5 Localities That Saw Highest Property Sales In Q4
At a time when India's real estate sector in general was grappling with a rough patch, the January-March quarter of 2015-16 (Q4, FY16) threw up some bright spots that reiterated the belief that the worst might be behind for the sector. In fact, several localities across the top nine cities of the country reported encouraging sales during the three-month period, reveal numbers from PropTiger DataLabs.
PropGuide lists top five localities in terms of sales growth in the fourth quarter.
Of late, things have not been exceedingly good for real estate in India's financial capital Mumbai, especially in the affordable segment, thanks to high prices and space crunch. Property sales in the fast-growing Thane West locality, however, saw an uptrend. A locality with projects by some of the most prominent developers of the country, Thane West provides you all that you need for a happy life in a metropolitan – lakes, greenery, landmarks & tourist spots, a great connectivity, fancy shopping malls, good schools, etc.
The icing on the cake are the lower property prices here. Thane West property prices have seen many ups and downs recently; there were as high as Rs 10,880 per square foot (sq ft) in 2013. According to DataLabs figures, property prices here remained in the range of Rs 9,300 to Rs 9,800 per sq ft in the fourth quarter, making it a good investment bet for buyers.
This Kolkata locality has made news headlines for several reasons. Apart from being a fast-developing area close to the city centre, this upcoming integrated township offers buyers both residential and commercial properties. That, to a great extent, explains the rise in sales figures. Apart from that, the area's proximity to Salt Lake, the biggest commercial centre in Kolkata, also explains why Rajarhat New Town has become an investor's favourite. What's more? The area is buzzing with a number of under-construction projects that give buyers a lot of options to choose from in the affordable segment.
According to DataLabs figures, a property for sale in Rajarhat New Town typically costs Rs 3,900 to Rs 4,000 per sq ft.
As a real estate market, the cultural capital of Maharashtra, Pune, has seen a continued strong run. It has mostly been untouched by the slump faced by others, including neighbouring Mumbai. And, if a locality in this city is not only residential but also an industrial hub, it's likely to get more takers. Wagholi is one such bright spot. Its strategic location, allowing easy connectivity to other industrial hubs of Pune, such as Kharadi and Hadapsar, could also have aided a surge in property sales in Wagholi. Interestingly, the price of property in Wagholi has been rising continuously since 2013, and sales have kept pace nonetheless. This reflects the return potential the locality offers investors. Property prices in Wagholi ranged between Rs 3,900 and Rs 4,000 per sq ft in the fourth quarter, according to DataLabs figures.
If you are an information technology (IT) giant, you are sure to have an office in India's IT capital, Bengaluru. And, if you have an office in Bengaluru, it will most likely be in Electronic City. A sub-city developed as an IT centre, Electronic City has attracted people working in the area to invest in the steadily emerging residential market of the locality. A well-developed social and civic infrastructure has added to the locality's attraction. What's more? The locality offers newly built houses at affordable prices, despite a steady rise in prices since 2013. According to DataLabs, property prices in Electronic City were in the range of Rs 3,700-Rs 3,900 per sq ft during the quarter.
If a locality in the national capital region provides housing units that are affordable and also offers good connectivity to Delhi, it is not difficult to guess that the area would witness an uptrend in property sales. Sector 1 in Noida also gives you a lot of options to choose from in terms of developers and property sizes. Property prices in the sector have also remained stable in the past couple of years. In the fourth quarter of FY16, prices in this locality ranged from Rs 3,400 to Rs 3,550 per sq ft, according to DataLabs figures.
Kolkata Pune NCR Noida Extension Bengaluru