Buying a house is perhaps the most important financial decision you will take in your life. Whether the house is for living or investing, it is imperative that the destination that you choose for your dream house be given due consideration.
According to a research report titled ‘Betting on Asia Pacific’s Next Core Cities’ by Cushman & Wakefield, Indian cities Bengaluru, Chennai, Delhi NCR, Hyderabad, Mumbai and Pune will soon outperform other cities from Asia Pacific in terms of global investments in commercial office assets. In addition to this, our country is well on its way to become an economic powerhouse owing to investor-friendly policies by the Central Government, strengthening GDP and a better business environment. Sectors such as Healthcare, Banking, Financial services and Insurance, manufacturing industries and consultancy services are doing exceptionally well. All these factors are contributing to high demand for commercial and residential real estate in the main cities of India.
As the festive season is on till Christmas, developers have come out with numerous attractive schemes and freebies to lure potential customers. However, while making this important decision of your life, looking at the ground realities and choosing a destination that is expected to give good returns in the future, is what you should aim for.
Emerging Areas In The Metros
Year after year, Indian cities that have emerged as prominent real estate destinations are - Mumbai, Pune, Bengaluru, Hyderabad, Ahmedabad, NCR (National Capital Region) and Chennai. These cities have been consistently attracting new businesses and industry, and their respective local governments are investing heavily in building adequate infrastructure. There has been a consistent influx of talented and skilled workforce into these cities, creating a huge demand for residential properties in the process. Not only the basic infrastructure in terms of water, electricity and transportation is in place in these cities, they also offer a better quality of life due to numerous entertainment and leisure facilities. All these factors together have led to an increase in demand for residential properties in these Indian cities.
However, there is a catch here. The central areas of these cities are getting saturated and expensive. This has led to the emergence of suburbs or periphery areas, where many buyers are finding affordable properties, expected to give good returns in the future. Residential areas located in close proximity to newer business districts have also found favour from buyers and investors. Below is a list of locations across India, which are considered the best investment destinations vis-à- vis residential real estate:
A few other cities that have gained the interest of investors are those that have found a place for themselves in the list of Smart Cities in 2016 and where the IT/ITeS sector is showing a strong growth. These cities include Pune, Kochi, Vishakhapatnam, and Indore. Buying a house in any of these cities, which are also considered educational hotspots can prove to be a lucrative property investment in the future.
As can be inferred, city areas that are affordable, with better social and transit infrastructure offering good connectivity to workplace hubs will make for great residential investments for you. Moreover, now that the revolutionary Real Estate Regulation and Development Act (RERA) is in place, it has lend a massive dose of transparency and efficiency into the Indian real estate sector. And after demonetization, several developers are ready to negotiate on the price of the property as well. This makes it an ideal time to invest in real estate and buy your dream house.