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International Research Journal of Modernization in Engineering Technology and Science

( Peer-Reviewed, Open Access, Fully Refereed International Journal )
Volume:04/Issue:10/October-2022 Impact Factor- 6.752 www.irjmets.com
A COMPARATIVE STUDY ON THE REAL ESTATE MARKET IN INDIA

AND OTHER COUNTRIES
Dr. V. Vanaja*1, Reethika S*2
*1Professor, Department Of Management Studies, Sri Ramakrishna Engineering
College, Coimbatore, India.
*2Student, Department Of Management Studies, Sri Ramakrishna Engineering
College, Coimbatore, India.
ABSTRACT
In a developing world of today, there is growth seen in various sectors of an economy. Each and every industry
experiences drastic changes day by day. The businesses of countries are classified into various sectors for
convenient governance. One successful business in the construction world is the real estate industry. Many
researchers had undergone studies on real estate at different circumstances. This study discusses on the real
estate sector in various countries of the world. It is done as a comparative study between the functioning of real
estate market in the Indian sub-continent and the other countries, including developed, developing and under-
developed countries. The study stands very useful as a number of observations were made from it. It is
identified that properties in the countries discussed are different and holds different values. But there are also
some similarities identified, which is the uniqueness of the real estate sector, as it is close to the people. The
cost of living in countries differ; but the people and their attachment to properties are similar. The study made
proved it to be true. It is also seen that the Covid-19 pandemic has caused a drastic change in the sector in both
positive and negative aspects, which was unexpected.
Keywords: Real Estate, Residential, Commercial, Covid-19, Property.
I. INTRODUCTION
Among the three basic needs of people, one major player in the world of business is Shelter. Shelter for people
are possible through the functioning of real estate sector. The study discusses about this particular industry.
Real estate is land along with any permanent improvements attached to it, whether natural or man-made
including water, trees, minerals, homes, buildings, fences, and bridges. Real estate is a form of real property. It
differs from personal property that are not permanently attached to the land, such as vehicles, boats, furniture,
jewellery and farm equipment.
There are some characteristics for real estate that differentiates it from other industries. They are as follows:
 Scarcity: While land isn't considered rare, the total supply is fixed.
 Improvements: Any additions or changes to the land or a building that affects the property's value is called
an improvement. Improvements of a private nature are referred to as improvements on the land.
Improvements of a public nature are called improvements to the land.
 Permanence of investment: Once land is improved, total capital and labor used to build the improvement
represent a sizable fixed investment. Even though a building can be raised, improvements like drainage,
electricity, water, and sewer systems seem to be permanent because they can't be removed (or replaced)
economically.
 Location or area preference: Location refers to choices and tastes of people regarding a given area, based on
factors like convenience, reputation, and history. Location is one of the most important economic
characteristics of land.
II. REVIEW OF LITERATURE
Ashish Gupta and Piyush Tiwari (2015) had made a significant research related to risk and uncertainty in
valuation. Risk, in valuation, is mostly communicated to investors in qualitative terms. This study focuses on
identifying principal elements of risk as perceived by key market players in an emerging economy like India.
The study found that in an emerging market like India there are limited exit option for developers and investors
due to absence of exit vehicle like REITs for office property.
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Azamat Auyezkhanuly, Manap Almagul, Aidos Akpanov and Alma Karshalova (2019) studied on the
residential real estate market in the republic of Kazakhstan. The results show that despite the growth in
housing construction, affordability remains low in comparison with developed countries. The study also reveals
that the growth in construction causes an increase in housing availability. However, the availability remains
low compared to other developing countries (Russia, Belarus).
Hassan Gholipour Fereidouni and Tajul Ariffin Masron (2013) examined the effects of real estate market
factors on foreign real estate investment (FREI). Applying panel data technique, this paper used related
observations from 31 countries (inclusive of developed countries and emerging market economies) between
2000 and 2008 to investigate the relationships between real estate market factors and FREI. The paper finds
that foreign real estate investors favor countries with higher property prices.
Jeffrey Boon Hui Yap and Xin Hua Ng (2017) had published a paper with the purpose of exploring the
affordability of Malaysian housing market, sufficiency of affordable housing and factors influencing the housing
affordability in Malaysia. Qualitative Research approach was adopted for this study through validation of semi-
structured interviews. The findings reveal that housing affordability is a grave concern to average Malaysians,
and the supply of affordable housing is insufficient in the current residential property market.
Karl-Werner Schulte, Nico Rottke and Christoph Pitschke (2005) studied on transparency in the German
real estate market. The study investigates and discusses the concept of transparency in general, availability of
private and public market data, major real estate investment products, performance measurement, changes in
the regulatory environment and the emergence of organizations and publications. The results show that
transparency in the German real estate market has noticeably improved in all researched areas.
Kim Hiang Liow, Xiaoxia Zhou, Qiang Li and Yuting Huang (2018) made a study to resist the dynamic
linkages between the US and the national securitized real estate markets of each of the nine Asian-Pacific
(APAC) economies in time-frequency domain. Wavelet decomposition via multi-resolution analysis was
employed as an empirical methodology to consider time-scale issue in studying the dynamic changes of the US–
APAC cross-real estate interdependence. The study revealed that the strength and direction of return
correlation, return exogeneity, shock impulse response, market connectivity and causality interactions change
when specific time-scales are involved.
Lay Cheng Lim, Alastair Adair and Stanley McGreal (2002) studied on Capital flows into the Singapore real
estate market, where an analysis of the land sales program was done. This study examines the origin and
magnitude of FDI flows into the Singapore real estate market. The analysis indicates that there is a low level of
capital flows from Europe and North America to the Southeast Asia region where Asian investors play an
important role in terms of foreign investment flows into the Singapore real estate market.
Richa Pandey and Mary Jessica, V. (2018) investigated the behavioural biases influencing the real estate
market investing decisions of normal non-professional investors in India. The study has used six items to
measure three biases for the prospect theory. Eight items have been used for measuring the following five
heuristic biases. The paper concludes that Indian real estate investors heavily influenced by heuristic biases.
For a developing country such as India, where property investment is still through direct channels, the
dominance of heuristics as behavioural biases is quite obvious as people go for shortcuts or rule of thumb.
Vijay Kumar Gupta and Gunjan Malhotra (2016) had studied on the customers’ preferences for housing
attributes in India. The study highlights the attributes important to the customer when purchasing residential
property. The Kano model had been used to understand these preferences of consumers. It was found from the
study that the demographics of the consumers play an important role in deciding purchase of residential real
estate.
William N. Goetzmann and Geert Rouwenhorst, K. (2000) studied on the cycles and fundamentals of Global
real estate market. While industrial, office and retail properties exist all around the world, they are not
economic substitutes because of locational specificity. In this paper, they had used eleven years of global
property returns to explore the factors influencing this co-movement. They attribute a substantial amount of
the correlation across world property markets to the effects of changes in GNP, suggesting that real estate is a
bet on fundamental economic variables which are correlated across countries. The study suggests that, while

