Seven new real estate destinations in India
Usually, Indian real estate sector translates as the massive construction happening in and around top metros in the country such as Mumbai, Delhi/NCR, Bangalore, Pune and Chennai. However, real estate is picking up in areas which are located inside the metros or Tier I cities, but these are areas where realty is racing along infrastructural development. Let us take a look at some of the emerging real estate destinations.
(1) Dwarakanagar (Visakhapatnam, Andhra Pradesh)
Situated 15 kms from Visakhapatnam, Dwarakanagar is fast becoming a real estate destination. The suburb has witnessed setting up of a number of BPOs and IT companies in and around the area. Adding to it, it has a biotech Special Economic Zone (SEZ) and also seen a large number of Non Resident Indians (NRI) flocking to the area.
The property prices and rental values in this area are on the rise. While you can buy an one BHK at around Rs 38 lakhs, rent of a one BHK will fetch you around Rs 8,000 per month.
(2) Gorwa (Vadodara, Gujarat)
Gorwa is a picture of residential and commercial development along with educational institutes and medical institutions in the area. Gorwa is well connected to every town in the vicinity and also boasts of a trade centre and the biggest theme park in the state. Vadodara, Vishvamitri and Goya Gate railway stations are only few kilometers away from Gorwa.
Easy connectivity has pushed up the property prices in the area and it has witnessed 8%-12% price rise every year.
(3) Vaishali Nagar (Jaipur, Rajasthan)
Vaishali Nagar, a satellite town of Jaipur, has come into the limelight due to Ghat ki Guni, a tunnel project. If the government decides to increase the reserve price, then there would be 15%-20% rise in property prices. It is an affluent locality in Jaipur and has a ripe chance to witness rise in land prices in near future.
(4) MIHAN (Nagpur, Maharashtra)
Multi-modal International Cargo Hub and Airport (MIHAN), a Special Economic Zone (SEZ) in Nagpur, has been identified as a centre for IT and BPO industry. Mahindra Satyam has started off construction of the IT development centre in the area. A considerable number of people is set to shift to the area for residential purpose and it has already seen setting up of the first residential township – First City.
(5) Vytilla (Kochi, Kerala)
Vytilla is one of the busiest intersection in Kerala. It has seen residential and commercial realty booming in the area and consequently property prices are on the rise in the area. The proposed Kochi metro will pass through the area, which will push the property rates further up to 30-40%.
The metro project is set to be completed in 2016. Probable metro stations Kaloor, Edapally and Aluva have seen spurt in demand for property and the prices are expected to appreciate by 15% every year.
(6) Peelamaedu (Coimbatore, Tamil Nadu)
Peelamedu is a suburb of Coimbatore, the biggest industrial city in Tamil Nadu after Chennai. Peelamedu has witnessed a spurt in residential and commercial developments in the last few years following the emergence of Coimbatore as an IT/ITeS hub. The reason behind the rapid growth can be attributed to its connectivity to other parts of the city. Located at Avinashi Road, the area stretches to Nava India and International Airport.
The area is cited as having the highest potential for residential development as it is home to many textile industries, educational institutes like renowned colleges in all disciplines – arts, science, engineering, medical, etc.
(7) Zirakpur (Chandigarh)
Zirakpur is a plush residential area on the outskirts of Chandigarh. Good connectivity, low operational costs and high disposable income have projected Chandigarh as the most emerging city in India and as a satellite area of Cahndigarh, Zirakpur is in the spotlight of realty growth.
Lying on Chandigarh-Ambala highway, it offers residential properties at a rate of Rs 12,000-13,000 per sq ft. Once Aerocity Road is completed, Zirakpur will become equidistant form Chandigarh, Mohali and Panchkula. Chandigarh city lies only 5 kms from Zirakpur and the proposed metro will connect Zirakpur with all the regions in the city.
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