by Akhilesh K Prasad
In recent times, India has seen a rapid growth in the services sector, especially IT and ITes, Telecom, Banking, Finance and Insurance. This, in turn, has prompted and refreshed the demand for real estate in India. The demand growth in the past two decades has been the highest in Hyderabad, Bengaluru, Ahmedabad, Mumbai and Chennai. These cities have also attracted industries and businesses. The increase in occupation has prompted the respective governments to undertake infrastructure development. On that parameter, these are top cities for real estate investment:
As the hub of the IT sector, the city is often referred to as the Silicon Valley of India. Areas around Malleswaram, Peenya and Bommasandra have also come up as manufacturing hubs. Though traffic woes still exist, development of Metro and Monorail have reduced travel time. In all, the development of manufacturing hubs, IT parks, SEZ and improvements in intercity transport have resulted in several residential projects that are promising good ROI.
The climatic conditions and large workforce for IT has made Hyderabad the next hub for the IT sector. Apart from IT, pharma, telecom and manufacturing sectors have witnessed tremendous growth. Consequently, there has been a steep rise in the demand for housing, which has made it one of the top cities. Nanakramguda, Manikonda, Gachibowli, Manikonda, Hafeezpet are some of the areas that have developed tremendously.
Chennai is well connected by road, rail, air and seaways. In that sense, it has always had an advantage from a business point of view, which has made it a trade hub. IT, Automobile, Textile, Electric Appliances and Education etc are well established in Chennai. It is also the biggest city in South India and there has been a regular migration of workforce towards the city. The city has also seen steady growth in real estate and is a safe bet with respect to ROI.
In recent years, Pune has seen a lot of activity in the IT/ ITeS, Finance and Automobile sectors. The city is growing rapidly and is on its way to becoming the next big IT, automobile and education hub. The influx of business and workforce has created a steadily rising demand for commercial and residential accommodation. At present, it is the biggest real estate investment destination in India.
Ahmedabad is another growing city. It is riding on the back of the manufacturing and IT along with the older textile, automobile and chemical industries. The city also boasts of several renowned educational institutions. The proposed new capital called Gandhinagar alongside the city and the ambitious GIFT city project has also added to the prospects of the city as a lucrative real estate investment destination.
An MBA by qualification, Akhilesh has dabbled into various businesses. He is a keen debater, data miner and analytically inclined. His blogs tend to present a fresh perspective on any given matter