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real estate is fundamentally local, demand for space apparently responds to contemporaneous changes in the
global economy.
III. THEORETICAL BACKGROUND OF THE STUDY
The study discusses on the real estate sector in various countries of the world. It is done as a comparative study
between the functioning of real estate market in the Indian sub-continent and the other countries, including
developed, developing and under-developed countries. The study explains the real estate sector, its functioning,
macro and microeconomic factors affecting this sector and other similar factors determining the functioning
and development of the sector in different economies. It also focuses on the functioning of the whole real estate
market in various scenarios, especially the COVID-19 situation that has created unexpected challenges.
Real Estate industry is one that is highly dependent on the people. The growth or depression of it is the result of
an individual’s decision most of the times. Every government has to tackle all these to develop the sector. Also,
this particular sector is always in demand. The demand varies according to a few factors, but does not vanish
completely. This is because of the growing population and needs of people and businesses. The study discusses
all these with respect to different time periods. It also includes the stages of growth of the real estate sector in
all the countries taken for study. This is to differentiate the speed in the levels of growth of countries.
IV. OBJECTIVES OF THE STUDY
The objective of this study is to make a comparative analysis on the real estate industry in India and other
countries at various time period. The study also covers the macro and micro economic factors with regard to
the industry.
V. METHODOLOGY
The study is based on comparing the performance of real estate industry in India and other countries. The
sector is as huge as other industries combined together. However, with the objective and scope of the study in
mind, it is decided to make a comparative study on the sector in India. Inspite of the detailed analysis in the
study, there are certain limitations:
The comparative study includes only a few countries and not all the countries of the world. The period of the
study includes past and present period and thus the study may not be applicable for the future. The study is
based on the secondary information gathered and not on any primary data acquired. The study includes only a
few factors related to the real estate industry and does not cover everything at large. India and in other
developed as well as under developed countries. The analysis covers the pre-Covid period, during Covid and
also the period of recovery.
VI. ANALYSIS & INTERPRETATION
Residential Property Rates in India
Residential properties are those used only for living and not for any commercial purposes. Those properties
which are not let out and does not earn an income are called residential properties. The average prices of
residential properties in India classified under different heads are under.
120000
Property Price (Rs/sq.m)
100000
80000
60000
40000
20000
0
Apr-Jun 2018 Jan-Dec 2019 Jan-Dec 2020 Jan-Mar 2021
Period
Multistorey Builder Floor Apartment Residential Plot Residential House
Figure 1: Residential Property Rates (in Rs.) in India

