India’s 15 Major Cities to Buy a House


The real estate market in India has undergone many changes since decades. Earlier gold and stock were the main investment options for people but now investing in real estate has caught people’s fancy. Unlike other investments, real estate generates good returns over time, making the demand for housing heading north. Below is the list of some major cities which have emerged as promising locations for investment.

1) Hyderabad:

The city of Pearls, Hyderabad has been one of the major hubs for IT/ITeS industry, and has observed massive growth in this sector over the past decade. The city is witnessing demand for housing mainly because of the new GO 245 which is a relaxation of binding EWS/LIG housing norms and the proposed Hyderabad metro rail projects.

According to a study conducted by Knight Frank, the realty market of Hyderabad has become the most affordable one when compared to other metros and this current scenario is due to the launch of affordable housing projects which has grown rapidly after the economic slowdown in 2008, reports Times of India.

 

2) Ahmedabad:

Ahmedabad, one of India’s fastest growing cities is now probing to be an ideal city for real estate investments due to good infrastructure and high- income individuals. The city has got huge potential due to strong economy, developers and investors are on the wheels to park their excess funds in the real estate sector. In fact, good infrastructures are motivating the developers to launch new residential projects in Ahmedabad. For example, most of the developers have launched their residential projects in the city after the development on SG Highway.

 

 

3) Chennai:

Chennai, the fourth populous metropolis is one of the hottest real estate destinations in India. The major growth in Chennai’s real estate is because of IT, ITES, manufacturing and SEZs. Maximum number of IT companies and industries are located in the suburb area of Chennai and so developers are constructing large townships in places like ECR, OMR and Sriperambadur where buyers have shown positive reaction in buying the property.

 

 

 

4) Pune:

IT/ITeS companies and luxury housing are driving the growth of Pune real estate market. Pune has become one favorable real estate destination in India as increasing number of residential projects are coming up. Developers are launching new residential projects under luxury and super-luxury category in Pune, making the demand for housing in upward direction.

 

 

 

5) Kochi:

Kochi, the commercial hub of Kerala is one of the best places that offer hot realty deals. The realty market has boost up because of growing information technology and related services.  Commercial properties are in huge demand with the increase of hotels, retail outlets and the growth in IT services that leads to the demand for office spaces. Kochi’s real estate market is mainly dominated by non-resident Indians (NRIs), said Nangpal of DTZ.

 

 

6) Jaipur:

Jaipur, the pink city, has also emerged as one of the good real estate investment destination. This city is not far behind when it comes to property investments. The city hosts some of the best planned and balanced real estate developments surpassing other Indian cities in residential, commercial and retail segment, according to ET Bureau.

Also, the city offers plenty options of land availability on the outskirts to address the limited land availability issues within city limits. Moreover, close proximity to infrastructure and easy connectivity to the adjacent towns of Rajasthan has made Jaipur one of the favorable real estate destinations in India.

 
7) Lucknow:

The booming real estate sector of Lucknow is due to the growing infrastructure and planned development. The city’s infrastructure development is not only restricted to the city limits and outskirts, but also showing growth along the Highways that connects Lucknow to other destinations. Areas that have seen the maximum infrastructure development are Gomti Nagar, Mahanagar, Janakipuram and Indiranagar.

 

 

8) Faridabad:

Faridabad has been witnessing development both in physical and social infrastructure. With the emergence of metro link, the city is now gearing up to become another real estate hotspot. Faridabad’s proximity to Delhi and Gurgaon, improving connectivity by upcoming metro and prevailing lower values is attracting working professionals for long term investment as well as for buying a house.

 

 
9) Patna:

Patna’s real estate sector is witnessing healthy growth over the past few years as developers both emerging and existing are launching their residential projects in Patna. And, such kind of residential launches are mainly under luxury and super luxury category. Even in some parts of Patna, the apartment valuations have touched the sky, which is far beyond the reach for middle income groups and such areas are Nageshwar colony and SK Puri.

 

 

10) Bangalore:

Unlike other metros like Mumbai and Delhi, Bangalore’s realty market offers variety of property options to fulfill buyer’s requirement. The vibrant nature of Bangalore’s real estate market and the stable property prices make the city one of the leading real estate markets in India. The city’s real estate sector experienced stable market situation even during the economic crises that occurred in 2009. The city has huge potential considering the economy and infrastructure as it is an IT hub and hence investors are capable enough to make high investment on property, which has transformed Bangalore into robust real estate market of the country.

 
11) Delhi:

Delhi is another top property destination in India, when it comes to real estate. The capital city is renowned for business, politics and fast growing infrastructure, which are driving the real estate growth in residential and commercial segment.

 

 

 

 

12) Kolkata:

The capital city of West Bengal, Kolkata is witnessing healthy real estate movement. The demand for housing and commercial property is increasing at a faster pace with the emergence of multinational companies, especially information technology (IT) firms. Besides, Kolkata has emerged as an ideal place for real estate investment because of good infrastructure, land prices and the government’s initiative to future developments.

 

 

13) Mumbai:

The financial capital is one among the largest traditional real estate market in India. The city promises major infrastructure growth and development which has led to the real estate development in residential and commercial segment. Moreover, the city is witnessing residential and commercial growth in suburban areas expanding the city limits. Mumbai city is also one favorite hotspot for foreign nationals as well as for buyers who seek luxury properties.

 

 

14) Bhubaneswar:

Bhubaneswar is the capital and most important city in the state of Orissa. The city is slowly emerging as a preferred destination for real estate you could watch out for. It is believed that the initiative measures taken by state government and the strategic importance of Cuttack in the economy of Orissa, is driving the real estate demand in the city. Also, educational institutions and IT industries are setting up their base in the city, making the city one of the real estate hotspot.

