Investors are now counting on rapid real estate growth across India’s top 6 cities, namely Mumbai-MMR, Delhi-NCR, Bangalore, Chennai, Pune and Hyderabad. RERA has already been implemented and ushered in greater transparency and accountability into the Indian real estate market. Several top developers like Mahindra, Godrej and Shapoorji have forayed into developing big ticket housing projects.
Bangalore is witnessing considerable demand for commercial space and ready-to-move in inventory is finding many takers. Additionally, the residential real estate sector has benefited on account of catering to the housing requirements of buyers who wish to stay in close proximity to their offices. The affordable housing sector is expected to get a boost due to abundant availability of land parcels. There is good social infrastructure like educational institutions and healthcare centres along with good road infrastructure. Projects like the PRR (Peripheral Ring Road), road widening projects and development of multiple townships will definitely draw investors towards investing in areas like Sarjapur Road, Whitefield and Outer Ring Road.
Mumbai continues to draw investors for both residential and commercial properties. There is continual growth in employment prospects and there are good returns for investors courtesy steady growth in rentals from commercial properties. With upcoming monorail and metro projects and other connectivity improvements on the anvil, there is considerable demand in the Mumbai Metropolitan Region (MMR). Navi Mumbai is also seeing higher demand on account of the airport that has been proposed here. Several IT companies are already shifting to areas like Airoli and Vashi and there is higher housing demand in Thane due to growth in infrastructure.
Pune is popular with commercial and residential property investors due to its connectivity to Mumbai and growth in sectors like education, IT, engineering and automobile manufacturing. High migration levels of employees and high student demand for housing projects have contributed towards making Pune attractive to investors, particularly in the residential real estate segment. The Smart City and metro projects will also contributed towards growth across various micro-markets like Balewadi, Wakad, Bavdhan, Hinjewadi, Baner, Kharadi and Viman Nagar.
Hyderabad is one of the country’s biggest IT hotspots and the residential property market is growing by leaps and bounds here. The Metro project, flyovers and other roads have contributed towards huge development of the city. The city is witnessing the development of multiple commercial and residential projects due to the rapid development of the IT and ITeS sectors. Some of the top areas include Begumpet, Jubilee Hills, Gachibowli, Hitech City, Panjagutta and Himayath Nagar.
Chennai is also attracting investors due to the rapidly developing market for automobile manufacturing and exports. IT and ITeS markets have also grown considerably in the city. Swift infrastructural development has also transformed residential stretches like the OMR (Old Mahabalipuram Road), Perumbakkam, Grand Southern Trunk Road, Sholinganallur, Siruseri, Thoraipakkam, Pallikaranai and Porur among others. There is widespread migration of job seekers to the Delhi-NCR belt as well and housing demand is expected to go up over the future. Some of the top micro markets include Panchsheel Park, Greater Kailash II and South Extension II along with the Dwarka L Zone and Narela. These markets offer good levels of affordability along with considerable scope for future growth.
