Real estate has been a major contributor to the economic growth of India and this is very much evident from the estimated fact that it contributes 6.3% to the total GDP.
India is a developing country. Since independence India has come a long way in terms of development in various sectors. Among various sectors that contribute to the economy of India, the real estate sector is one such sector which has flourished tremendously in last decade. It is said that after agriculture, real estate sector is the backbone of the country and is slated to grow 30 per cent over the next decade.
The growth of the real estate sector and its downfall both affects the economy of the country. Therefore, to ensure uniformity in growth of the sector, the government keeps a proper track of the development in this sector. And every year, new policies and laws are made and implemented by the government in order to bring in growth in the real estate sector.
As per various government sources, the size of the Indian real estate market was around USD 16 billion in 2006 and it is estimated to reach USD 90 billion by 2015, growing at a CAGR (Compound Annual Growth Rate) of 21% during this period . Further, it is expected to touch USD 180 billion by 2020, registering a CAGR of around 19% from 2006 to 2020.
Factors responsible for the growth of the real estate sector
The growth in infrastructural development is the biggest sign of growth in the real estate sector. And to initiate this growth many private developers have joined hands with the government. Many projects are undertaken and are on its way to completion.
The demographic factor
With the increase in population the demand for residential and commercial properties increase. And seeing the rapid growth in India’s population it is the need of the hour. And with this increase in population, the employment opportunity has also increased, thereby giving rise to the demand for office spaces.
India’s current GDP is approximately 8%, which is making the country highly attractive for investors across the globe. A rise in per capita GDP signals growth in the economy and tends to increase the productivity. Thereby hinting a substantial rise in the purchasing power of an individual. The economy of the country is still dependent on agriculture but only 17 per cent. However, the service sector has picked up in recent years and now accounts for 57 per cent of the GDP, while the industry contributes 26 per cent.
The driving factor for real estate sector
Most importantly, the initiatives being taken by the Government, Financial Institutions and the Real Estate Development companies are majorly responsible for the development of this sector and these are being discussed below:
Various initiatives taken by government for the real estate sector
1. The Real Estate (Regulation and Development) Bill, 2013
This bill is an inventive step to protect the interest of consumers, in order to promote transparency in real estate transactions, timely implementation of the planned projects, maintain uniformity in the growth of real estate sector and help quick settlement of disputes related to the properties.
The Bill also contains provisions of registration of real estate projects and registration of real estate agents with the Real Estate Regulatory Authority. It is expected that this Bill will reduce the rate of fraudulent activities and delays. And thereby ensuring a great responsibility towards the customers.
2. Housing for all by 2022
This scheme was introduced with a view to provide affordable housing for all. The basic features of the scheme are:
Promotion of affordable housing for weaker section through credit linked funding.
Affordable housing to be provided in partnership with Public and Private Sectors.
Subsidy for beneficiary-led individual house construction or enhancement.
Slum rehabilitation of slum dwellers with participation of private developers using land as a resource.
3. Make in India
It is an initiative to strengthen India’s manufacturing sector, which currently account for less than 30% of the economy. And thereby creating job opportunity in the sector for skilled and unskilled labours. This will ensure a high growth in share of office space occupancy.
Real Estate was one of the first categories that embraced digital way. Digitalisation in some ways added to smoothness in the real estate sector and transparency in a business that was mostly grey. The websites gave buyers everything that they wanted, such as- the site plans, proposed look, amenities, exact location, development around that area and much more.
5. Smart Cities
This initiative is taken to provide better opportunities to improve lives. Basically to create cities that can provide employment opportunities for a large number of residents.
Apart from these, there are other initiatives taken in order to attract more domestic and foreign investors.
Reserve Bank of India has come out with different concessional schemes. For increasing the growth graph of real estate sector, RBI has given banks the authority to plan out new schemes that will benefit this sector.
Increase in the share of FDI. In reality projects, 100% FDI is allowed but through automatic route, which has increased the amount of investors.
The ULCRA i.e. Urban Land Ceiling and Regulation Act has been repealed by various states thereby bringing in hike in the real estate sector.
