Top real estate destinations in coming 5 years
Indian real estate is growing for the last decade or so. Although sluggish sales and overpriced properties have pulled back the sector little bit in the last few quarters, there is still no sign of prices coming down in the near future. While real estate growth has become stagnant in many cities in recent past, new areas in the big cities cities have emerged over the course of time. Let us take a look at real estate hotspots in the prime cities of Delhi NCR, Chennai, Mumbai, Pune and Bangalore.
Mumbai
Ulwe: Ulwe is a residential market in Mumbai. Ulwe is a story of residential and commercial development going together hand in hand. The biggest pushing factor in Ulwe real estate are the upcoming Navi Mumbai International Airport and the SEZ coming up in the area. A price rise of 145% has been predicted for Ulwe. The real estate growth in Ulwe is evident from the fact that of the 6,606 residential units launched in the region since 2009, 4,805 units are already sold. The most hyped Navi Mumbai enjoys excellent connectivity and the proposed Nhava-Sewri Sealink would further act as a boost to the realty scene.
Wadala: It is a plush residential pocket in central Mumbai. It is one of the most coveted residential localities in the city and has seen a total of around 1400 apartments being launched in the last two years. The locale is home to many high-rises with excellent amenities for the home owners and investors are expected to reap a return of 27% per annum. 133% price appreciation is forecasted for the area and with future plans of developing Wadala in the image of Bandra Kurla Complex (BKC) hold key to the rising demand for properties in the area.
Chembur: Chembur, due to its strategic location in the Mumbai Metropolitan Region (MMR) is forecasted to witness a price appreciation of 125% in the coming five years due to availing benefits from the employment growth of the financial capital of India. Eastern Freeway and Santa Cruz – Chembur link road will enhance its connectivity with the western zone. Per sq ft price is slotted as high as Rs 27,000 in 2017 in Chemur.
NCR
Noida Extension: It is where the spotlight is in whole of the National Capital Region. Noida Extension is a part of Greater Noida and due to its proximity to Noida City Centre, residential prices are pegged at Rs 6760 per sq ft in coming years. Over 80,000 houses have been launched in Noida Extension in the last two years and 111% price appreciation is expected in the area.
Dwarka Expressway: As the the expressway is completed, the connectivity between Delhi and Dwarka is to undergo a sea change and the real estate market along the expressway is to become a hotspot. At present the price per sq ft is Rs 4900 and it will increase by 108% in the next 5 years.
Chennai
Medavakkam: Medavakkam is expected to be the biggest residential revolution in Chennai in the coming few years. Currently the price stands at Rs 3800 per sq ft. An increase of 108% is forecasted in the area.
Pune
Hinjewadi: It is the most demanded residential area in Pune. IT/ITeS industry has created housing demand in the area and in the coming five years price per sq ft is expected to reach Rs 8000 in the area. 100% price appreciation is forecasted in the locality till 2017.
Wakad: Wakad is a residential hotspot in Pune. Due to its proximity to Rajiv Gandhi Infotech Park is attracting lots of IT professionals to settle down in the area. Along with Wakad, Tathawade, only 4 kilometers away is also a growing residential area. Tathawade is an extension of Wakad in Pune. 98% price appreciation is expected over the course of five years in the area. Currently, property prices stand at Rs Rs. 4,300 per sq ft in the area and it is expected to rise up to Rs 8500 per sq ft within 2017.
Bangalore
Hebbal: With coming up of the International Airport, the realty scene of Hebbal changed. This North Bangalore locality has been forecasted to witness 94% price appreciation in the next five years. Currently, the price stands at Rs 4,250 per sq ft and it is expected to rise up to Rs 8250 per sq ft.
K R Puram: Along with Hebbal, K R Puram in East Bangalore is stated to be the highest growing areas in coming years. 91% appreciation in property values is forecast in 2017, which stands at Rs 3,240 per sq ft currently.
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