Real Estate in India: September 2008-Commercial Property-Properties in India-Residential Real Estate

Tuesday, September 16, 2008

Infrastructure Development: Key to Jaipur’s Growth

The pink city Jaipur seems to be in the pink of health as far as the real estate is concerned. Jaipur is amongst comparative scale with Gurgaon as it’s projected as one of the ten mega cities of the future. The city is said to be evolving to be the fastest growing metropolis in the country.

Major initiatives from the state government include setting up Special Economic Zones (SEZ), IT Parks, Biotech Industries and Automobile Plants that make Jaipur a happening real estate spot. The key to development in Jaipur is undoubtedly the infrastructural development in and around the state capital. The infrastructural developments include the ring road construction that will come up all around Jaipur.

Mahendra’s SEZ is a major real estate activity that has brought Jaipur on the real estate map on 3000 acres on Ajmer Road. Some of the main projects that are coming up in and around Jaipur also include several five star hotels that will attract more and more foreign tourism. Other projects that make Jaipur Real Estate active is the IT Corridor that attracts a number of potential employees from the surrounding areas and hence raises the demands for residential and commercial real estate development in Jaipur.

The residential values in some of the most transacted localities in Jaipur like, Mansarovar, Chitrakut, Vidyadhar Nagar are around Rs 2500-3500 per sq ft. Other localities like Jagatpura and Kalwar Road and are around Rs 1500-2000 per sq ft.

Moreover, Jaipur is all set to have a hi-tech Film City that is said to be completed in the span of two years. This attractive site will be located in an area of over 1000 acres on the Jaipur-Agra highway, near village Sumel. The upcoming Omaxe City is coming up with a residential complex near Jaipur that is only 20 minutes drive from railway station, airport and bus stand.

Big manufacturing industries are already setting up plants and manufacturing facilities in Jaipur. Hero Honda is said to set up Rs 700 crore plant whereas Anil Ambani’s Mega City Development Plans are also underway. The World Trade Park, Med-Tech City, International Convention Centre as well as the International Golf Course are some upcoming projects of Jaipur.

Real Estate Agents in Jaipur

Lucknow – The city of Nawabs – All set for real estate investments

Once upon a time Lucknow was famous for its Nawabi culture and traditional values, the city of Lucknow is now gradually upgrading to a modern city. The city boasts of some swank commercial properties, sprawling shopping malls and modern residential real estate.

Recent trend suggests that Gulf NRIs form the major chunk of investors for affordable realty deals in the 'City of Nawabs'. According to some developers NRIs also find the lower realty prices in Lucknow much more attractive as compared to exorbitant property prices in metros like New Delhi and Mumbai. Not just the city's prime commercial and residential locations, the suburban locations of Lucknow, especially Indira Nagar and Gomti Nagar are undergoing intense construction activities.

India's leading real estate developers like Parsvnath, Eldeco and Omaxe have already come up with their residential projects in the outskirts of the city as the old city has become very congested and has little scope for further developments. Besides, Sahara Group is also coming up with two mega residential projects – Sahara Estate and Sahara Grace, in Janakipuram, which is mainly a higher and middle income residential location.

Nevertheless, land prices continue to rise every passing day. Also the apartment capital values in Gomti Nagar and Hazratganj is around Rs 1800-2000 per sq ft. The rental value is between Rs 5000 to 10000 per month. Rental value in Jankipuram for a 2 BHK apartment is in the range of Rs 5000-5500 per month.

The city's brokers point out that after the real estate boom the city witnessed a number of small builders, who build small one-room flats and shops joined the list of real estate developers in the city and they invested heavily in the projects. However, due to the increase in the cost of mortar, steel and other building materials forced them to sell of their projects at lower costs. Many of them have shelved their future projects also. Rise in interest rates also played a spoil sport to their business.

