatimes<br />

Pune, Hyderabad, Navi Mumbai and Ahmedabad among 10 affordable property markets in India

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The <a href="http://www.businessinsider.in/searchresult.cms?query=real+estate+market+&amp;sortorder=effectivedate">real estate market </a>has been witnessing a drop since July and residential sales across top 8 property markets in India have slipped 23% from a year ago to 109,159 units during July-December.<br />
<br /> According to a report by <keyword id="6363605" type="CITY" weightage="20" keywordseo="knight-frank">Knight Frank</keyword>, the metropols has seen a crash in fourth quarter of 2016, including the usually resilient Bangalore. New Launches also fell 46% from a year ago to 68,702 units during the second half of 2016.<br />
<br /> National Capital Region (<keyword id="53426" type="CITY" weightage="20" keywordseo="NCR">NCR</keyword>) is the worst-affected market followed by <a href="http://www.businessinsider.in/searchresult.cms?query=Bengaluru+&amp;sortorder=effectivedate">Bengaluru </a>and <a href="http://www.businessinsider.in/searchresult.cms?query=Mumbai&amp;sortorder=effectivedate">Mumbai</a>. In this situation, 2016 has replaced 2015 as the worst performing year in terms of sales volume in the recent history; being the lowest since global financial crisis.<br />
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Sales volume in the top eight cities declined by 9% in 2016 to 244,680 units, the report said. The October-December quarter ended with 44% on-year drop in sales and 61% decline in launches.<br />
<br /> The residential market of the top eight Indian cities including Mumbai, Delhi, <keyword id="6354321" type="CITY" weightage="20" keywordseo="Bengaluru">Bengaluru</keyword>, Pune and Chennai had started off on a positive note in 2016 with the first half of 2016 witnessing a 7% on-year jump in sales volume. The second half of 2016 had also began at the same pace with July-September sales volume showing a positive growth on the back of the start of the festive season.<br />
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"All these factors coupled with political stability, regulatory environment, enhanced infrastructure, strong investments, approval to the <a href="http://www.businessinsider.in/searchresult.cms?query=GST+bill+&amp;sortorder=effectivedate">GST bill </a>and amendments to REITs led us to the feeling that the year would end on a high note for the residential property sector. But, the <a href="http://www.businessinsider.in/searchresult.cms?query=demonetisation&amp;sortorder=effectivedate">demonetisation</a> move pulled down the last quarter sales across all cities. The fall in Q4 (October-December) was intense, H2 2016 ended below H2 2015. 2016 ends at launches and sales being lowest since global financial crisis," Shishir Baijal, CMD, Knight Frank India, told ET.<br />
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He expects uncertainty to continue in the next quarter. "It will be important to see how developers recalibrate their businesses to the changing environment and, whether buyers capitalize the opportunity of various reforms and change their status quo position of 'wait and watch," Baijal said.<br />
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According to Knight Frank estimate, the real estate industry has lost revenue of Rs 22,600 crore during the fourth quarter. The government's notional loss on stamp duty levied by state governments has been estimated to be Rs 1,200 crore.<br />
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For office property market, the year turned out to be steady and consistent in line with 2015 performance across six major markets including Mumbai, Bengaluru, Delhi and Pune. However, in the second half, office transactions fell 12% from a year ago to 20.4 million sq ft. New supply of office space reduced 46% in the second half of 2016 to 10.1 million sq ft.<br />
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In the second half of 2016, average rental values rose to their sharpest level since 2013 at 11% from a year ago. Mumbai led the rise in rentals with a 16% on-year jump; NCR and Bengaluru followed closely at 14% and 12%, respectively, Knight Frank said.

