Real Estate Scenario in Nashik
The Indian real estate market has witnessed a surge in growth recently, driven by factors like urbanization and robust economic expansion. While cities like Mumbai continue to be hotspots, several emerging markets are now taking center stage. In this blog, we will explore the top emerging real estate markets in India and discuss key factors driving their growth, as well as provide investing tips.
Overview of the current real estate market in India
India’s real estate sector is transforming due to favorable government policies, increased foreign investment, and the rise of affordable housing. The implementation of the RERA – Real Estate Regulation and Development Act, 2016 has brought transparency and accountability to the sector, boosting investor confidence. Additionally, the growing middle class, rising disposable incomes, and urbanization have also fueled demand.
Key factors driving growth in emerging markets
- Infrastructural development – Cities with improved connectivity, transportation networks, and planned smart cities
- Economic growth and industrial development- Emerging markets with thriving industries, such as information technology, manufacturing, and services, witness increased employment opportunities, and demand for housing and commercial spaces.
- Affordable housing – The government has made homeownership accessible to a broader segment of the population.
At the 5th CII Real Estate Confluence, Mr. Ajay Ashar- CMD, Ashar Group and Vice Chairman MITRA – enlightened the audience with pertinent facts and statistics affecting the infrastructural and real estate scenario of Maharashtra. India’s GDP has been healthily growing at 5 to 6 per cent over the past 30 years. The Indian government has also been focusing on 8 key verticals: healthcare, housing, infrastructural development, agriculture, waste management, sustainability, technology and industrial growth. Currently, development of road networks is underway. For Maharashtra, approximately 3,58,000 crore rupees has been allocated for around 3,000 kilometers of expressways that are planned to be built.
Regions experiencing significant development
Thane: Thane is known for its ample green space and natural elements like its beautiful lakes. The vicinity to Mumbai is advantageous, and it is equipped with top-class hospitals and educational institutions.
Navi Mumbai: Widespread transport networks have been built which are convenient and increase connectivity. It offers relatively reasonable property rates as opposed to the main Mumbai city, and has a high standard of living too.
Pune: Pune has emerged as a top real estate market due to its strong IT and manufacturing sectors, young workforce, affordable housing options, and favorable investment climate.
Chennai: Its booming IT and automobile industries, strategic location, and planned infrastructure projects make it an attractive market.
Hyderabad: The city’s infrastructure development, proactive government policies, and affordable property prices make it worth considering.
Tips for investors
- Research: Gain a deep understanding of market dynamics, growth potential, and upcoming developments.
- Location selection: Choose areas with good connectivity, proximity to commercial hubs, educational institutions, and essential amenities.
- Developer reputation: Invest with reputed developers known for timely delivery and quality construction to minimize risks.
- Rental income potential: Consider markets with high demand for rental properties to generate regular income.
- Long-term perspective: Have a clear investment strategy and patience to reap benefits.
India’s emerging real estate markets present numerous opportunities for investors and homebuyers. By conducting thorough research, selecting the right location, and having a long-term perspective, investors can capitalize on the potential and reap rewards. Make sure to carefully and calmly consider everything important to you, and you will have made the right choice.