Real Estate Agents in Lucknow

Goa Real Estate- Bright Future

Goa Real Estate is seems to be undergoing high rise in property value and eventually entering in to new arena of real estate market. Tourists from across world come here which has increased the transactions of both commercial and residential market. Investing in Goa is surely a good option, feel industry pundits.
Goa residential and commercial sector are witnessing a substantial change in the demand by the end user. In residential sector Goa Properties are offering a wide range of housing from modern apartments to quaint Portuguese villas which are catering to the need of upper class. Similarly, Goa commercial properties sector is also experiencing a paradigm shift in demand.
Realty majors such as DLF, Gera Developers, Parsvnath are coming up with their commercial projects to be launched in Goa. DLF is all set to come up with a glitzy mall in Panaji's Patto. All these prominent Indian real estate developer wants to transform Goa's scenic locales into huge housing segments featuring health clubs, tennis courts, malls, hospitals, and schools. Many new residential and commercial projects are coming up in Porvorim, Orlim to serve the national and international clients. Dona Paula, Miramar, Siligoa, Arpora, Panjim, Calangute, Old Goa, Taleigao and Santa Cruz are some of the posh localities of Goa. The residential property prices here ranges between Rs 3000 per sq ft to Rs 7000 per sq ft. The rental value of a 2 BHK flat is around Rs 13000-50000 per month.
Huge amount of investments are being made by the domestic and international buyers because of the emergence of world class facilities in almost all the upcoming projects. Goa real estate is developing at a fast pace in terms of physical and social infrastructure. A new airport is expected in Goa by 2014 which will further open up new channels of growth. All this makes Goa property a sound place for investment which is going to yield high returns in future.

Real Estate Agents in Goa Panaji

The port city is next IT hub

Kochi is enjoying the twin role of tourist and IT sector in the city. Many new IT/ITES are making their point Kochi as there next IT centres after Bangalore and Hyderabad. Real estate of city is booming with the increased demand of IT/ITES sector.

The coming Metro project which is another factor which has become the catchy for big developers and IT companies to invest here. It will cover Kalamassery, Edappilly and Palarivattom to Kaloor and from MG Road via Madhavapharmacy Junction, Kadavanthra and Pettah to Trippunithura.

Since Kochi is in the developing phase has popped up number of buildings and so as the builders to set up here. It won't be wrong to say that Real Estate in Kochi is going full places and is attracting people from around the world. Many new commercial and residential properties are developing to full fill the needs of end users. Panmpilly Nagar and Kakkanad are residential localities which have come up during the past few decades. Palarivattom, Kaloor,and Edapally, are the older residential areas. Kakkanad is fast becoming one of the most favored spots for villas and flats. All residential projects are coming in these areas.

DLF is planning to set up township project in Vyttila and Kakkanad. Manjooran Housing development co. Ltd is also coming up with residential projects in Aluva, Palarinatom, Kakkanad. Sahara Grace is also coming up with apartments near Seaport, Airport Road. The property prices in Kochi these localities are between Rs 2300 per sq ft to Rs 3200 per sq ft. On the other hand Kakkaand, Edapally and upcoming Smart city are the new and most required commercial localities of Kochi. The capital value of office space is around Rs 10,000 per sq ft to Rs 12,000 per sq ft.

Kochi is famous for its tourism and reasonable property prices. Now all Bangalore and Hyderabad IT companies are making Kochi as their next destination.

Real Estate Agents in Kochi

Pune's emerging hot spots

Pune is expanding its real estate scope in all directions. Owing to the city centres getting saturated the city's suburbs are gaining popularity in the realty segment.

Pune extension like Viman Nagar, Aundh, Kalyani Nagar are being preferred over the prime areas since they command reasonable property prices and are accessible from the prime areas. In Kalyani Nagar the apartment capital values are around Rs 5000-5500 per sq ft while the rental for a 2 BHK is about Rs 12000-16000 per month.

The far eastern parts of the city are witnessing major developments by far. Kharadi, Wagholi, Hadapsar; and the northern parts of the city, primarily the Pimpri-Chinchwad area, are emerging as the key growth centres. The fringe southern areas like Kondhwa, NIBM Road, Sinhagad Road, Vadgaon are developing swiftly, too.

Areas in the industrial belt of Pune, Kharadi, Wagholi, Hadapsar have also captivated the attention of Pune Real Estate Developers, of late. Primarily because of the proximity of these areas to the airport and railway station the real estate development is catching-up. These are also close to the plush residential areas of Kalyani Nagar and Koregaon Park, and offer property options at a much lower rate.

On the commercial front as well the CBD areas have given way to multiple emerging micro-markets like Kalyani Nagar, Senapati Bapat Road, Mundhwa, Aundh, Baner and Yerwada.

Residential Property in Pune is seeing an increase in value at a meteoric rate. Like other growing cities Pune is also fast grasping the trend of larger and premium homes. As a result, Pune Property Developers are now providing amenities like, swimming pools, gymnasiums, club house etc. in their residential projects at affordable costs. These are largely attracting the NRI and HNI segment of buyers and investors.

Industry experts feel that the real estate market of Pune is bound to escalate in the future. They see vital investments pouring in via weekend homes, commercial zones and studio apartments. Moreover, Luxury township trend is also likely to continue for a while in Pune.

