Wednesday, January 3, 2007: The New Year
is unfolding like a blossom with petals curled tightly concealing
the beauty within and is bringing golden prospects for everyone.
Talking about our NRI friends, you can also explore those far horizons
and encash the opportunities. Upcoming factors like easy financing,
mushrooming construction projects contribute to increasing demand
for the property. With the red hot
Indian
real estate, where the improvements are at their best,
we bring you the hot property destinations that are set to stand
out in this year.
With a multitude of foreign conglomerates jostling hard to establish
their presence here, tier I cities continue to hold the hot seat
in 2007.
However, if Tier I cities do not make a right option for you,
consider parking your money in the surrounding locations and suburbs
as they are in demand in most developing international cities.
As for example, soaring prices of property in Hyderabad has helped
the residential demand to grow in the areas in proximity to the
city.
Tier I Cities |
Reasons |
Mumbai |
Flourishing infrastructure as well as emergence of city as a hot spot for entertainment and financial activities. |
Pune
|
Large interest of renowned IT and ITES companies to set their establishments here, low property rates than metros. |
Bangalore
|
Increased demand from IT/ITES sectors, growing expatriate and returning professional NRI's, infrastructure development |
Hyderabad
|
Increased impetus on IT and ITES sector, quality residential housing, affordable compared with other Tier II cities, infrastructure development |
Gurgaon/ Noida
|
Proximity to Delhi, better connectivity with high speed highways, impetus on IT and ITES sector. |
Chandigarh
|
One of the best planned cities, government policy towards future development of IT and ITES Sector, improved infrastructure, easy connectivity to Delhi. |
Tier II cities |
Reasons |
Bhubaneshwar
|
Potential areas for retail development in the vicinity of the IT/ITES Park.
|
Coimbatore
| Major construction activities visible in these areas |
|
Important industrial city with its robust textile, engineering and machinery sectors |
Jaipur (CBD of Jaipur) |
Likely to witness large-scale organized retail activity with leisure, entertainment. Surplus retail spaces may be offered for offices at lower price. |
Kochi |
Potential destinations for the future development (NH 47 by-pass road along NH 47 at Edappally, Seaport Airport Road, Kaloor-Kadavanthara road, Vytilla, Kakkanad) |
Kozhikode |
Dream City project (a 140-acre project with nature park, amusement park, culture park etc.) coming up, the S.M. Street Heritage Project on 270 acres of land |
Lucknow |
Preferred destination for retired IAS, IPS and other senior state government officials, more than four malls proposed in the city |
Trivandrum |
Proposed expansion for phase 2 and 3 of techno park |
Nagpur |
Expansion of residential development is from the core to the fringe areas of the city. |
Madurai |
City growing towards Melur Highway. No significant growth towards southern part of the city |
Raipur |
Emerging as the most active retail destination in the city. Raipur, G E Road would remain most important corridor for retail real estate development. |
| Source: Moneycontrol.com |
|
According to industry watchers, momentum gathered
in 2006 will flow into 2007, and this will be further maintained
by transparency brought into the
real
estate. Also, they forecasts stiff competition to the
emerging destinations such as Goa, where luxury villas in tourist
spots are likely to witness a huge demand.
