Hot property destinations for 2011

After a brief lull in 2008-09, property prices rose sharply in 2010. According to realty experts, in 2011, the momentum in property prices is likely to continue. But the gains may not be uniform across the country. The Property prices are likely to appreciate in a few pockets. Here is a ist of hot property destinations for 2011.

Mumbai

Mumbai is the capital of the Indian state of Maharashtra. It is the most populous city in India, and the second most populous city in the world. The financial hub of India is always a major attraction when it comes to real estate. Mumbai has three promising regions.

• Vasai-Virar: The extended western suburbs – the Vasai-Virar sub-region is known for budget housing. The growth in employment opportunities, there is a clear correlation between the increase in train passengers and the rise in population. The economic drivers such as special economic zones by DHL, BIO Tech SEZ by Mahindra and IT SEZ and higher connectivity after the introduction of additional suburban trains from 2011.

• Area adjoining Panvel: Panvel is city and a municipal council in Raigad district. Panvel is also known as the gateway of Konkan region. It adjoins Navi Mumbai, and is just after the Thane district border. Panvel is located on the Mumbai Pune Expressway about 22 kilometres from Mumbai. Many real estate developers have already initiated large township projects in the region. The area adjoining Panvel is benefiting significantly from trunk infrastructure enhancements such as the upcoming international airport, the Trans-Harbour Link, a railway terminus, and a mono rail. Positive impact from the upcoming Mega SEZs by Reliance and others. The expansion of Jawaharlal Nehru Port Trust (JNPT).

• Bandra-Khar area: Despite higher property rates, prime property hunters are still focused on this area. Increased connectivity due to the Bandra-Worli sea-link, the proposed Metro Line 2 and also the upcoming Santacruz-Chembur Link road. Elite profile and better availability of shopping, healthcare, education and recreation facilities. Redevelopment schemes by property developers.

Delhi-NCR

Since the growth in the industrial and the corporate is making way for a huge number of people from all over the country, the demand for real estate is continue to rise in the long term. The National Capital Region (NCR) in India is a name for the metropolitan area which encompasses the entire National Capital Territory of Delhi as well as urban areas ringing it in neighboring states of Haryana, Uttar Pradesh and Rajasthan. DELHI/NCR is known to be business and political territory. The areas around the 150-metre road that will eventually connect Gurgaon to Dwarka specifically, Sectors 103-111, have significant growth potential. The area is currently underdeveloped, however, when residential projects there reach completion in 2-3 years, the appreciation will be between 30 and 35%. A lot of this depends on the ability of developers to raise enough cash to complete projects.

Bangalore

Bangalore, the silicon valley of South, has witnessed a robust economic growth due to increasing number of IT companies in the region in the past few years. It has become one of the major destinations for high-end employment. This makes investment in Bangalore property most lucrative in the long term. Established suburban areas like Koramangala, Outer Ring Road and Bellari Road continue to be good investment destinations. Outer Ring Road is close to Whitefield and is a commercial area. New developments are coming up on Bellari Road, which is also close to the Devenhalli airport. Apart from these, Mysore Road, which encompasses the upcoming NICE corridor, has a future promise given the good connectivity to Mysore and many commercial developments being planned there. Koramangala is close to Electronics City and Residential demand is high.

Pune

The demand is expected to rise in the long term due to increase in investment by IT and ITeS companies. With Talegaon not picking up in the anticipated manner, Pune’s new growth corridor now encompasses Kharadi and Nagar Road. This can be safely considered as a lucrative real estate investment zone. Some of the features are
Eon IT Park, 4 million square feet of prime IT space in the last stages of completion. Other IT SEZs and commercial ventures also on the anvil. Proximity to revamped airport. Improved connectivity, largely via the opening of the VIP Road connecting Viman Nagar to the airport. 5-star hotel properties such as JW Marriott, Grand Hyatt and Leela. Reasonably low entry costs.

Hyderabad

Hyderabad is the financial, economic and political capital of the state of Andhra Pradesh. The city is the largest contributor to the state’s gross domestic product, state tax and excise revenues.The city is administered by Greater Hyderabad Municipal Corporation (GHMC) after merging 12 municipalities with the Municipal Corporation of Hyderabad (MCH). IT and ITeS companies are also expanding their presence in the city. Gachibowli and Tellapur regions have residential real estate growth potential. Proximity to the financial district, which is where the highest growth of IT and other commercial projects is happening. Outer Ring Road (Phase 1 in advanced stage, phase 2 scheduled after six months) in the vicinity will reduce commuting time of residents to key workplace locations.

Ahmedabad

Ahmedabad is the seventh largest city and eighth largest metropolitan area of India. Ahmedabad is the fastest growing city of India, and ranked third as the fastest growing city worldwide. With the creation of the state of Gujarat, Ahmedabad gained prominence as commercial capital of the state. The city is witnessing a major construction boom and population increase.Ahmedabad is the largest city in Gujarat and recently started leveraging its real estate potential. It has some real residential hotspots coming up. For instance, there will be considerable economic activity with the arrival of the Tata Nano project, which will definitely boost the value of real estate in and around the corridor of Sanand.