Real Estate Agents in Pune

Chennai real estate – zooming ahead

Chennai Property prices have been on rise since long, especially in the Chennai commercial property rates. The rates of commercial properties are very high in areas like T.Nagar, Anna Nagar, Adyar. According to researches, the value range varies from Rs 50 lakh to Rs 5 crore depending upon the unit area.

Moreover, the residential real estate capital values of Chennai have been going steady. The rental values have also registered a hike of 15% in the areas such as Ambatthur, Cholaimedu, T.Nagar and Velacheri in last quarter. The main reason for value appreciation in these areas as sighted by researchers is availability of good quality infrastructure. Notably, Old Mahabalipuram Road (OMR), one of the hottest real estate destinations in Chennai is loosing pace owing to lack of infrastructure facilities.

However, the city's localities are flourishing at large and new ones are emerging every now and then on the realty map of the city. Take for instance, Sriperumbudur, it gained the real estate attention a few months ago for State Industries Promotion Corporation of Tamil Nadu (SIPCOT) Limited, when thousands of acres of farm land was distributed to the industrial giants from within and outside India. Several Korean, German and Japanese industrial majors have already got allotted lands at much cheaper rate compared to what the original owners received.

Another place, Guduvanchery is a developing town on the outskirts of Chennai. Guduvanchery is home to many industries including Rane Tow Steering system Ltd, Chennai Agro Tech and Stones Ltd, Wipro Limited, and Procon Instrumentation Ltd.

Moving ahead Chennai is coming up with a new Master Plan. It promises a better living space for those living in smaller homes. Under the plan, the floor space index (FSI) has been altered from 1.5 to 1.75, up to a maximum of 450 sq ft. Although, industry experts are hopeful that Chennai Real Estate is going to do well through its master plan, it remains to be seen whether the city be able to deliver much needed affordable housing to the common man or not.

Real Estate Agents in Chennai

Mumbai property market booms despite the doom globally

Property is the most coveted asset in today's times. In Mumbai, property is an inaccessible commodity. One reason for this is that every inch on land in that city is under development. Hence there is no fresh supply of land base. Property seekers are rebuilding or remodeling the existing structures to suit their needs. The other obvious reason is that constant demand for property put pressure on property prices. Mumbai finds its mention in the world's most expensive rents zones and office spaces. Mumbai figures in this list with posh destinations like Manhattan and New York.
The central regions on Mumbai are choked with development. The peripheries, suburban areas and far flung areas are the only hope for property seekers. Prominent localities include Malabar Hill, Altamount Road, Carmichael Road, Napean Sea Road, Breach Candy, Colaba, Cuffe Parade, Prabhadevi, Worli, Bandra, Khar, Santacruz, Juhu and Powai, Most of these are located in south Mumbai. South Mumbai is the hub of all posh localities. This region has palatial homes and the apartments that have sea view are considered invaluable.
The need for more expansion has pushed demand in Mumbai from south Mumbai gradually to north Mumbai. After Lower Parel and Bandra Kurla Complex, the focus is now shifting to the suburbs like Parel and Thane. These areas are currently the hotspots for residential and commercial developments. Many developers have announced IT-based integrated townships in these regions.
In suburban areas like Andheri East and Andheri West, the rental rate for one-bedroom house ranges between Rs10,000 – 14,500 per month. The rental value for two bedroom apartment in Cuffe Parade (South Mumbai) are reported at Rs45,000 - 80,000 per month.
Last year has been very significant for the city's property segment. The property prices increased in many places and stagnated in other, despite a global deluge in the real estate segment. Re-development is the new buzzword in Mumbai. Dharavi, Asia's largest slum, has emerged as a much sought-after location for real estate development. About 31 real estate forms have filed bid for this redevelopment. This includes three foreign forms as well. Many small developers have formed a consortium for this redevelopment.

The Mumbai Metropolitan Region Development Authority (MMRDA) is one of the most active civic agencies in the city. The MMRDA recently hikes the Floor Space Index (FSI) for developers. This means the property developers have more floor area top develop. The regions where redevelopment is happening will have an FSI of 4, as compared to 1.3 allowed earlier. Other than this, MMRDA is building five lakh low-cost houses brings in a ray of hope for the potential buyers.

Real Estate Agents in Mumbai

Kolkata Real Estate Market – A stable market for investors

Residential options in Kolkata are today are much more than ever before. The lifestyle options are many and offer ample luxury to the buyers. The apartments are designed by some of the greatest architects in the world. The inflow of Foreign Direct Investment (FDI) has also led to an appreciation of the overall quality of real estate projects.

