As urbanization in India picks up pace, the traditionally preferred property investment locations in main cities are getting highly populated and very expensive. Due to this, there is a huge impact on the residential sub markets across leading Indian cities. With more and more property locations going out of reach for certain cross segment of buyers, other emerging areas are coming to the rescue. Urbanization led due to the expansion of the business districts and office space occupiers who largely prefer the new business precincts as compared to the old ones, has benefitted the residential sub markets in the primary cities which have been finding favor from a large number of property investors.
Such sub markets offer a marked price advantage as compared to established locations. Those residential projects which are coming up across cities are now compliant with the latest laws and have more amenities as compared to older constructions. These factors lead to the locations seeing a higher traction independent of the rate of sales across the city. The locations which are currently witnessing higher traction across the key cities in India include Ghodbunder Road and Pokhran Road in Thane, Malad in Mumbai, Kharghar in Navi Mumbai, Hinjewadi and Kharadi in Pune, Gachibowli in Hyderabad and Sarjapur Road, Varthur, Kanakapura in Bengaluru
Mumbai Metropolitan Region: Malad in Mumbai is witnessing huge sales in the category of compact homes which offers a higher affordability within the limits in the city. Kharghar is also seeing an increase in sales due to the proximity to the suburban office districts. It has an enhanced supply of apartments at a relatively lower entry prices in comparison to some of the established locations in Navi Mumbai. Connectivity to major office locations and access to Mumbai and Pune favour Kharghar. Ghodbunder Road in Thane has become a hotbed in terms of residential activity in this part of the city. The stretches of Ghodbunder Road offer affordable housing options to a large part of home buyers and there is another stretch which offers ultra-luxurious projects. This is in addition to the enhanced social and physical infrastructure mainly due to the many years of development. It also offers good connectivity to the extended part of the Western suburbs on one side and office corridors of Navi Mumbai and Thane on the other. The transit route also connects Ahmedabad highway on one end and Agra on the other.
Similarly, the Pokhran road is also emerging as the next Ghodbunder Road in Thane and offers a range of housing options which are suitable for the requirements of the buyers. Both the locations will see sustained sales momentum due to the favorable market drivers.
Pune: Hinjewadi and Kharadi in Pune offer good affordability in the proximity to the city’s major infotech corridors. Both the areas have noted a significant rise in the customer enquiries since the developers offer affordable as well as upper mid and high segment projects which are coupled with enticing offers in order to lure customers. With an increasing number of mid segment housing projects entering the market, these locations will continue witnessing greater traction than other areas in Pune.
Bangalore: Kanakpura Road in the southern part of Bangalore is known to be the mid-segment buyers’ favorite destination and is now witnessing the launch of luxurious and high end projects. With many such projects being planned for the future, and metro construction expected to be finished by 2018, the transit route will resolve the existing connectivity issues and ensure ease of commutation in the coming years.
Varthur in Bangalore is another location which has attracted mid segment buyers in large numbers. It offers proximity to the key office areas which include Whitefield, Electronic City and Koramangala. These areas have significantly benefitted from the growth of IT corridors. Coupled with affordable prices, these locations will remain a hit with end users and investors.
Hyderabad: Gachibowli area in Hyderabad has emerged as a destination that offers everything a home buyer can ask for- proximity to DLF Cyber City as well as HITEC City, well develop infrastructure and affordable property prices. It also has good access to the airport via the Outer Ring Road.
There are many other destinations across India’s vast geography that has drawn interest of investors today. On a larger level, affordability is driving the investment in these areas, in addition to transit and infrastructure which results in a much better connectivity to major workplace hubs and improving social infrastructure. These factors contribute to a good quality of life for end users upping their desirability quotient and adding attractiveness to property investors.