Some of the reputed developers active in this region include Pacifica Sahara, Savvy and Safal. Prahlad Nagar is another good area to consider. It is surrounded by premium areas, has a high income population and the prices are still relatively low. It is also close to the new business district on SG Highway and has good connectivity to the core city. One should also mention the Sabarmati-Gandhinagar highway, which is close to the airport, Gandhinagar, the upcoming GIFT city and Ecopolis, has good connectivity and infrastructure and will soon see many institute campuses like NID, IIT and DAIICT coming up. Ahmedabad is located in an industrial region rich with SEZs, Nano plant. Infrastructure upgradation in process and Good connectivity due to SG Highway and SP Ring Road. Good land availability. Low land prices.

Mohali

Mohali is a city adjacent to Chandigarh, 18th District in Punjab. Mohali is located to the West of Chandigarh. It is almost a continuation of the Chandigarh city. Residential rates at Chandigarh have gone through the roof and there is little scope for appreciation for now.However, adjoining Mohali presents a completely different picture. The area called Greater Mohali, which encompasses the fast-developing Landra-Mohali Road area, is a very promising residential nexus. Pan India developers such as Unitech , Emaar-MGF , Ansals and DLF have snapped up land there for development into mega, multi-sector residential hubs. These will be highly organised cluster projects and all the right drivers are in place. Important features for the area are Upcoming International airport. Destination for the planned Indian Business School. Multi-terminal bus stand soon to be commissioned. 120 acre township with IT SEZ coming up. The investment opportunity here is in land. After 3-4 years, the land rates in these areas will surpass those in central Mohali.

Kochi

Kochi is also often called by the name Ernakulam, which refers to the mainland part of the city. Kochi is a major city and seaport located on the south-west coast of India by the Arabian Sea in Ernakulam district of Kerala. Kochi has the fast-growing residential market in Kerala. The NRI investments has caused sudden spurt in residential demand in Kochi City . Apartment units have the highest demand owing to affordable prices and availability. Peripheral areas of the city such as Kakkanad, Edapally and Kalamassery currently face a short-term oversupply of mid-range flats that are selling in the Rs 2,500-3,000/sq ft range.

The prime residential areas adjacent to MG Road and along Marine Drive still command a premium. It is close to the central business district and has huge demand for waterfront apartments. Peripheral areas of the city such as Kakkanad, Edapally and Kalamassery has excellent connectivity. Close to the existing InfoPark. Positive impact from the upcoming Proposed Smart city and Cyber city in Kakkand. Solid infrastructure has lead to a diverse and robust economy and job creation. Excellent connectivity resulting from a combination of airport, sea port, road and rail, has positioned the city for long term growth and competitive advantage. A disproportionately large number of NRIs, or non-resident Keralites to be more specific, are investing from abroad and have increased demand for residential space.

Jaipur

Jaipur also popularly known as the Pink City, is the capital and largest city of the Indian state of Rajasthan.Jaipur is the first planned city of India, located in the semi-desert lands of Rajasthan. The city which once had been the capital of the royalty now is the capital city of Rajasthan. Jaipur has witnessed some of the best planned and balanced real estate developments in commercial, retail and residential space. Jaipur benefits from its growing population and sound purchasing power. Two key destinations with the highest investment potential in residential real estate include Ajmer Road and Jagatpura (both suburban locations). Jaipur is well connected to all the major cities which includes Delhi, Mumbai, Calcutta, Jodhpur, Udaipur. The roads are very good, and it takes around 2 hrs to reach Ajmer from Jaipur.

Key features for the real estate in Ajmer Road are Availability of land parcels to support large expansive townships as against low land availability within city limits. Low land prices. Proximity to Mahindra World City; Mahindrafs SEZ being developed close to Ajmer Road having campus developments by Wipro, Infosys, Deutche Bank, among others. This makes the region a potential business hub of the future. Rapid connectivity to neighbouring towns of Rajasthan as well as the prime city of Jaipur with NH-8. Presence of a number of townships being developed by established developers like Vatika , Omaxe , Ansal among others provide multiple options for sound investment.

Jagatpura

Jagatpura one of the fastest developing residential location of jaipur. The location is just a few kms away from the jagatpura railway station and from jaipur international airport.The location is also close to the new airport coming up, which provides good connectivity. Availability of land parcels to support large expansive townships as against low land availability within city limits. Low land price points and entry costs attracting good investor interest. Rapid residential development accruing to a large number of townships and group housing projects and townships in and around the area. An upcoming destination as a residential hub, with a large concentration of government housing projects as well; a new expansion zone for the city population. Proximity to South Jaipur, the hub of upcoming institutional, commercial and retail developments.

Economictimes

Disclaimer: The article contains data collected from various sources and the use of same is at readers discretion.