 

 

15) Guwahati:

Known as the fastest developing cities in India, Guwahati is a major city in Eastern India. The city is often referred as “gateway” of North Eastern Region of the country. With the developing infrastructure, the city is gaining momentum in real estate sector as well.

 

 

 

 

Source:siliconindia

Property values appreciate in ECR in Chennai


The property values of East Coast Road (ECR) have crossed the mark of Rs 11,000 per sq ft at prime locations near beach and are still appreciating making it a top residential locality of Chennai. Visible expansion of IT/ITeS sector acting as the catalyst in the real estate growth. Revival of demand for luxury villas, increase in property prices and launch of new projects, all this has returned and bucking the Chennai’s submarket.

“Chennai is noting a continuous demand for luxury housing from quite some time now, primarily towards the peripheral locations of the city where premium homes are available at affordable values”. The capital values of premium apartments and luxury villas have noted a hike of 10-15 per cent in past six months. The number of enquiries also showed an upward trend, seeing a hike of up to 25 per cent during the same period. The appreciation in property values can be attributed to the fact that it is primarily end-user driven rather than investors, he added.

The stretch from Palavakkam to Mamallapuram is the key hub seeing exponential demand and supply in the residential sector. These locations house projects in the premium category catering to HNIs, NRI’s and have demand for individual bungalows/villas priced at more than Rs 2 crore.

Rental sector is too flourishing and have noted a significant appreciation of more than 30 per cent in recent past. The rental values of a fully furnished 4-5 BHK villas/independent houses varies from Rs 60,000-90,000 per month depending on its location and proximity to neighbourhood beach.

ECR strategic situation near to the IT corridor is the major USP of the area. Enhanced demand from expats and HNI’s visiting to city for professional reasons are the major contributor in the upward rental and capital sector. On an average, the capital values at ECR vary from Rs 2,000-6,000 per sq ft depending upon location and connectivity. Residential land is also the next most transacted category after luxury villas.

Improved connectivity level, transportation and other infrastructural activities have created spurt in the upcoming housing projects in the suburban areas such as ECR. Looking at the prevailing demand and supply ratio, it is expected that the submarket will continue to witness positive trend in values.

Source :magicbricks

Property values appreciate in ECR in Chennai


The property values of East Coast Road (ECR) have crossed the mark of Rs 11,000 per sq ft at prime locations near beach and are still appreciating making it a top residential locality of Chennai. Visible expansion of IT/ITeS sector acting as the catalyst in the real estate growth. Revival of demand for luxury villas, increase in property prices and launch of new projects, all this has returned and bucking the Chennai’s submarket.

“Chennai is noting a continuous demand for luxury housing from quite some time now, primarily towards the peripheral locations of the city where premium homes are available at affordable values,”. The capital values of premium apartments and luxury villas have noted a hike of 10-15 per cent in past six months. The number of enquiries also showed an upward trend, seeing a hike of up to 25 per cent during the same period. The appreciation in property values can be attributed to the fact that it is primarily end-user driven rather than investors, he added.

The stretch from Palavakkam to Mamallapuram is the key hub seeing exponential demand and supply in the residential sector. These locations house projects in the premium category catering to HNIs, NRI’s and have demand for individual bungalows/villas priced at more than Rs 2 crore.

“Rental sector is too flourishing and have noted a significant appreciation of more than 30 per cent in recent past.” The rental values of a fully furnished 4-5 BHK villas/independent houses varies from Rs 60,000-90,000 per month depending on its location and proximity to neighbourhood beach.

ECR strategic situation near to the IT corridor is the major USP of the area. Enhanced demand from expats and HNI’s visiting to city for professional reasons are the major contributor in the upward rental and capital sector. On an average, the capital values at ECR vary from Rs 2,000-6,000 per sq ft depending upon location and connectivity. Residential land is also the next most transacted category after luxury villas, sums up Kumar.

Improved connectivity level, transportation and other infrastructural activities have created spurt in the upcoming housing projects in the suburban areas such as ECR. Looking at the prevailing demand and supply ratio, it is expected that the submarket will continue to witness positive trend in values.

 

Mid-income housing segments a boon to developers


The Mid-income housing (housing in 40-75 lac budgets) segment has not suffered as much as the luxury segment (read housing over 100 lac budget) in the current realty sector slowdown. In fact the middle-income housing segment is helping realtors compensate the fall in demand from luxury segments. As per industry estimates, sales of mid-income and affordable housing category have dropped only 5-15% over the last one year, as compared with over 60% drop for luxury apartments. The overall drop in home sales can be attributed to the speculators and investors, who have gone out of the market and high-priced apartments are not selling as much as those in the mid-in­come category.

Developers became very cautious after the economic slow down in 2008-09 and started launching affordable housing projects. The viability of these projects became doubtful due to rising cost of labor and raw material forcing developers to look at either mid-segment or luxury housing. Land cost which is a significant cost of the project went up post the 2009 era. Many developers had bought land at high prices, launched luxury housing projects and later on during the sluggish phase (starring mid 2011) they found it difficult to liquidate the stocks. This lead to increased expense but lower revenue and many developers relied on high interest loan to balance their working capital.

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A recent study conducted by a leading private sector bank points out that property prices have run up across the country in the last couple of years. In some pockets, price rise has been more than usual. There is an unsold inventory of 40 months in the Mumbai Metropolitan Region and 23 months in the National Capital Region. There are certain pockets were home sales is healthy in the affordable and mid-income category where as there is a stack of unsold inventory in luxury segment. It also points out that the development is happening in the outskirts of cities.Delhi-NCR is still the top city followed by Chennai, Mumbai, Pune, Bangalore andHyderabad.There is also good growth in tier-II and III towns because property prices are still low.