Mumbai property advice

[Creative Source]

I am considering investing in Mumbai over the next few years as it seems to have an expanding economy, increasing middle class and the city limits are fairly set.
I was thinking about buying off plan and selling on completion and reinvesting with profits.
I am a UK citizen.
Has anyone had any experience with Mumbai. Are there any perils one should look out for? Any restrictions for foreign buyers or tax issues?
Given my analysis above of Mumbai, can one expect a year on year increase in prperty prices? How much discount is normally offered for an off plan development?

regards

CS

 

[JMBroad]

Keep in mind that you can only buy real estate in India if you are:

a) Non Resident Indian (aka Indian citizen living outside of India)
b) Person of Indian Origin (aka your parents or grandparents or greatgrand... etc were Indian)

There are "creative" ways to invest in India but you have to keep in mind that if the creativity isn't good enough you may lose your whole investment overnight. Be very careful how you invest and who you invest with.

Good luck