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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.