Current Trends in Real Estate in India
With Narendra Modi assuming the power of Prime Minister, the trade and commerce sector has gained a boost, including the real estate segment. Job opportunities are on the rise. It is obvious that relocations are taking place at big cities. Therefore, the demand of residential units has increased. In order to bridge the gap, the current real estate trends are promising good offerings to the investors. What are those trends? Have a look.
Investors Eying Peripheral Areas
A few years back especially in Kolkata and Pune, the core area saw sky rocketing of values of real estate properties. That kind of price rise made investors to target the surrounding or the suburban areas for affordable housing.
Apart from price benefit, investors receive a bonus advantage from purchasing residential units at suburban areas. The basic amenities like colleges, schools, medical care facilities and other amenities are located at stone throw distance. The peripheral areas are also undergoing through industrial developments, which means there will be rise in job opportunities.
High Demand for Ready to Move in Properties
Bangalore witnesses substantial influx of people due to boom in IT industry. Nowadays, other businesses are also making a firm grip on the city. You can imagine how the job prospects are growing in this city. However, the rate of influx is much higher than the number of residential units. For that reason, people have to settle in Bangalore on rental basis. The situation is similar to many other Indian cities.
In the meantime, people book flats while staying at rental properties. Most of the flats booked are on home loan basis. With the passage of time, the pressure on EMIs mounts up and rental values rise. If the flats are not constructed in proper time, customers have to bear the brunt. Therefore, ready-to-move-in properties are getting much preference from investors.
Smart City Tag to Boost Realty Prospects
Assured electricity supply, robust sanitation and waste disposal management, efficient urban mobility and public transport systems, sustainable environment, robust IT connectivity and digitalization, affordable housing, health and education, strict security measures and other governing factors characterize a smart city.
Narendra Modi’s development agenda includes development of smart cities across the country. Among the chosen cities, Kolkata is one of them. With this announcement, real estate developers in South Kolkata have started constructing the projects accordingly. The amenities have been included as per the criteria of a smart city.
Kolkata is one of the cities where the buyers can opt for affordable housing units. Many residential properties in South Kolkata offer such advantage. Under the new norms of RBI, home loan borrowers will receive the advantage of reduced rate of interest if the home loan is below Rs.50 lakh. Moreover, homebuyers will get some tax rebate against home loans that are below Rs. 50 lakh.
People Preferring To Stay in Heritage Cities
Many Indian cities boast of heritage sites including old buildings, temples, mosques, churches, libraries and other relics. It has been found that after seeking retirements, many people prefer to settle at these cities to spend the rest of their lives.
Cities like Amritsar, Ajmer, Mathura, Gaya, Varanasi and Vellankani are witnessing real estate boom. Cities like Kolkata have joined the bandwagon. That is why one can notice many new flats coming up in South Kolkata as heritage sites like Kalighat temple, National Library, etc .are nearby.
Are you excited about the real estate projects in Kolkata? You just need to tune to the offerings of Mayfair Group. The residential units that have been recently built and the upcoming projects include all modern amenities at affordable prices.