The development of a city’s infrastructure and commercial spaces is the leading cause for the betterment of its residential real estate market.
This clearly defines the consistent growth of the real estate sector in metro cities like Pune, Mumbai, Delhi/NCR and Bengaluru. The horizontal and vertical growth of these cities have created a hotbed for real estate developers.
Let's see how and why the metro cities are taking charge of the Indian real estate market.
The cultural and educational capital of India is also emerging as an IT hub. The city has observed significant hike in property rates in the last decade, which continues even today. It is blessed with a pleasant climate and offers all the modern infrastructure to the citizens. Pune is still in the transformation phase however, which makes it a great place to invest. The steady growth of Pune is encouraging buyers to invest in the real estate market, as it assures appreciation.
The city of dreams, Mumbai, is counted amongst the top 10 global markets. It attracts more migrants than any other city in India. It is a land of opportunities and real estate is not an exception – while some central neighbourhoods have faced saturation, the suburbs continue to expand into real estate hubs.
Being the capital of India, Delhi has experienced a much-expected growth in real estate over the decades. It is admired for the high rises and its affordable housing sector. Given the scenario, one would think that the market will reach its saturation point, however, Delhi is an exception. In last two years especially, the demand for residential space has increased in Delhi along with Noida and Gurgaon.
Bengaluru, the startup city or the tech city, is one of the fastest growing cities in India. It is also famous for its pleasant weather and youthful lifestyle. Over the years it has attracted a vast number of residents due to its popularity as an IT city as well as its many educational institutes, making it one of the nation’s premier residential markets today.
Apart from the ones mentioned above, cities like Kolkata and Chennai are also experiencing expansion and hence, a rising demand for residential real estate. The total scenario makes it clear that real estate in India has no plans to slow down, with metro cities having control of the sector right now.