How Much Will You Have To Spend On An Investment In These Indian Cities
You would have heard a lot about property prices going up, down or stabilising. But, do you actually know the price dynamics in different cities? Let us help you get a clear idea about that, based on data analysis.
Mumbai
Real estate in Mumbai is among the most expensive in the world. This is why one has to shell out about Rs 2.74 crore on an average for a 3BHK unit. For a 2BHK unit, the average price can go as high as is Rs 1.10 crore, depending upon the location, age of the building, brand of the developer, etc. Ready to invest? Data show there are currently 2,148 under-construction and over 8,500 ready-to-move-in projects in the city. More than 1,000 projects are also in the launch stage across various localities of the city. Localities such as Thane West, Kharghar, Dombivilli, Kalyan West, Sil Phata, and Mira Road East have gained popularity among buyers, data show.
Prices seem to be steadily on the rise. On the whole, the city has witnessed a price growth of 8.1 per cent over the last 46 months. (Refer the graph.)
Noida
Delhi's affordable cousin has seen a dip in prices of about 6.9 per cent in the past 46 months. As properties are more affordable now, buyers have a lot of options to pick from. Heavy stock of unsold inventory is also forcing developers to reduce prices as well as offer attractive payment plans and freebies.
The popular localities in Noida include Sector 1 in Noida Extension, Sector 16C in Noida Extension, Techzone 4, Sector 150, Sector 16B in Noida Extension and Sector 74, in that order. You would need an average budget of Rs 72 lakh to go in for a 3BHK unit in these localities. Plotted developments, too, are being offered and range anywhere within Rs 47 lakh. Are lackluster sales affecting the market? Yes, but this hasn't clouded the market fully. About 408 projects are under various stages of construction across Noida while over 200 are ready for possession.
Bengaluru
One of the most promising Indian cities, the Silicon Valley of India has seen a whopping 17.5 per cent growth over the last 46 months. Some of the most popular localities include Kannur on Thanisandra Main Road, Whitefield Hope Farm Junction, KR Puram, Bellandur, Electronic City Phase 1 and Varthur. On an average 2BHK units will cost you Rs 52 lakh while 3BHK configurations will amount to about Rs 92 lakh.
Over 6,000 projects are in the ready to move and secondary market while another 1357 projects are under consruction. About 650 are to be launched soon.
Pune
In the past 46 months, the city has registered a price growth of a meagre 1.9 per cent. Some of the popular areas where demand is concentrated include Hinjewadi, Wagholi, Wakad, Mundhwa, Undri and Hadapsar. Within Rs 50 lakh to about Rs 1.12 crore, you can look for a 2-3BHK unit. However, in very popular locations, instances of a modestly priced 2BHK unit would be rare. However, the good part is that over the last few years, prices have not appreciated much which means a prospective buyer has the benefit of what you may call, a 'discounted' price.
A good number of projects are entering the market and are now in various stages of construction, about 1552. Another 5,000 plus are already awaiting occupancy. There is no dearth of optimistic stakeholders as over 400 are in the launch stage.
Chennai
With over 8.6 per cent price growth over 46 months, this southern city has over 800 projects under-construction while about 6,000 are ready for possession. Avadi, Medavakkam, Sholinganallur, Vadapalani, Perumbakkam and Navallur have made their mark in the list of preferred investment destinations within the city.
On an average, plotted developments are within Rs 25 lakh while 2BHK units are on average about Rs 52 lakh. Bigger units such as 3 or 4BHK units may command anywhere between Rs 1-3 crore. Over 6,000 projects are ready for possession in the city.
Hyderabad
One of the most affordable markets in the country, Hyderabad's price growth has been marked at 19 per cent over the past 46 months. With new business initiatives and economic policies, certain localities have shown visible climb in demand. The most popular of these include Nanakramguda, Hitech City, Kukatpally, Kokapet, Manikonda and NIzampet. Naturally, some of these localities have already benefitted immensely due to its proximity to business districts and commercial avenues.
Within Rs 85 lakh, you could buy a spacious 3BHK unit in the city while 2BHK units are priced within Rs 40 lakh on an average. Plotted developments, too, are within Rs 20 lakh, depending upon its size and location.
Thanks to the current market situation, over 200 projects are in soft launch and pre-launch stages while over 2,000 are ready to move. Over 600 are in various stages of construction.
Kolkata
If you were planning to invest in the City of Joy somewhere in 2013 but have deferred your plans so far, it might be the time to jump in. Over the last 46 months, the city has clocked a price cut of about 2.5 per cent.
Some of the popular hotspots include New Town, Sonarpur, Rajarhat, Garia, Mukundapur and Madhyamgram. What if we tell you that on an average, a 3BHK unit costs not more than Rs 65 lakh? Yes, it is true. Smaller units, 2BHKs are within Rs 35 lakh. Over 600 projects are under-construction while close to 1,800 projects in the resale and new projects are ready for occupancy.
Gurgaon
With Noida trying to attract buyers with affordable rates, Gurgaon has a tough competitor. By January 2017, prices took a beating and registered a negative growth of 7.5 per cent. A 2BHK unit would cost anywhere up to Rs 65 lakh while 3BHK units may be priced anywhere up to Rs 1.27 crore.
Some of the very popular localities across this micro-market include Sector 88B, Sector 82, Sector 33 Sohna, Sector 68, Sector 71 and Sector 67.
Gurgaon or Gurugram boasts about 500 ready for possession projects while a little over 400 projects are in different stages of construction. It looks like developers are cautious these days. There are just around 50 new launches.