The Indian real estate market has entered a new paradigm with the implementation of the Real Estate Regulations and Development Act or the RERA. The implementation of this act is a path-breaking law that has enhanced the confidence of the buyers and real estate developers within a very short period of time. The act has enhanced transparency in the real estate sector and has also enhanced the credibility of the investments resulting in higher domestic and foreign investments. A number of NRI investors are now looking at the real estate market of India with new vigor. The RERA act not only scrutinizes the realty sellers but also helps home buyers with a risk-free journey.
Smart Indian cities that attract real estate investments:
The top Indian cities that are popular residential markets with excellent infrastructure, communications and market viability are as follows.
1. Bhubaneshwar:
Bhubaneshwar is one of the fastest growing IT hubs of the Eastern part of India. The boom in the IT sector also influences real estate development in the city. The majority of the available land for procurement here is Government owned and thus the real estate market in the city is well regulated. Many IT employees who migrate to the city in search of jobs take houses for rent here. The arrival of national-level real estate players such as Tata, Vipul, Assotech, etc., has enhanced real estate development in the city. Consequently, property rate and house rent in Bhubaneshwar is also meager, helping with affordable housing for all.
A majority of real estate advancement occurs in the North and the southwest parts of Bhubaneshwar, owing to the presence of the KIIT’s deemed university and Info City I. Duplex houses and independent houses for rent score over apartments in Bhubaneshwar. It is possible and comfortable to fetch a 2 BHK property at Rs. 50 Lakhs at areas like KananVihar, Patrapada, Hanspal, Saheed Nagar, Nayapalli, etc. Some growth drivers that influence real estate development in the city are,
- Commercial projects like the DLF cybercity and the United one projects that generate lakhs of jobs and attracting young professionals from other parts of the country to work in Bhubaneshwar
- Six lane NH-5 highway that helps vehicles to transport faster than in city limits
- The Kalinga Nagar Industrial Complex that covers over 13,000 acres of land. Space is to be allotted for a number of different and diverse industries.
- Paradip and Pharma Socio-Economic Zones: These economic zones are again job drivers that indirectly influence settlements and real estate projects in the city.
2. Bhopal:
Bhopal, the capital city of Madhya Pradesh has always been known for its charm and magnificence in its structures. Apart from the appearance of the city and the luxuries it offers, it turns to be one of the perfect places to live in. The city also renders an appealing pricing pattern when it comes to purchasing of properties, making it an ideal destination to invest in real estate properties. There are better insights for marketing and business efficiency that attracts both Indian and foreign investors towards property in Bhopal.
Apart from residential places, there is also an increasing demand for industrial properties in the city. As a large number of a population migrate to the city in search of a job, there is a high demand for commercial rental properties as well. People find investing here easy and favorable, as the endorsements of the city are been taken care of by the MP Government in the best possible ways.
Before few years, the real estate sector in the city was in the hands of the few local bodies, making it tough for local investors to acquire it. But recently, with the emergence of new dealers in the market and an increase in the number of projects, there is an increase in the availability of property in Bhopal at affordable rates. People are able to invest in well facilitated and developed areas at acceptable rates in different parts of Bhopal with the revised regulations.
Other Indian cities that are the top of real estate development are Chennai, Delhi, Mumbai, Vishakhapatnam, Kolkata, etc.
Real estate trends:
The current price trends in the city of Bhopal is in a positive direction at the overall real estate market. These this the right time for the investors to buy or sell properties in Bhopal. The cost of a property in Bhopal starts at Rs. 1.80 Lakhs and the average price of properties in this is city mounts up to Rs. 81.20 lakhs. There are about 30 localities in Bhopal that show an upward price trend, making it favorable for investors both in India and abroad. Bhubaneshwar is a little costly than Bhopal and the properties here at a little costlier, the house rent in Bhubaneshwar can be between Rs. 10,000 – Rs. 15,000 for a normal 2BHK house. Many investors show interest in Bhubaneshwar properties to enjoy excellent rental income.
Finding properties in Bhopal and Bhubaneshwar:
Housing.com is an excellent online platform where real estate advancements are happening at a much faster rate. The website helps investors to find their ideal property and also ensures that their journey of booking a property is easy and hassle-free.
A number of factors go into consideration while booking a property such as a locality, area of preference, amenities, budget and a lot more. Housing.com is the ultimate destination in finding the most suitable property that meets all the requirements. Irrespective of one is looking for a rented property or an individual apartment or villa, it is possible to locate easily in this online portal. The website offers both residential and commercial properties for both renting and buying all over the country.
It is possible to find anything and everything pertaining to real estate at housing.com. It lists various properties for sale, projects by renowned builders, apartments, shops, commercial spaces, etc., across the leading metropolitan states in India. Try housing.com for all your property search, and benefit from finding out the best property at the best cost possible, without any brokerage.