Residential property sales across top 8 cities dip by 23%

<ul><li><keyword id="58899" type="General" weightage="20" keywordseo="shriram-properties" source="Orion">Shriram Properties</keyword> primarily focused on mid-market and affordable housing categories.</li><li>The price band of the public issue is ₹113 to ₹118 as the company intends to raise ₹600 crore.</li><li>It has done all the preliminary paperwork for its IPO back in 2018 but later deferred the plans due to the sluggish property market.</li></ul>The initial public offering (IPO) of realty developer Shriram Properties will open for subscription at 10:00 a.m today, December 8.<br /><br />The company intends to raise ₹600 crore from this public issue. Nearly ₹250 crore will be raised through the fresh issue, while the remaining ₹350 crore will be raised as offer for sale (OfS) from existing shareholders — including Walton Street Capital, TPG Asia and Omega TC Sabre Holdings. <br /><br />Shriram Properties is a south India-based company, which is primarily focused on mid-market and affordable housing categories. <br /><br />The price band of the public issue is ₹113 to ₹118. The <keyword id="6871731" type="General" weightage="20" keywordseo="shriram-properties-ipo" source="Orion">Shriram Properties IPO</keyword> market lot size is 125 shares, priced at ₹14,750 at an upper price range. A retail investor can buy up to 13 lots, costing up to ₹191,750.<br /><br /><table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Events<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Timeline<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IPO Open Date<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">December 8<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IPO Close Date<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">December 10<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Basis of Allotment Date<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">December 15<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Initiation of Refunds<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">December 16<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Credit of Shares to Demat Account<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">December 17<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IPO Listing Date<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">December 20<br /><br /></td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table><br />The grey market premium (GMP) — a premium amount at which shares are traded in the grey market — was at ₹18 on December 8. <br /><br />This is Shriram Properties’ second attempt to hit the public market. It had filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board Of India (SEBI) in 2018, but later deferred the plans due to sluggish property market. However, some stock brokerages don’t seem to be too excited about this public issue even now.<br /><br />Saurabh Joshi and Kaushal Thakkar of Marwadi Financial Services have suggested retail investors stay away from the offering as it is “expensive as compared to its peers.”<br /><br />The company has completed 29 projects, representing 16.76 million square feet of saleable areas, as of September 30 of this year. <br /><br />“We are constructive on the company's long term growth prospects given the current positive industry growth trends and Shriram's strong brand presence and execution track record. However, improvement in financials would remain a key monitorable for the company," said analysts at Reliagare Broking.<br /><strong><br />SEE ALSO</strong><br /><a href="https://www.businessinsider.in/stock-market/news/indigo-stock-gains-as-a-plea-to-shut-down-spicejet-has-been-admitted/articleshow/88138734.cms">Indigo stock gains as a plea to shut down SpiceJet has been admitted</a><br /><br /><a href="https://www.businessinsider.in/business/news/zoho-is-selling-its-video-calling-app-in-as-many-ways-as-possible/articleshow/88137006.cms">Zoho is selling its video calling app in as many ways as possible</a><br /><br /><a href="https://www.businessinsider.in/india/news/these-are-the-states-with-confirmed-cases-of-omicron-covid-19-strain-in-india/slidelist/88138240.cms">Omicron in India — Maharashtra and Rajasthan have recorded 19 positive cases so far</a><br />

Shriram Properties' IPO open today —  All you need to know

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Almost 55% of the individual wealth of Indians is in financial assets, while physical assets account for only 45%, reveals the India Wealth Report for 2013.<br />
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Karvy Private Wealth estimates that the total wealth will double to Rs 411,51,000 crore by 2017.<br />
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<em>Here are some excerpts from the report.</em><br />
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<strong>Karvy Private Wealth estimates that…</strong><br />
<br />
… the total individual wealth is likely to double to Rs 4,11,51,000 crore by 2017.<br />
<br /> … the wealth in property will double in the next three years, not due to the rise in <keyword id="35507" type="UNKNOWN" weightage="40" keywordseo="property-prices">property prices</keyword>, but higher inflow in this asset class.<br />
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<br /> … <keyword id="18712" type="ENTERTAINMENT" weightage="40" keywordseo="Gold">gold</keyword>, the single largest form of wealth in India, is likely to reduce to 22% of the overall wealth by 2017-18.<br />
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…stocks, the second biggest financial asset held by individuals, is likely to see a higher inflow and become the largest repository of wealth.<br />
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…fixed deposits and bonds will be the second largest. The two classes will account for 48.8% of individual financial wealth in 2017-18.<br />
<br /> …insurance and <keyword id="6354432" type="UNKNOWN" weightage="40" keywordseo="pension">pension</keyword> will grow rapidly as defined contribution becomes the norm.<br />
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Investment in alternative assets in India is higher, primarily because of the large share of gold in the total wealth.<br />
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Investment in debt instruments is the highest among asset classes both globally and in India.<br />
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Investment in equity is lower in India compared with the global average. However, the difference is likely to reduce in the future.

How And Where Indians Invest Their Money

The <keyword id="6543013" type="UNKNOWN" weightage="20" keywordseo="real-estate-sector">real estate sector</keyword>, which was already not facing any momentum, has been hit hard due to <keyword id="3315394" type="UNKNOWN" weightage="20" keywordseo="demonetisation">demonetisation</keyword> also.<br />
<br /> Post demonetisation, home buyers are waiting for correction in <keyword id="35507" type="UNKNOWN" weightage="20" keywordseo="property-prices">property prices</keyword>, which is why developers have stopped getting queries too.<br />
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In a bid to revive the property demand, the developers have started assuring home buyers of compensation, if prices go down.<br />
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Apart from this, deals in the secondary market have also come down.<br />
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Prakkash G Rohiira, director, Karma Realtors, a property brokerage operating in Mumbai, told ET most homebuyers are in a wait-and-watch mode because they expect prices to come down. "This expectation is drawn out of confusion, and not out of clarity. Realty developers are trying o provide stimulus to the market with price-guarantee schemes so that he market gains momentum. Enquiries for projects offering price guarantee schemes have improved over the last few days," Rohiira told ET.<br />
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"With reduction in interest rates of anywhere between 1% and 2%, EMIs will go down by 10-15%, which will be a massive boost to all consumers. We are confident prices will not go down. On the contrary, demand for good quality development by Grade A developers will increase. To give customers the confidence that we actually believe in this, we are happy to provide a guarantee that there will be no such reduction in prices, and if in the next three months there is any, we will pass on the benefit to them," Abhishek Lodha, MD, Lodha Group, told ET.

