The property markets in most major Indian cities have skyrocketed over the past two years. Yet with the local economy also set for an unprecedented boom it may now be a good time to buy in India, according to Karamjit Singh, executive director of property consultancy firm Credo Real Estate.

Changes in government policies, demographics, lifestyle demands, volume of foreign direct investments (FDIs), money markets and other economic factors also makes the prospect of investing in Indian property even more attractive.

Mr Singh says: "Demand for housing in the major cities is also set to grow with mass emigration from smaller towns, as a strong influx of FDIs and local enterprises drive the search for well-paid jobs."

But be warned about buying property in India, as there is a high-risk element involved, as with any developing country reports Singh.