Recent studies show that Mumbai Suburb Ulwe has emerged as one of the top destinations for real estate investment. The area has been noted for residential real estate growth.
As per the report of Knight Frank, global real estate consultant agency, Ulwe is to witness a price hike by 145 %.
As per the report Wadala and Chembur in Mumbai stand on the second and third positions respectively. The report records that both these areas will have price hikes at the rate of 133 per cent and 125 per cent in the coming five years.
Noida Extension and Dwarka Expressway remain the best Real estate Investment options in Delhi-NCR region. Here the housing prices are estimated to rise by 111 % and 108 % respectively. Both stand on the 4th and 5th positions.
With an estimated price appreciation of 103 %, Medavakkam in Chennai ranked 6th. The other locations which found place in the top ten Real estate Investment destinations are Hinjewadi (100%) and Tathawade (98%), Ravet (97%)(All in Pune) and Hebbal (94%) in Bangalore.
Pallikarnai in Chennai, Wakad in Pune and KR Puram in Bangalore are also reported to bring above 90 % of return in the coming five years. They too remain hotspots for Real estate Investment. The situation shows that the housing prices will be doubled in Ulwe within 3.4 years.
Knight Frank’s report titled ‘India’s Top Residential Destinations To Invest In’ had identified nearly 13 cities which will be hotly sought after by the real estate investors.
Notably most of the cities- four out of 13 are in Pune. Three cities of Mumbai, two cities in Delhi-NCR region, two each in Bengaluru and Chennai complete the list. However the report is strictly based on the investment point of view and not in the point of living standards.
The growth of Ulwe will be supported by upcoming Seawood -Uran suburban rail network. With the arrival of this rail network the area will have batter and faster connectivity to the prominent office hubs in Mumbai.
Real estate properties which have price appreciation above 90 % will be preferred more by the investors. The role of IT and ITeS industry is important in the growth of Pune.
Four favorite cities of Real estate Investment fall in Pune. Bangalore and Chennai are also aided by Information Technology and other IT enabled services.
The report added that most property which fall between the ranges of Rs. 3,200/ sq. ft. to Rs.15000/ sq. ft. will be preferred more.