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The prices of commercial properties are always different from those of residential properties. Commercial
properties own an income for its stakeholders. So, the prices of those kind of properties are highly different
from residential properties, and those properties are considered of greater worth.
Commercial Property Rates in India
The prices of commercial properties are always different from those of residential properties. Commercial
properties own an income for its stakeholders. So, the prices of those kind of properties are highly different
from residential properties, and those properties are considered of greater worth.
50000
Property Price (Rs./sq.m)
40000
30000
20000
10000
0
Apr-Jun 2018 Jan-Dec 2019 Jan-Dec 2020 Jan-Mar 2021
Period
Commercial Office Space Commercial Shop
Figure 2: Commercial Property Rates (in Rs.) in India

Rental Rates of Residential Properties in India-2020
Not every person in this world owns property. The businesses cannot run if it waits to own a property.
Properties are leased to carry out a venture. The leasing prices are in other terms called as rents and the rents
are fixed in a similar way as the property prices are done.
80000
Rental Rate (Rs./Unit)
70000
60000
50000
40000
30000
20000
10000
0
Delhi Kolkata Mumbai Chennai
Metropolitan Cities of India
1 BHK 2 BHK 3 BHK
Figure 3: Rental Rates (in Rs.) of Residential Properties in India- 2020
Residential Property Rates in Malaysia-2020
The property prices vary from one country to another. So far, the prices of properties in India were observed,
and here under is the prices of residential properties in Malaysia in 2020.

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700000
660760 658241
Price (Rs./Sq.m)
600000
500000
400000 387532
341660
300000
200000
100000
0
Terraced House High-rise Residential Detached House Semi-detached House
Property Type
Figure 4: Residential Property Rates in Malaysia- 2020

New Launch Residential Property Rates in Malaysia-2020
There were residential properties newly launched in Malaysia in 2020. The rates of those properties were later
newly fixed and were unique from the others. The property prices are studied as per the location they are in.
900000
800000
763935
700000
Price (Rs./Sq.m)
600000
500000 486604 460221 455169
400000
300000
200000
100000
0
Kuala Lumpur Selangor Sabah Sarawak
City
Figure 5: New Launch Residential Property Rates in Malaysia- 2020
Residential Property Rates in Singapore-2021
The following are the rates of Singapore residential properties in the year 2021. There are a number of
property types under residential buildings of Singapore, whose buy and sell rates differ at large.

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2500000
2000000
Price per Unit
1500000
1000000
500000
0
Studio/One Room Two-Room Three-Room Four-Room Five-Room
(Flexi)
Property Type
HDB BTO Flats (Non- mature Estates) HDB BTO Flats (Mature Estates)
Resale Flats Executive Condominiums
Private Condominiums
Figure 6: Residential Property Rates in Singapore- 2021
Price of Apartments in Kazakhstan-2020
Properties under Kazakhstan are different from the above studied countries. Data on the average prices of
apartments in Kazakhstan is collected and studied.
450000
400000
Price (Rs./Sq.m)
350000
300000
250000
200000
150000
100000
50000
0
In City Center Outside of City
Location
Figure 7: Price of Apartments in Kazakhstan- 2020
Rental Rates of Apartments in Kazakhstan- 2020
The average rental rates of apartments in Kazakhstan in the year 2020 is identified and analysed below.
250000
Rent (Rs/Month/Unit)
200000
150000
100000
50000
0
City Center Outside of City
Location
1 Bedroom 3 Bedrooms
Figure 8: Rental Rates of Apartments in Kazakhstan- 2020

