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India’s hottest real estate destinations

5 MinsJuly 10, 2019

The last couple of years have been rocky for the real estate sector. However, indications are that in specific micro-markets within different cities, demand is picking up. We look at locations in five major Indian cities where the market is buoyant and prices are on the rise.

If you are interested in buying a home in any of these areas, remember an Axis Bank Home Loan provides an ideal combination of attractive interest rates and best-in-class service.

Real estate

  • Mumbai — Mumbai is among the 20 most expensive real estate markets in the world. Yet, even here, you will find some areas where prices are, relatively speaking, affordable and demand is high. Suburbs like Chembur, Goregaon East and Ghatkopar West have seen a huge demand because of good connectivity thanks to the Metro and the recently-built Eastern Freeway. Similarly, Navi Mumbai is also a great place to live in, thanks to its well-planned nature and proximity to Mumbai. Several IT companies have started setting up shop in suburbs like Airoli and Vashi, making Navi Mumbai a hot destination. Other trans-harbour areas that are picking up traction are Ulwe, the central business district of Belapur in Navi Mumbai, and Panvel, because of the new airport, coming up there.

  • Hyderabad — Hyderabad saw the highest rise in real estate prices in India in 2018, with IT companies returning to the city and Ikea setting up shop there. Madhapur and Gachibowli are seeing a lot of activity in the real estate space thanks to a boom in IT, banking, and other financial services-related jobs. According to real estate firm PropTiger, Kondapur, Shaikpet, Narsingi and Puppalaguda, all located in the IT corridor in Hyderabad are also great areas to buy real estate in the city. Nanakramguda, another suburb that is close to Gachibowli on the IT corridor and has good connectivity to the airport, is emerging to be a good buy.

  • Delhi — Delhi will be a contrarian bet. The real estate market in Delhi has not done very well in the last couple of years. According to a report by Anarock Property Consultant Ltd and Confederation of Indian Industry, areas like Uttam Nagar and Dwarka are in demand because of relatively lower costs and improved metro connectivity. L-Zone, thanks to its extremely favourable location between Dwarka, Gurugram and IGI Airport, is another good place to invest in. Rohini, with its two metro stations, is also a perennial favourite in the Delhi market.

  • Bengaluru — Bengaluru is a hub for India’s IT industry and start-ups, and has a constant influx of people moving into the city. Residential prices around Whitefield and Electronic City are on the rise, and they seem like good buys for the present. Marathahalli in Bengaluru has seen the most interest in the city. It helps that the Sarjapur-Marathahalli Outer Ring Road is completely dedicated to the IT sector. According to a report by CREDAI Bengaluru, residential property sales saw a jump of 35 per cent in 2018 compared to 2017.

  • Pune — According to property consultants, Vishrantwadi, which is close to the airport, has seen prices picking up. Wadgaon Sheri near Nagar Road in Pune is also a good area to invest in. Prices are slowly edging up here, and seem poised to move upwards very quickly. Another Pune suburb to buy into is Kothrud. It’s easy to hit the Mumbai-Pune Expressway from Kothrud and that is one of the major reasons that it is seeing renewed buying interest.

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Disclaimer: This article has been authored by The Source, a Mumbai-based content creation and curation firm. Axis Bank does not influence views of the author in any way. Axis Bank and The Source shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.