Best Location to Invest in Real Estate in India
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Over the past years, commercialization and urbanization trends in India have opened a few residential markets, the demand for which has been growing notably. Homebuyers looking to get high returns on their property investments can contemplate between 5 such locations across the whole country for this purpose.
In current times, a homebuyer is thought on real estate investment in India has been colored by a piles of stalled residential projects, huge hopes for price rectification, and increasing economic unpredictability. The CORONA outbreak has further raised anxiety considering potential delays in project completion as well as their own financial security.
However, homebuyer demand has growing regularly for some locations due to a variety of factors such as upcoming transport infrastructure projects, industry activity or demand supply dis-equilibrium. 5 such areas to invest in real estate for watch to capital appreciation or earning rental income are estimated as follows:
1. Ulwe, Kharghar and Taloja in Navi Mumbai
Navi Mumbai is organized city in the Konkan Division of Maharashtra. The city has observed rapid growth in its Real Estate market due to its effortless of connectivity to Mumbai and Thane, brisk commercialization and upcoming transport infrastructure projects like the Mumbai Trans Harbour Link (MTHL) and the Navi Mumbai International Airport (NMIA). Micro markets like Ulwe, Kharghar and Taloja are best options to explore for investment purposes in 2021.
According to data from 99acres, the average capital prices hovers around Rupees 7,500 per square ft in Ulwe, Rupees 9,000 in Kharghar and rupees 5,500 in Taloja, in Jan March 2020.
Vipul Saraiya, Owner, DG Property Consultants, says, “While capital prices may endure mostly constant in Ulwe, Kharghar and Taloja, the rentals are probably to enlarge between 7 to 9% consistently over the next 2 to 3 years. With the MTHL project getting done in 2022, transit time between Navi Mumbai and Mumbai will reduce from 1 and a half hour to only 30 minutes by car. When low-cost is factored in, many people from Mumbai, in the coming years, may shift over to Navi Mumbai, giving a fillip to rental prices.”
2. Wakad in Pune
Wakad is a suburb located in the western part of Pune. Closeness to the Hinjewadi Information Technology Park which accommodates leading companies like - Accenture, Infosys, Tata Consultancy Services, and Wipro etc, and to the Pune Bangalore Expressway has boosted housing demand in the locality of Wakad.
Pune International Airport is just about 40 mins away by car while the Pimpri Railway Station is just 15 mins by the same transport means. The manufacturing and automotive industry of Pimpri Chinchwad is convenient under 15 minutes by car, whereas the Hinjewadi IT Park is merely nine minutes away by same transport means.
According to data from 99 acres, Wakad observed an increase of 15% in capital ‘asks’ from Jan Mar 2016 to Jan Mar 2020. The average rentals rose by 20% during the same period.
Vipul Saraiya of DG Property Consultants, comments, “The enlarge in capital prices in Wakad shows the increasing demand by working professionals for apartments near their offices. The increasing number of IT companies operating to the nearby commercial complexes in Hinjewadi, coupled with the excellent social infrastructure available in Wakad, makes it very much preferable option for homebuyers and this factor is expected to increase demand further in the upcoming years.”
3. Gachibowli in Hyderabad
Gachibowli is an Information Technology hub for multinational companies moving from Hyderabad. The locality is about ten minutes away by car from the various business parks located in Hyderabad Information Technology and Engineering Consultancy City (HITEC City), which is another leading IT hub. The Gachibowli is roughly half-an-hour away by car from the Rajiv Gandhi International Airport (RGIA).
In the last 5 years, the average burdened capital values in Gachibiowli have appreciated by around 47 % and stand at rupees 6,300 per square ft in Jan Mar 2020. The rental market, on same lines, albeit marginally, has increase by 8%, YoY, from Jan Mar 2019 to Jan Mar 2020, and 6% between Jan Mar 2016 and Jan Mar 2020. The residential traction in Gachibowli is mostly driven by the effortless of connectivity and commercial growth in the neighbouring areas.
