According to Knight Frank, Mumbai, Delhi-NCR, Pune, Chennai and Bangalore have emerged as the top five cities in India for investment in residential segment. The firm in its report said that People in India seek property not only for accommodation purpose but also as an investment option.
Om Ahuja, CEO, residential services, Jones Lang LaSalle India says that identifying the right markets becomes easier if one looks for certain at key market triggers. The critical ones that highlight the potential of any property markets include existing infrastructure readiness, implementation timelines for new infrastructure initiatives, demand for commercial space in the market (leading to job creation), social infrastructure, and price trends.
Mumbai, the country's financial capital is one among the largest traditional real estate market in India. In Mumbai, places like Wadala and Chembur are emerging as the most promising investment destination. These places are witnessing maximum growth in real estate movement because of close proximity to premium office space markets, strategic location and proposed infrastructure projects like Eastern Freeway project and Monorail. It is expected that the upcoming projects will increase the housing demand in these places in the near future.
In Navi Mumbai, areas like Ulwe, Kalamboli, Kharghar and Panvel are emerging as the most promising property investment destination. Although, the area is in need of good social infrastructure, Ulwe has emerged as the hottest destination for real estate investment in India.
Dwarka Expressway and Noida Extension in Delhi-NCR are showing the most promising when it comes to property investment. Noida Extension has emerged as one of the best location to invest in residential segment as the housing prices are likely to jump by 111 percent during 2012-2017. Property prices might shot upto 6760 per square feet from 3200 per square feet, which is the existing rate currently. Since 2010, Noida Extension has witnessed the launch of more than 80,000 residential units.
With four investment destinations namely Hinjewadi, Ravet, Tathawade and Wakad, Pune has the maximum number of promising residential property options...Proximity to employment hubs of West Pune and strategic location on the Mumbai-Pune Bypass Road will immensely benefit these residential markets.
Within Bangalore, localities like Hebbal and KR Puram are emerging as the most promising property destination in 2013. Hebbal has witnessed healthy real estate movement even during sluggish real estate condition.
In Chennai, Pallikaranai is believed to be one of the popular employee residential locations. This area is expected to gain popularity with the upcoming Vandalur-Velachery Monorail Project. Medavakkam is a residential locality in Chennai which is in close proximity to the Chennai Airport.
Hyderabad has also made through the list when it comes to hot destination for property investments. Hyderabad has the capacity to create jobs which in turn increases the demand for housing.