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Impact of Covid-19 on real estate sector in India
The unprecedented scale of the impact of COVID-19 on Indian real estate can be identified from the fact that the
sector has incurred a loss of over Rs 1 lakh crore since the pandemic broke out. It is observed that the pandemic
resulted in a serious liquidity crunch for the real estate developers. The credit shortage brought down
residential sales from four lakh units in 2019-20 to 2.8 lakh units in 2020-21 in the top seven cities of India.
In addition to the effects on residential sales, the work-from-home concept also proved to cause harm to the
growth of office space leasing companies. It is noticed that the net leasing of office spaces declined to around 35
lakh sq.ft in January to March 2021 from approximately 70 lakh sq.ft in the corresponding period of the year
2020. Since Quarter 4 closed on a positive note as the immunization drive by the Government picked up the
pace, the sudden spike in cases across the nation does not support well for the recovery cycle, and the occupiers
are expected to remain cautious in the coming months. As a result, the potential leasing transactions may get
further delayed and impact leasing rates.
The retail segment has been hit badly in the second phase as consumers were unwilling to visit malls and shops.
Owing to the partial lockdowns and curfews in almost all the cities, the retail mobility has declined by 55-60
percent across India. So far, the impact of the second wave of the pandemic has not translated into a price
movement in residential market.
Since the lockdown was lifted, the real estate industry has witnessed a gradual recovery. The second wave of
COVID-19 would have little impact on the industry because after the first lockdown in April/May 2020, people
realised the value of owning a home for themselves. A drastic drop in real estate prices is not expected as a
result of the second wave, but there will be some other effects. Not directly because of COVID-19, but because of
the related constraints imposed on the general public's movements and delayed delivery of other supporting
facilities, such as processing papers for applying for home loans, having the agreement for sales registered, or
reaching out to sales and marketing personnel to gain more information about the project. The year 2021 is
expected to remain challenging for the real estate sector.
Impact of Covid-19 on Real Estate Sector in Malaysia
The very first wave of infection commenced on 24 January 2020. Malaysia recorded the highest number of
positive cases of COVID19 in South East Asia a few weeks after the start of the pandemic. With reference to the
amount or volume of transactions, the use of credit and the value of real estate, the impact of the pandemic on
the real estate sector has been debated. Before the pandemic of COVID-19, the Real Estate industry was
promising in terms of outlook for the real estate community. When the COVID-19 virus attacked in March 2020,
the world economies started to move to a halt, and the real estate sector, together with other sectors, observed
nervously.
Workers began to work from home, as a consequence of the ‘new normal’, and most worked overtime to cover
their limited capabilities to deal with clients face to face, in order to set up meetings, discussions and explain on
the new developments for properties and other related matters of concern. Significantly, the lockdowns also
reduced the required rate of return for leasing and manufacturing. The construction of new sites has been put
on hold. Daily human activities were reduced. In the long term, as it appears to give better risk-adjusted returns
which are less associated to various other kinds of investments, real estate remains a promising financial asset.
In certain segments of the market, business recognition will increase and viability is prepared to play a
significant role. Property stockholders will likely have issues to reduce the risks emerging from rising needs
from tenants and users for secure and reliable buildings.
The industry should focus on a long-term perspective, other than responding to the demands of tenants in the
short term. After all, many real estate investors are still not prepared to take the necessary sustainable and
digital leaps to make properties safer and healthier, even if the debate on sustainability became increasingly
urgent in many sectors, including the real estate industry. Yields and returns for energy-intensive buildings will
change in the near future, not only because of rising regulatory pressures or different working practices that
partially are safe even after the crisis, but because if the sector does not reinvent itself, it will help to speed up
the pace of the climate crisis. The positive side is that consumer preferences is likely to switch to more cost
effective properties, especially because the quarantine experience has revealed the downsides of energy-
intensive buildings. Lack of workspace and energy efficient facilities is set to drive new market demands when
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it comes to residential properties in which people are likely to live and work intensively from their home. The
impact on real estate sector, created by the pandemic seems to be hard as well as beneficial for the economy.
Impact of Covid-19 on Real Estate Sector in Singapore
Before the outbreak, Singapore’s rental market was robust with an increasing influx of foreign professionals.
However, COVID-19 has presented a very somber threat to Singapore. Prioritizing the prevention of disease
spread and safeguarding public health, the Singapore government decided to initiate a pseudo-lockdown, also
known as the ‘circuit breaker’, which started on April 7, 2020. This was implemented despite the potential
economic damage from a shuttered economy.
As the circuit breaker kicked in, the month-on-month percentage drop in rental volume was becoming larger. It
was estimated that the number of non-landed private homes leased decreased by 36.5 per cent, from 4,829
units in March to 3,068 units in April. April’s rental volume was also 40.6 per cent lower than a year ago and
32.3 per cent below the five-year average. The estimations also showed rental decline of 0.9 per cent for
private condominiums and apartments in April. Year on year, despite rising 1.8 per cent in April, private rent is
down 15.7 per cent from its peak in January 2013.
The rental volume decrease could be due to a few reasons as a result of the pandemic. Travel restrictions
enforced by many countries, including Singapore, have significantly affected and decreased the number of
foreigners who can enter Singapore for work. This is especially so for workers from neighboring countries, like
Malaysia, who remained in their home countries due to the coronavirus outbreak. As a result, the rental volume
decreased.
In contrast to the rapid decrease in sales in the midst of the circuit breaker, private homes rental was
improving, rising 1.1 per cent in the first quarter of 2020. This was a pick up from 1 per cent decrease in the
previous quarter. By locations, rentals of non-landed homes in the outside central region performed the best at
an increase of 1.9 per cent, followed by core central region increasing by 1.4 per cent and rest of central region
increasing by 0.6 per cent. Though there was a decrease in sale of properties, there was an increase in rents
earned by private residential properties.
Impact of Covid-19 on Real Estate Sector in Kazakhstan
According to the latest State figures, the number of confirmed cases had passed 107,000, while 102,000
infected people successfully recovered. Kazakhstan reported daily infection rates remaining stable since 1
August. Since the peak infection rates of July, infection rates continue to fall. As a result, State authorities
allowed cities across Kazakhstan to proceed to the second phase of reopening. At the same time, quarantine
measures such as educational institutions remaining closed and cancelling mass gatherings are still in place. An
approaching expected winter surge in the number of respiratory infections, exhibiting similar symptoms as
COVID-19, will put added pressure on Kazakhstan’s healthcare and testing capacity. It is also a fear in the minds
of people and government that seasonally influenced wave might occur.
Kazakhstan was under a state of emergency, called the Emergency Regime, dated March 15, 2020. On the
Introduction of the State of Emergency in the Republic of Kazakhstan, the Emergency Edict, there was a
quarantine in the cities of Nur-Sultan and Almaty and many other cities. This situation affected the performance
of contractual obligations related to real estate and development activities. According to the provisions of
Kazakhstan, if the performance by either party under a bilateral agreement is rendered impossible due to a
circumstance for which neither of the parties is responsible, then neither party is entitled to demand
performance, unless the legislative act or the agreement provides otherwise
In the context of a property lease contract, it was believed that the introduction of the Emergency Regime may
be the basis for impossibility to perform the obligations of the parties under the contact and, respectively, for
excusing them from the liability for non-performance. The lessor is able to limit the access of the lessee to the
leased premises and, as a result, should not pay any penalty/fine or compensate for losses/damages and the
lessee will be exempted from rent and other services rendered directly by the lessor under the lease contract,
and any resulting penalties/damages, if any, under the contract.
For the purpose of such an exemption, it was said that one should clearly identify whether the leased premises
are affected by the Emergency Regime. In particular, the Emergency Edict provides that the functioning of large

