Worth Your Money: 5 Hottest Real Estate Markets For 2016
The Indian real estate market is expected to make a turnaround in 2016. The property prices, which have been on a rise in some of the key markets from past few years, mellowed in 2015. Thus, helping fence-sitting buyers, take a decision. According to Confederation of Real Estate Developers' Associations of India (CREDAI), housing prices fell by 15-20 per cent in the last 18 months. The apex body for real estate also says that there is barely any scope of further reduction.
Hence, with stagnant property prices, rise in demand and enough inventory available, 2016 is being touted as the year of revival for real estate industry.
PropGuide, based on market experts' views, lists top five real estate markets you should be looking at in 2016, to get the worth of your money:
The real estate market of Hyderabad is now witnessing a rapid growth, as many developers have started investing their money in this otherwise sluggish market. Developers are coming up with affordable apartments in large numbers, thus, creating enough inventory in the affordable segment. According to a performance report on the second quarter of financial year 2016 by PropTiger.com's Datalabs division, Hyderabad is the only city in India where the number of new launches went up by 23 per cent. The other eight key cities saw a decline here.
At present, the city has over 12,500 new projects that are under various stages of planning and construction. Areas such as Madhapur, Miyapur and Outer Ring Road house projects that offer 4BHK villas, which was not a common trend earlier. Thus, creating a market for luxury buyers as well.
The recent drop in property prices will ensure a quick sale of the upcoming projects. For instance, one could buy a 3BHK apartment in Hyderabad's key area for a starting price of Rs 70 lakh.
Pune's real estate market has been the most resilient among India's top markets. Now, even Pune's suburbs are emerging as a real estate destination. One of them is Viman Nagar, which enjoys close proximity to the airport, excellent infrastructure and good connectivity with Bus Rapid Transit System (BRTS). These factors make the capital values of the area high. The expected price appreciation here is over 50 per cent due to its proximity to many educational institutions as well as shopping malls. Vishrantwadi is yet another fast-growing suburb towards the north of Pune. Due to its proximity to IT hubs of Kalyani Nagar, Yerawada and Viman Nagar, Vishrantwadi has also become a favoured suburb. It is also witnessing a rise in construction activity.
One of the most flourishing suburbs of Mumbai, Thane is now a township in its own. The real estate here is hot as this area serves the residential demands of those looking for affordable property in Mumbai, expecially mid-level executives. Thane can fulfil these needs as there is land availability here.
Many projects here brand their apartments as spaces that offer greenery and a home away from the hustle-bustle of the city.
Being one of the oldest suburbs, Thane enjoys good connectivity with the city centre via suburban railway and Eastern Expressway. There are over 2,000 projects coming up in Thane West, with a price ranging between Rs 70 lakh to Rs 1.6 crore.
After Noida and Gurgaon, real estate investors and experts, have been scouting for a new and emerging market in the National Capital Region (NCR). Ghaziabad has become the next NCR destination after the expansion of metro railway to Ghaziabad from Vaishali metro station. The NH 26, which now has six lanes, will further ease connectivity to this emerging suburb.
The area is already seeing a lot of activity in terms of new launches. It has over 2,000 new properties in various stages of construction and launches.
Bengaluru was among the top in terms of highest unsold inventory in 2015. But, that has not stopped the suburbs of this city from emerging as affordable real estate destinations. It has pockets of micro markets that are launching new projects while the city authorities are improving the infrastructure.
Among these areas are new phases of Electronics City. The Phase-I has over 500 under-construction projects, while Phase-II and III are launching similar number of spacious homes at affordable rates. Godrej E-city is one such project, which promises homes with 70 per cent of the area with open green spaces. Projects here are even developing smart homes.
Whitefield, Bommasandra, Begur Road, and Kanakpura Road, too, are planning such homes and properties that offer good amenities.