Girikunj Phase II adjacent to New Alipore, is the newly found residential option in Kolkata. Private developers have lined up their projects in the range of Rs. 28 -36 lakhs. Capital values of builder floor apartment in Tolly Gunj near Menoca cinema hall is Rs 65 lakhs and the rental value of an 1800 sq ft apartment in Tolly Gunj near Menoca cinema hall is Rs. 15000 per month. In Jadabpur the capital values of a 1000 to 1200 sq.ft is in the range of Rs. 25 to 48 lakhs whereas the premium apartments in this region is between 52 to 60 lakhs for a 1000 to 1200 sq.ft multi-storey apartment.

Kolkata Real Estate has witnessed an unprecedented price rise in the South Kolkata localities like Ballygunge, Prince Anwar Shah Road and Elgin road. The factors behind such a steep rise in select localities are the limited availability of real estate options, successful retail and commercial projects and improved connectivity with improved urban road build quality.

Rajarhat, unlike Salt Lake, is being developed as a new city, with not only residential projects but SEZs, IT Parks, hotels, malls and commercial and shopping complexes as well. This well balanced approach towards development has increased the possibility of commercial office demand shifting along with residential requirements. A gradual change is in the offing, with Park Street and its adjacent areas likely to emerge as retail high street locations. Over the last two-three years, residential property prices in Kolkata these area had gone up by over 50 per cent. Kolkata Real Estate Developers are anticipating more than 15-20 per cent rise in the prices by this time of the year also.

Thus, it can be concluded by saying real estate in Kolkata is in a high growth phase, especially in office, hospitality, retail and residential sectors. For commercial, it is the EM Bypass, Sector V in Salt Lake, Park Street, Camac Street and Theatre Road. For residential, the majority is again around the EM Bypass towards the Rashbehari Connector and New Town. There are some pockets in Central Kolkata, but not too many projects are happening here due to the non- availability of large plots of land.

Real Estate Agents in Kolkata

Bangalore's passive residential market

Bangalore is witnessing a slowdown in buy sell activities of residential property. Latest property trends of the city shows that the residential capital values are decreasing at certain localities. Eastern Bangalore region is facing recession in property market. Areas like Marathahalli, Airport road, Whitefield, Brookefields, Hoodi etc are seeing downfall in property rates as compared to last year. Reason cited by the local property dealer is that these areas are facing lot of traffic congestion and are commercialized. Therefore people are not interested in buying their residential property across these regions.

To reach Airport Road and Marathahalli one has to pass through several bottle neck areas with long traffic queues and congestion. Also there is construction work going on the route. The metro rail project is under construction from past one year which has resulted in traffic jam.

Another construction activity of a flyover near the old airport road causes lot of traffic jam. Thus people are not buying any residential property across these areas. Everyone wants to have home away from main city and that should have some free space and easy traffic movements. Most of the people are choosing Bangalore suburban areas for buying residential apartments and these areas are experiencing hike in property values.

As per a Brix research report Marathahalli has registered a decrease of 23% in apartment capital value while Whitefield registered decrease of 12 % in last quarter. Though lot of real estate activities is happening in Whitefield area but the residential apartment values are going down. Rental values at Marathahalli have gone down by 6% whereas at Whitefield rental values have gone down by 25% in last quarter. Similar is the case of other nearby region.

Brix research analytics team found out that there is an increasing demand of residential property at the areas which are free from traffic congestions, have good physical and social infrastructure, connectivity and availability of premium apartments. Nevertheless, localities like, CV Raman Nagar, Koramangala and Electronic City where demand is mostly driven by IT professionals are going steady.

Moreover, Bangalore residential real estate market is in passive stage and the buyers are investing smartly in property market.

Real Estate Agents in Banglore

Delhi NCR real estate– suburban growth continues

The Delhi NCR region has grown to be one of the most favored real estate destinations of India. Delhi being the capital city has always been a delight for any property buyer or investor. With the city getting crunched for space, the NCR region gained popularity among the developers, buyers and investors alike.

The most sought-after locations in the Delhi NCR region include Gurgaon, Ghaziabad, Faridabad and Noida. Being in the proximity of the national capital, Gurgaon today is considered as one of the major towns of the country and is being termed as the 'Millennium City'. The apartment capital values in places like DLF and Sushant Lok are around Rs 4000-8000 per sq ft and the rentals are Rs 15000-30000 per month (approx). Sohna road commands Rs 4000-5000 per sq ft for a 2 BHK apartment. M.G. Road is another very affluent place in Gurgaon and it houses a number of glitzy malls.

