With the rise of urbanisation, numerous inhabitants
of India are now rushing towards urban areas for settlement. As such, property
rates within major Indian cities are experiencing a surge between June 2012 and
May 2014, according to real estate research firm, PropEquity’s latest data. Below are the top five cities with the highest valued property market cities.
5) Bangalore
Bangalore is the Silicon Valley and major IT
destination of India, proving to be an excellent location for any investor
contemplating investments within the real estate sector. This has opened
unvalued demand and supply for both commercial and residential properties in
Bangalore.
The NRI's are also majorly investing their money towards
Bangalore real estate, as a means of saving or for future security. As prices
are often rising often in this IT capital, many investors believe that investment
could benefit them with a greater return in comparison to other investments.
Recently, Bangalore has experienced a property
price increase of 19.47%.
4)
Pune
The ninth largest metropolis of India, Pune is a city which is popular for its high educational facilities and relative prosperity. It is the cultural capital of Maharashtra, also having been a home to manufacturing, sugar, glass as well as forging industries since the 1950-1960s.
It has an increasing industrial vicinity, with automotive companies establishing factories. The cultural activities alongside job opportunities attract migrants and students from throughout India and abroad.
Furthermore, property prices of Pune surprisingly increased to 21.9%.
3) Kolkata
The capital city of West Bengal, Kolkata has been claimed to be the best city to reside within India. The city is home to many industrial units, contributing a GDP of approximately $150billion.
Various industries including mining, steel, cement, pharmaceuticals, agriculture, food processing, jute and textiles are the principle sectors responsible for economic growth.
Being one of the most significant financial hubs of East and North East India, Kolkata quarters the Calcutta Stock Exchange. With approximately 4.5million residents, the city is appealing to many tourists for its stunning architecture. It is the only city of the whole of Eastern India to quarter an international airport. Metro rail and cycle rickshaws contribute significantly towards the city’s transport system.
Owing to all of the above reasons, Kolkata have seen a property price rise of 17%.
2)
Chennai
Known as the Cultural Capital of South India, Chennai is the principal commercial, economic, commercial and educational hub of South India. It has also been declared the most habitable city in India by the Institute of Competitiveness.
It is the fourth most populous metropolitan area of India and its economy has a wide industrial base in the healthcare, automobile, technology, computer and hardware manufacturing sectors.
Also known as the Detroit of India, a major section of the country's automobile industry is based within and around the city, Chennai’s property price has increased by 13.2%.
1) Mumbai
The financial centre of India, Mumbai is one of the hottest property destinations of the Indian real estate market having shown the highest property price increase at 25.27%.
The city has plans for major infrastructure growth and development, leading to the real estate development in both commercial and residential.
Moreover, the city is experiencing commercial and residential expansion in suburban areas. Therefore, developers are looking forward to boosting the Mumbai lifestyle, currently blooming in the residential sector. Therefore, more integrated township projects and luxury housing projects are being introduced in the city, considering buyers’ needs, which has shifted from traditional to quality lifestyle.
These are the
factors motivating real estate growth in Mumbai, making it one of the top real
estate destinations in India.
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