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trade facilities is restricted” and “the operation of shopping and entertainment centers, theaters, cinemas,
exhibitions and other facilities with large-scale gatherings are suspended. In the absence of a definition of
“other facilities with large-scale gatherings”, this may include a fairly wide range of real estate with various
functional purposes (e.g., office buildings, fitness centers, public services centers, etc.).
Thus, if the leased premises are located in either Nur-Sultan or Almaty (where a quarantine has been
introduced), and fall under the list of facilities which have had to be suspended and/or limited pursuant to the
Emergency Edict, the provisions may apply to a lease contract in respect of such premises. As a general rule,
unilateral repudiation of obligations and unilateral change of the terms thereof are not allowed, other than in
cases provided for by the country’s law or a contract. In particular, the obligation is terminated by impossibility
to perform if it is caused by a circumstance for which the debtor is not responsible. The impact of the pandemic
was different and handled differently by the government of Kazakhstan compared to other countries.
VII. CONCLUSION
There were some interpretations made from the study above. We could come to a conclusion on few things,
which are noted as results below.
 Among the residential properties in India, the residential plots are of higher rates compared to the others; it
keeps on increasing year after year.
 Among the commercial properties in India, commercial shops are of a higher rate.
 Looking at the rental rates of residential properties, it is observed that 3BHK houses in Mumbai are the
highest among the rental houses of other Metropolitan cities of India.
 The price of detached houses and semi-detached houses are larger among the residential property rates in
Malaysia.
 It is observed that the value of residential properties in the central city of Malaysia, Kuala Lumpur is the
highest among other cities.
 Considering the rates of residential properties in Singapore, Penthouses, which are private condominiums
holds the highest value.
 The apartments in the city center of Kazakhstan are of higher value than those outside the city.
 It is also noticed that 3 bedroom apartments have higher rent than single bedroom apartments in
Kazakhstan.
 It is observed that the property types are different in different countries, though they are classified into
residential and commercial in common.
 In India, some of the residential property types hold higher values than the commercial properties.
 It could be interpreted from the study that properties in central cities, the cities with higher business
growth are of higher values and rental rates than other cities, which proves that the cost of living is higher
there. This is identified as a similarity between all the countries discussed.
 It is also noticed that private and single houses are of higher values than other property types.
 Residential sales are down in India due to credit shortage because of Covid-19 pandemic.
 The growth of office space leasing came down because of work-from-home concept brought in India due to
pandemic.
 It is noticed that in Malaysia, the lockdowns reduced the required rate of return for leasing and
manufacturing significantly. The construction of new sites has been put on hold. The positive side is that
consumer preferences are likely to switch to more cost effective properties.
 In Singapore, drop in month-on-month percentage in rental volume was becoming larger. In contrast to the
rapid decrease in sales in the midst of the circuit breaker, private homes rental was improving.
 The concept given more importance during the pandemic under the real estate of Kazakhstan was the
contract on properties leased out. This brought the whole country to a confused state.
It is identified that properties in the countries discussed are different and holds different values. But there are
also some similarities identified, which is the uniqueness of the real estate sector, as it is close to the people.
The cost of living in countries differ; but the people and their attachment to properties are similar. The study
made proved it to be true. It is also seen that the Covid-19 pandemic has caused a drastic change in the sector in