In view of expanding horizons, Gurgaon now extends to Dharuhera, Manesar and Bhiwadi. It is expected that with the coming up Gurgaon-Delhi expressway Dharuhera along with Manesar can be the next NCR suburbs. The active real estate developers in the area include Parsvnath, Omaxe, Dwarkadhis, GTM, and Natraj.

Besides Gurgaon and Noida that are growing on a massive influx of IT industries, Ghaziabad has of late emerged as the residential nucleus of NCR. The city is also gaining popularity owing to its proximity to the Commonwealth Games location. The developers here are largely emphasizing on providing good quality infrastructure. Indirapuram is one such locality in Ghaziabad that has developed tremendously on the back of a strong infrastructure support. According to research reports, property rates in Indirapuram alone have registered a 70 to 80 per cent appreciation in the last one and a half years.

The demand is huge supply is erratic and hence, prices are sky-high in all these areas. Although, the current slowdown phase has put a dent on the real estate market worldwide including the Delhi NCR, but industry experts are optimistic that it will bounce back.

Real Estate Agents in New Delhi
Real Estate Agents in Noida
Real Estate Agents in Gurgaon
Real Estate Agents in Faridabad
Real Estate Agents in Ghaziabad
Real Estate Agents in Greater Noida

Tuesday, September 2, 2008

Hyderabad: property interest ever high

Real estate in Hyderabad is never seems to be subjected to the lull in the general property scenario of the country. A major factor that contributes toward continued bright prospects of Hyderabad properties is not just the state capital status but clearly the tag of cyber-city. Being the biggest IT-hub in India, Hyderabad is already known as the Cyber-City. All government authorities and private developers are ready to launch real estate projects for further development in the city. Plan is to give new looks to Hyderabad as world class facility metro city to the historical, cultural and architecture beautiful city.
One of the major development areas is due to new Hyderabad International Airport, also known as Rajiv Gandhi International Airport at Shamshabad, Started operating on 23rd march 2008. This Airport is about 30 km from the main city. There is lot of new development potential in this area of approximately 20 km. Hyderabad Urban Development Authority (HUDA) spent 36 crore to development of the airport road for better connectivity from the city.
Real estate in Hyderabad is growing rapidly in residential, commercial and retail market. Investment in Hyderabad properties has become the most preferred investment instrument in the city and areas which are witness of growth areas in western part of Hyderabad. New residential projects are launched frequently for those end users who are ready to buy apartments in Hyderabad. New township development is in and around the actual growth driver SEZs and outskirts of the Hyderabad. Also with the development of outer ring road, along with the express highway from Hitec city to airport and at Shamshabad, property rates are quite high.

Real Estate Agents in Hyderabad

Chandigarh real estate – Fast catching the eyes of the investors

Chandigarh is the most planned city and capital of two states viz. Punjab & Haryana. The commercial real estate is fast catching pace. One of the major commercial developments in the city is the construction of IT Park. All the big names in IT are setting up their business there. As a consequence some of the top builders are showing interest to invest in making the city a more beautiful place. With all these developments taking place in commercial and residential sector Chandigarh property prices are really getting high.

The standard of living and per-capita income is very high in Chandigarh. Majority of the population in the city comprises of people from the army background and because of the beauty of the city they want to spend their retired life there. The same pattern of glory and pride can be seen in Chandigarh property. Big bungalows, farmhouses are common there. The trend seems to be changing here slowly and steadily.

With the entry of foreign players like Emaar, MGF Developers and affordable home loan rates of interest prevailing in the market the investors are queuing up to invest in real estate in Chandigarh and also taking into consideration the major infrastructure development in and around the city, as this is indicative that the returns on investments will be high. Taking into consideration the fact that people in Chandigarh are very fashion conscious, many private builders and developers are making exquisitely designed townships and flats in the city and to add to it services of interior designers are being utilised to decorate and smarten them up.

Punjab Urban Development Authority, Chandigarh is taking projects in many sectors in Chandigarh and its peripheral areas. Apart from giving housing facility to all Chandigarh Housing Board are also working on the development of parks, city suburbs and slum rehabilitation projects. Property Dealers and Real Estate Agents in Chandigarh are of the opinion that other real estate developments like lush green parks, well maintained round abouts and roads covered with large canopies of trees are really creating people's interest to invest in the real estate in Chandigarh – probably the only smoke free city in India.

Real Estate Agents in Chandigarh

Real Estate in India