Akhil Deekshith, Owner, Anugraha Real Estates, says, “Offices space involvement has been continuously growing in the Secondary Business District (SBD) of Gachibowli, HITEC City and adjoining areas due to connectivity and availability of Grade A office buildings. With an growing number of Information Technology companies expected to shift base to the said SBD in the upcoming years, rentals in Gachibowli may increase by up to 10%, YoY, by 2021.”
With Corona (Covid-19) induced lockdowns disrupting construction activities, delays in the completion of real estate projects are expected. This can lead to demand supply dis-equilibrium in Hyderabad, which already has the cheapest amount of housing inventory within the top metropolitan cities in India. When collaborate with the forecast of Grade A office space in Hyderabad surpassing 11 million square ft by end of 2024, a spike in property prices could be seen.
4. Electronic City and Whitefield in Bangalore
The growth of the IT industry in Bangalore led to the rapid commercial and consequently residential development in 2 localities, namely Whitefield and the Electronic City. Whitefield, which is currently the major Information Technology hub of Bangalore, houses companies such as Dell, Aegis, Hewlett Packard and Accenture. On the other hand, Electronic City housing companies like Infosys, Wipro, Tech Mahindra and Tata Consultancy Services among 200 other IT/ITeS companies.
As the number of companies making base in Whitefield and Electronic City get larger, so did the demand by working professionals for residential apartments. Soon enough, both localities observed the development of a huge number of housing units complemented by brilliant social infrastructure. The much awaited Namma Metro project, which is expected to get completed by March 2023, will also improve connectivity by easing approach to Whitefield.
The growing development in Brookefield and Doddanekundi, which are situated close to Whitefield, also contribute to its increasing demand. Consequently, as the number of companies shifting in these IT hubs enlarge, so shall the demand for housing, and investors can expect decent capital appreciation through investment in these localities. According to data with 99 acres (Jan Mar 2020), the average price for properties in Whitefield and Electronic City hovers is around rupees 6,100 per square ft and Rupees 4,900 per square ft, respectively.
5. Sector-1, Noida Extension
This locality within Greater Noida West (commonly known as Noida Extension), is known for its availability of low-cost homes, which are popular among IT professionals working for companies located nearby, primarily in Sector 60 and Sector 62, Noida. The average property prices in the Sector hover around Rupees 3,600 per square ft, as in Jan Mar 2020. The average rental ‘asks’ for a 2 BHK during the same period fall in the range of Rupees 6,500 to Rupees 8,300.
Gaurav Bhardwaj, Owner, Bhardwaj Associates and Constructions, states, “Various Information Technology parks like Airwil Intellicity and Stellar IT Park got developed a few years ago and propelled residential demand in Sector 1, which earned traction due to its closeness to these employment hubs and relative affordability to Noida and other neighbouring areas. Moreover, many professionals working in companies located along the Noida Greater Noida Expressway, which is around 40 minutes' of car drive from Sector 1, also recommend living here for its pocket friendly residential inventory.”
The last one year has been lukewarm due to the economic slowdown, although, in the long run, the locality is expected to reap healthy returns on investment. The average capital ‘asks’ grows marginally by 1% QoQ, from Oct Dec 2019 to Jan Mar 2020. Talking about the expectations of development in Sector 1, Bhardwaj adds, “A notable price appreciation is expected within 2-3 years as more companies shift nearby and the area of Noida Extension develops further.”
The Indira Gandhi International Airport is reachable within an hour by car and the nearest metro station is Sector 78 of the Noida Metro, through which one can reach Delhi or other parts of Noida and Greater Noida easily.
Moreover these areas, investors can explore Panvel in Navi Mumbai, and Jewar in Uttar Pradesh for future investments. Both these areas are proclaim to deliver healthy returns in the long run on the back of the up-coming international airports. All these areas either offer robust capital appreciation or have strong potential to reap rental income, or both in the up-coming future. The rise of these markets is highly corresponding with the rise of commercial complexes near them, and all these complexes are expected to develop further in the subsequent years.
Source : Lodha Homes India
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