The real estate market in India is on the rise after the pandemic slowed its progress. If you are looking to invest in real estate here, now is the right time. The property development is really looking positive at the current moment. It is neither too high nor too low. This means that you can purchase real estate and sell it later for a higher price. Projections suggest that this curve is still going upward.
The question to ask, however, is the ideal location or locations where you can invest. Although the country is witnessing a spike in property development, there are certain hotspots that should be preferred.
There are several indicators that you can look at in order to judge the right place to invest. You can look into what property developers are currently interested in. This means that they have an indication that that particular will show an increase in real estate prices in the near future.
How can you know which location is going to increase in value?
There are certain determining factors that indicate that a location is going to report high numbers in the coming years. These should be looked at from an unbiased point of view. They should also be considered altogether instead of paying attention to only a single factor.
Commercial development
Commercial development is a strong indicator that an area is going to increase in its residential property value as well. Commercial and industrial progress indicates that there will be new job opportunities and channels for new income sources. This attracts new people to reside in the area, thereby increasing its value.
Government projects and policies
Government activities in a certain area may break or make a real estate investment opportunity. Projects initiated by the government such as a new highway or a new manufacturing plant can again be a new source of income.
Policies change from time to time and the real estate market may be affected by it. For example, the “Affordable housing for all by 2022” initiative by the Government of India may open up new avenues for real estate investors and property developers.
Economic conditions
The overall economic and financial situation of an area also determines its real estate value. However, this is a cyclic process which means that the real estate value also determines the category of people residing in it based on their financial capacity.
The best places to invest in real estate in India right now?
Navi Mumbai
One of the top locations for commercial as well as residential property investments, Navi Mumbai is reporting even higher numbers now that the pandemic is behind us. The quality of living index of Navi Mumbai is always amongst the highest in the country. In 2019, it was the second most liveable city in India. The Navi Mumbai International Airport is an upcoming project that will conclude its first phase in 2024. This development is sure to raise the real estate value of the entire city, especially the areas close to the airport. Areas in Navi Mumbai that are most likely to witness the maximum spike are Panvel, Kopar Khairane, Seawoods, and Sanpada.
Mumbai
Mumbai, one of India’s treasures, has always been an attraction for real estate investors and property developers. Although a little congested, new transportation developments are giving the city a new outlook in terms of ease of accessibility. The metro train project is still opening new avenues for the city. Also, the Mumbai Trans-Harbour Link (MTHL) will connect the main city to Navi Mumbai adding to the value of both the places. Mumbai is the costliest city to live in but many areas such as Malad and Goregaon offer great opportunities to invest in real estate.
Noida
New Delhi and Gurugram have reached a saturation point so to say. The capital city has no place to expand under its own name. Therefore, the NCR or the National Capital Region is a better term to describe the city. All the cities in the NCR offer good real estate opportunities but Noida and Greater Noida are the best amongst them. A new airport, the Jawar Airport located near Dadri will benefit the city a lot. Other NCR cities such as Gurugram, Alwar, Faridabad, etc. can also be looked into.
Kolkata
The most affordable metropolitan city in the country, Kolkata is a place where time stops. It is a beautiful place where people have refused the general notion of modernisation in the old areas. However, the new and upcoming locations such as New Town and Joka are great to invest in. There are a number of favourable policies also rolling out in the near future. New construction on the New Garia- Airport metro corridor will also increase property rates.
Bengaluru
The Silicon Valley of India is not going away from the real estate scene anytime soon. New metro construction (Phase 2A and 2B) and the Bangalore Mysore Infrastructure Corridor are strong indicators for the city’s real estate growth. There will also be a reduction in the betterment fee in Karnataka soon.
Hyderabad
The most consistently number one city in the living index is Hyderabad. The IT infrastructure and the residential planned development has given the city an edge over the other names on this list. The location of the city is also preferable – it falls in the middle of many important highways connecting the South East and the South West Indian regions. Several industries such as Pharmaceuticals, Aerospace, and Textile call this city their major hub. Companies like Google and Facebook have also set up camp in Hyderabad.
Chennai
One of the fastest expanding cities in South India, Chennai is a top location for real estate investment. There has been a large number of new housing units added to the city. The Chennai Bangalore highway, the Chennai-Kanyakumari Industrial Corridor (CKIC), and the Chennai Metro Rail Limited (CMRL) are all going to add to the real estate prowess of the city. If you are looking to invest in real estate, Chennai can prove to be an excellent candidate.