Ahmedabad, Bengaluru and Chennai make never before strides in real estate growth and are way ahead of other cities. Read to find out the prospects in these cities and the reasons for higher growth rate.
India made its way in the list of World’s top twenty destinations for property investment already. The market watchers feel that India will reach the list of top ten soon. One may wonder that with all the hype of the realty sector doing badly how can this happen at the same time. Well, the real estate sector is pretty much like the capital market and as few stocks do well and the others may fare badly, similarly few areas do well and other may not be so well performing. But the overall investment in the realty sector has been huge according to a survey report by Cushman and Wakefield, a global consultant and in the year 2014 India has crossed even the double mark of realty investment compared to the figures of 2013 and has made a record in the last five years. The research highlighted about fifty areas in different cities whose prices rose by a considerable amount.
On a bird’s eye-view the property prices were noticed to increase in many metros and in tier II and tier III cities too. According to various data sources the property prices have increased sharply in many parts of numerous cities across India during the period of Jan-March 2015. We detail below few of the areas which were in demand and where the prices were noted to increase.
Ahmedabad:
Ahmedabad being a tier II city is a tough contender for the Tier I cities too. The infrastructure, job generation and the factors in the hand of government are all favourable to foster the growth of realty sector and especially the residential sector.
Few estimates say that areas like Satellite Town in the West, Gandhi Nagar and Prahlad Nagar are areas that have registered an 11 to 16 percent price rise. Ghatlodia witnessed a capital growth of about 10 percent according to an estimate and the price rise was also in the same range as other areas topping the list.
Ghatlodia is situated along the SG Highway having direct roadway connectivity with SP Ring Road through the Science City road. Few expensive localities like Memnagar and Naranpura are situated in the area. The property values in this area varies from Rs. 3, 300 to Rs. 4, 100 per sq. ft. and the area has good dispersion of social infrastructure with malls, hospitals, theatres and eateries which is adding further value to the locality.
Bengaluru:
A research by a renowned global consultancy reveals Rajarajeshwarinagar in the West, HAL Layout from eastern Bengaluru, RMV in North has recorded the maximum price rise in the last one year and is in the range of 7 to 21 percent sale of flats in Bengaluru. The metro corridor has cast a positive spell on the areas near the metro stations and the sentiments of the buyers are improving stated another report.
Silk board is another area that recorded a price increase of the range of 12 to 15 percent said a report of a realty search engine during the period of January to March, 2015. This particular locality is a strategic junction with the Outer Ring Road passing through it which has the most dispersion of the IT companies. Furthermore Silk board is near Electronic City which is a large tech-park engaging lot of high quality manpower. The place is connected to the city through Bannerghatta Road and Koramangala which are highly sought after places with most of the social infrastructure of Bengaluru. On top of that infrastructure development is in full swing like making the ORR signal free which has really made the commuting time lesser is also a reason for its increasing demand. Electronic City Elevated Expressway is under construction which is supposed to reduce the commuting time from Electronic City to Silk Board Junction and also decongest the area.
The present prices in the area range from Rs. 2, 600 to Rs. 3, 500 per square feet.
Chennai:
Nugabakkam in Chennai registered a price rise of the range of 15 to 18 percent during the last three months which has happened primarily due to the redevelopment of residential properties. According to another research by the global real estate consultant firm Cushman and Wakefield, Porur in West Chennai, Pallavaram and Thoraipakkam in central Chennai had price rise in the range of 11 to 28 percent.
Nugambakkam is an area which recorded the highest sale and the price rise in the last three months according to a research shot up to 18 percent. The area houses several retail outlets, government offices, restaurants, hotels and other social infrastructure. Owing to the increasing demand in the area several builders are showing interest in the area and many under-construction building are seen being constructed in the area. The connectivity of the area is pretty good with the city centre and the area is mostly populated by NRIs and the HNIs. Nugambakkam has emerged as one of the premium localities of Chennai with the property prices ranging from Rs. 14, 000 to Rs. 18, 600 per square feet.
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