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both positive and negative aspects, which was unexpected. Everything takes time to be back to normal, within
which decisions on the current scenario needs to be taken and implemented.
VIII. REFERENCES
[1] Ashish Gupta and Piyush Tiwari. (2015). ‘Investment risk scoring model for commercial properties in
India’. Journal of Property Investment and Finance, 34(2), 156-171.
[2] Azamat Auyezkhanuly, Manap Almagul, Aidos Akpanov and Alma Karshalova. (2019). ‘The study of the
Residential real estate market in the Republic of Kazakhstan’. Journal of Real Estate Literature, 27(1),
117-133.
[3] Hassan Gholipour Fereidouni and Tajul Ariffin Masron. (2013). ‘Real estate market factors and foreign
real estate investment’. Journal of Economic Studies, 40(4), 448-468.
[4] Jeffrey Boon Hui Yap and Xin Hua Ng. (2017). ‘Housing affordability in Malaysia: perception, price
range, influencing factors and policies’. International Journal of Housing Markets and Analysis, 11(3),
476-497.
[5] Karl-Werner Schulte, Nico Rottke and Christoph Pitschke. (2005). ‘Transparency in the German real
estate market’. Journal of Property Investment and Finance, 23(1), 90-108.
[6] Kim Hiang Liow, Xiaoxia Zhou, Qiang Li and Yuting Huang. (2018). ‘Dynamic Interdependence between
the US and the securitized real estate markets of the Asia-Pacific economies’. Journal of Property
Investment and Finance, 37(1), 92-117.
[7] Lay Cheng Lim, Alastair Adair and Stanley McGreal. (2002). ‘Capital Flows into the Singapore Real
Estate Market: An Analysis of the Land Sales Program’. Journal of Real Estate Literature, 10(2), 265-
277.
[8] Richa Pandey and Mary Jessica, V. (2018). ‘Measuring behavioural biases affecting real estate
investment decisions in India: using IRT’. International Journal of Housing Markets and Analysis,
11(4), 648-668.
[9] Vijay Kumar Gupta and Gunjan Malhotra. (2016). ‘Determining customers’ preferences for housing
attributes in India’. International Journal of Housing Markets and Analysis, 9(4), 502-519.
[10] William N. Goetzmann and Geert Rouwenhorst, K. (2000). ‘Global Real Estate Markets- Cycles and
Fundamentals’. NBER Working paper series 756.

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International Research Journal of Modernization in Engineering Technology and Science

A COMPARATIVE STUDY ON THE REAL ESTATE MARKET IN INDIA

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Figure 1: Residential Property Rates (in Rs.) in India

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Figure 2: Commercial Property Rates (in Rs.) in India

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Figure 4: Residential Property Rates in Malaysia- 2020

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