Residential Property in India: An Insight

The economic and reformist push which has been initiated by the present government has placed India on a very strong developmental pedestal in the coming years. Obviously, the metro urban communities are the pride and delight of India. These urban communities are the operational hubs of the nation’s economy and cosmopolitan culture, and act like a magnet for the rural and semi urban population due to various reasons like better openings for work, expectations for everyday comforts and base, better financial status and enhanced infrastructure. Nonetheless, fast urbanization and advancement of these urban communities into uber-urban areas has its own problems, health hazards, over stretching of limited infrastructure, lack of basic amenities, transportation, high property costs, and so forth.

 

The Government’s drive to give ‘Lodging for All by 2022’ is an ambitious plan and can be termed as tall order, however if executed diligently is achievable. The aim is to provide apartments in the affordable range that is from 15 lakhs to 20 lakhs. The project needs to be visualized and linked with the ‘Smart City’ project to maximize its full potential.   Residential property in India, needs to be delinked as an investment perspective and needs to be linked to the end user requirement to achieve this aim.  There are many towns and cities which fit into this segment, where land costs have not sky rocketed and therefore hold potential for development of affordable housing, as also have the right mix of infrastructure and job opportunities.

Here are the main urban communities that offer incredible lower-spending plan land venture prospects over mid-to-long haul.

 

Hyderabad, Telangana

 

After the long drawn political battle for the carving out of the Telangana state, Hyderabad as the capital has turned up to be a winner, Best real estate websites in Hyderabad, real estate in Hyderabad is going through a transition with the right blend of all social aspects. Hyderabad is a throbbing IT hub with all the major Indian as well International companies setting base here. The municipal corporation has taken the required initiatives for getting up the infrastructure in terms of roads, metro etc. This has provided Hyderabad the required potential for future enhanced growths. Hyderabad has an international airport and counts as one of the class A city in India. As compared to other class A city in India Hyderabad offers the most affordable rates as far as real estate is concerned, for example, Manikonda, Kukatpally, Miyapur and Sainikpuri offer properties in the range of INR Rs 25-40 lakhs. Hyderabad has now come out of the political uncertainty and if the political hierarchy plays its cards maturely the city has the potential to become the first smart city in India.

 

Pune, Maharashtra

 

Pune holds a special status as far as Indian cities are concerned. It for long has been defining the ideal socio-economic-cultural mix required for comfortable living. It meets the aspirations of the middle class as also defines the structure for the urban rich and provide the infrastructure for the semi-urban as well. It offers the ideal financial and business structure in terms of IT, manufacturing and services sectors. The old satellite manufacturing towns of Khadki and Audh have blended well with the IT parks at Hinjewadi. Throughout the last couple of years, property trends in Pune, have retained the socio-economic-cultural blend of the city by offering real estate in all the segments i.e. affordable, mid segment and luxury. The city has seen an expansion in all the directions, thus developing as a strong synergized entity, which has enhanced its real estate credibility.

 

Navi Mumbai, Maharashtra

 

Navi Mumbai has always had the potential advantage of its physical nearness to Mumbai. But credit needs to be given to its municipal setup as well as the political lineup for having utilized this advantage to the hilt, as also not letting this advantage going overboard. Navi Mumbai over the last few years has developed the required infrastructure in terms of roads, metro and SEZ zones. With the new international airport which stands approved with the land allotment in place, the proposed SEZs at Dronagiri, Ulwe and Kalamboli and the Mumbai Trans Harbor Link approved, Navi Mumbai is all geared up and armed for the big game. Why Navi Mumbai looks or behaves like the big brother to Mumbai is because it has not allowed all these advantages to trigger a real estate hyperbola akin to what happened in Gurgaon. Real Estate Trends in Mumbai have been steady with the right mix of all segments catering to all the requirements.  Only time will tell if the administration and the political leadership would be able to derive required advantages of this strong footing and convert them into game changers for the city of Navi Mumbai. But for sure, as on date Navi Mumbai holds a lot of promise and if the real estate developers retain the composure over the coming one or two years, we would see the brightest star shining in Maharashtra next to Mumbai.

 

Jaipur, Rajasthan

 

Jaipur for long has for long boasted of its tourism driven economy. Tourism still remains the main stay of Jaipur, however over the past few years it has subtly given a humungous boost to its IT sector. This has enhanced its image from a tourist-town to that of a metropolis, offering huge growth potential.  The up and coming IT Parks guarantee an incredible future over all land resource classes. The 250-kilometer stretch in the middle of Delhi and Jaipur has turned into a hotbed for land improvement, with zones like Manesar, Dharuhera, Bhiwadi, Neemrana, Kotputli and Alwar turning into the new buzzwords for financial specialists.

Like other potentially promising cites, here also the administration has played a key role. The municipal setup has worked in a planned manner to develop the required infrastructure in terms of roads, BRTS and metro. Therefore, Jaipur is not only feeding to the requirements of Rajasthan but also to the adjoining towns of Haryana. The administration has been smart enough to blend the city’s rich historical heritage with its tourism potential, to its desire to be counted as a modern metropolis city. Top Residential Real Estate in Jaipur, for example, Malviya Nagar, Tonk Road and Ajmer Road count among the most sought after real estate destinations. Again the city offers real estate in potentially all segments and meets to the requirement of an end user.

 

Noida, UP

Noida including Greater Noida has been for long denied its rightful place in the cities which constitute the NCR Region. The main reasons for this are that Noida is a part of UP and its law & order track record has been dismal. These two factors have never allowed Noida to come out of its shady existence. Noida in terms of infrastructure whether internal roads, metro, connectivity with other towns, educational setup etc. is much better organized than any other town/city in the NCR region, however it has not been able to exploit its full potential. Real estate in Noida has been bustling with activity in the last two to three years, though it was affected by the longish land dispute in Noida Extension now rechristened as Greater Noida West. Noida offers a very promising alternative to the exorbitant land and apartment costs which are prevalent in Gurgaon and New Delhi, with the promise of a much better infrastructure. Even the rental market for residential, retail and office space is much more affordable as compared to other towns of NCR. If property in Noida is able to shake off its UP tag and improve upon the law & order situation, in no time it would become the most sought after destination in the NCR belt.

 

Gujarat and Conclusion

 

Ahmadabad, Surat and Vadodra are three towns/cities in Gujarat which hold huge potential and beat all other cities on their Liveability index and have the potential to hit the top of this list. We would be covering these cities in ours.

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