The last few years have seen the real estate market recover significantly from the post 2008 slump. Substantial investment in infrastructure and industry has boosted the growth of real estate sector in both small as well as large cities. Here are some of the best Indian cities to invest in this year.
With several massive infrastructure projects in the pipeline, areas such as Noida Extension, Dwarka Expressway joining Dwarka and Gurgaon, Golf Course Extension Road, and New Gurgaon are likely to attract a lot of buyers in the form of investors and as well as end-users.
Noida Extension has become one of the best investment locations in residential segment in recent years. The housing prices in the area are set to increase by up to 111% during the period 2012-2017, and property prices are expected to reach double the amount of the existing prices.
The real estate market in Mumbai is slated to pick up in 2013 after a dull period in 2012 when prices rose marginally by 2-7 %. Demand for mid-end segment properties is likely to rise in the eastern suburbs of Mumbai, mainly in areas like Kurla, Chembur and Wadala due to lower prices in comparison to areas in western suburbs and central Mumbai.
Wadala and Chembur are two of the best places to invest in real estate in Mumbai. This is due to their close proximity to premium office spaces, and proposed infrastructure projects like the Monorail and the Eastern Freeway project.
Hinjewadi, Tathawade, Ravet, and Wakad are four prime locations in Pune that look very promising for real estate investors. These areas are close to employment hubs in West Pune, and are strategically located on the Mumbai-Pune Bypass Road.
Hinjewadi is popularly called as the IT village of Pune, which is the chief driving factor for the real estate growth in the area. Tathawade is more of an extension of Wakad in Pune, and is located just four kilometers away from Wakad. Ravet, on the other hand, is located on the eastern side of the Mumbai-Pune Bypass road, and is likely to gain popularity due to the employment growth in Hinjewadi. Wakad will attract investors because of its proximity to the Rajiv Gandhi InfoTech Park.
Areas such as KR Puram and Hebbal are currently the most promising property destinations in Bengaluru. Hebbal has seen a healthy growth in the real estate segment even during dull periods, especially due to the establishment of the Bengaluru International Airport.
Krishnarajapura or KR Puram lies in the suburbs of Bengaluru, and is fast becoming the most sought after residential destination after Hebbal. North Bengaluru is set to benefit the most from the new airport, and the region is expected to become the new Central Business District (CBD) of Bengaluru within the next decade.
Market studies show that in the next five years, areas such as Medavakkam and Pallikarnai will see price appreciation up to 103 % and 93 % respectively. Pallikaranai has emerged as one of the popular employee residential locations in Chennai. This area is set to further gain popularity due to the upcoming monorail project connecting Vandalur with Velachery. Medavakkam is also set to see a boost in real estate sales, especially due to its close proximity to the Chennai Airport.
Besides the cities discussed about you might also want to consider emerging cities like Ahmadabad, Kochi, Kota and Coimbatore, as these cities promise significant real estate growth in the coming years.
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