Demonetisation has hit real estate sector hard, builders are willing to compensate to attract buyers

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Knight Frank</span></p></div><p></p></div></div>LONDON - House prices in parts of central London have collapsed by as much as 13% over the last year, according to new figures from property consultancy and advisory Knight Frank.</p><p>Prices in "prime" central London fell by 6.3% in December compared to a year earlier, Knight Frank said in a release on Thursday, despite an uptick in sales volumes. November was the second highest month for prime central London sales in 2016.</p><p>However, Knight Frank says the uptick in sales is a reaction to the collapse in prices. The company says in a research note: "The second half of 2016 was marked by a steady improvement in sales volumes as vendors lowered asking prices to reflect the changed regulatory backdrop in prime central London."</p><p>The new regulatory backdrop refers to changes to stamp duty introduced in April. The changes to the tax charged on house sales mean people pay much more than before when buying houses worth more than £1 million, while property under that value sees a tax cut on a sliding scale.</p><p>Knight Frank argue that the "prime" market, where £1 million for a house counts as a bargain, has adjusted to this tax change by lowering initial asking prices, factoring in the higher tax burden that potential buyers will face.</p><p>Annual residential price growth in December ranged from 0% in the City &amp; the fringes to as much as a 13.5% fall in Chelsea and Hyde Park.<div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Knight Frank</span></p></div><p></p></div></div></p><p>Knight Frank says it expects "broadly flat price growth in 2017 as declines start to bottom out," but adds: "Whether strengthening sales volumes in the second half of 2016 will provide a reliable indicator for the first six months of 2017 remains to be seen.</p><p>"Political uncertainty is unlikely to subside in the early part of next year as the <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> triggers the process to leave the European Union, Donald Trump potentially charts a new economic course in the US and ahead of elections in several European countries."</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/wwe-cmo-vince-mcmahon-lesson-success-risk-2016-12">WWE CMO: The most valuable lesson Vince McMahon taught me about business</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="dvbGU5ODE6TIggiWm-Cbjw37nsucxefB" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Property prices in central London are diving

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div><p></p></div></div>British Land, one of Europe's biggest listed property companies, <a href="http://www.investegate.co.uk/british-land-co-plc--blnd-/rns/final-results---part-1/201505140700441266N/">reported full-year results today</a> and the key takeaway is this: London property prices are <a href="http://uk.businessinsider.com/cebr-research-shows-uk-house-prices-will-be-higher-then-london-for-the-first-time-in-years-2015-4">still going crazy</a>.</p><p>The value of the property owned by British Land went up by 12.1% last year, while the value of its office and residential space jumped by 18.8%. British Land said this was due to "the strength of the London market and our actions."</p><p>British Land's "Cheesegrater" building in the City - proper name the Leadenhall Building - smashed rental records in London last year, with space going for £90 per square foot. British Land said today the building is now 84% let.</p><p>Home and flat prices are also going nuts, too. British Land made £259 million selling just <strong>22 apartments</strong> at its new Clarges development in Mayfair, which works out at almost £12 million per flat. The Clarges development also broke Mayfair sales records, selling at an average of £4,750 per square foot.</p><p>British Land put the crazy residential prices down to rich foreigners buying up luxury flats in London as an investment. The company said:<span style="line-height: 1.5em;"> "The <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> remained </span><a href="http://uk.businessinsider.com/londons-elite-property-market-ended-the-year-with-a-frenzy-of-buying-to-avoid-new-taxes-2015-1">the real estate investment market of choice for overseas capital in search of yield</a><span style="line-height: 1.5em;">. London continued to be the principal beneficiary, with demand driving yields down in both the City and West End."</span></p><p>British Land doesn't expect the capital's property boom to end any time soon either, with big developments planned in Shoreditch and Surrey Quays.</p><p>Management said in today's results: "W<span>e continue to focus on our wider investment themes of London and the South East, targeting areas which will benefit from growth and regeneration and increasing our exposure to major transport interchanges."</span></p><p>British Land's u<span style="line-height: 1.5em; color: #000000;">nderlying pre-tax profit in 2014 rose 5.4% to £313 million.</span></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/new-omega-globemaster-watch-unboxing-2015-5">Forget the Apple Watch - here's the new watch everyone on Wall Street wants</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="5iaDNwdDrYYMm2yipFb14ndbRkPnemqO" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

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