The minimum area that can be developed in terms of integrated townships has been reduced to 25 acres from 100 acres. This has greatly helped the developers in making more profits and thus augmenting the real estate growth.
Funds for the urban development has increased, hinting a substantial growth in the real estate sector in near future.
The changing face of Indian realty
The Indian real estate sector is one of the highest investment sector of the country. And is one of the highest contributor to the Indian economy. Today, the changing trends and development has led to the growth of the sector. Some of the major factors contributing to the growth of this sector are as follows:
Increase in the rate of Foreign Direct Investment (FDI): The Increase in the rate of foreign direct investment up to 100 %, led to the boom in investment and development activities of the country. Today, the real estate sector of India is the fifth largest sector for foreign investment, and third most popular real estate destination among emerging economies. The huge investment opportunities and high returns on investment has attracted many foreign real estate investment companies including private equity funds, pension funds and development companies. Apart from this, the real estate sector also saw the arrival of many domestic realty players.
Improved corporate environment: With increased investment opportunities there was a substantial increase in corporates and MNCs thronging the Indian realty market. This has increased the demand for office space and thereby an increase in commercial property sector. This has also provided better employment opportunities to the people of India and thus helping in the overall growth of the Indian economy and subsequently in the growth of the real estate.
Enhanced purchasing power of an individual: With the increase in GDP rate the purchasing power of an individual also increases, and hence more demand for residential properties. The time has changed, people now prefer to buy a home than to stay in a rented apartment. And this led to a rise in demand for luxurious homes with world class amenities.
Accessing loans is easier: With lucrative interest rates and other offers offered by various banks, availing home loans is no more a difficulty. Today, loans have become accessible even for a person belonging to a middle class income group. And this has therefore led to the growth of the real estate sector of the country.
Growth in Indian economy: India is the fastest growing economy and it is the third most popular real estate destination among emerging economies of the world. The growth of the economy directly influences the real estate sector of the country. There is an increase in the demand for commercial, residential and industrial properties of various developed cities like: Delhi NCR, Mumbai, Kolkata, Hyderabad, Chennai, Bangalore and Pune.
Increase in the non-resident investors: Seeing the growth rate in the realty sector, lots of NRIs are attracted to invest in India. It is expected that the sector will incur more non-resident Indian (NRI) investments in both the short term and the long term.
Demand for industrial and manufacturing sector: The demand for an industry is dependent on the availability of labour, natural resources and infrastructure. India has abundant natural resources with availability of low cost labours. This factor of the country has attracted not only domestic investors but also foreign investors. Thereby leading to a sharp rise in demand for industrial sector. The government’s initiative of Make in India and a rise in the retail business has generated enormous demand for warehousing and logistics space. There are plans to start many projects and many projects are undertaken to overcome the infrastructural deficiency of the country. It is expected that in next five years the demand for industrial, manufacturing and logistics will witness immense growth and demand.
Office space demand: The demand for office space seems to rise in near future. With so many foreign investors and corporates entering the Indian market, the demand for office space has ultimately increased. As corporates look to expand business, the office space absorption is likely to rise this year in India’s major cities like- Delhi NCR, Bengaluru, Mumbai, Pune, Chennai, Hyderabad and Kolkata. Apart from this, the improvement in financials, macroeconomic scenario and real estate transparency is likely to increase the demand for office space.
Emerging investment hot spots of India
The real estate sector in India is growing and attracting investors across the globe. Today the investors are not only interested in investing metros but also eyeing for the growing cities across India as well. Some of the emerging hot spots for investment in real estate sector of the country are:
USP of East Bangalore
Recently, Ahmedabad has emerged as an important economic and industrial hub in India. The effects of liberalisation of the Indian economy have energised the city's economy towards tertiary sector activities like commerce, communication and construction. Learn how the growth rate of the city is surging ahead and making it the top most investment spot. Click Here To Know More
Bangalore is the IT hub of the country and is known as the Silicon Valley of India. With huge number of corporates entering the city, Bangalore has become the most desired city for investment. Read on to know more about various aspects of the city that makes it the most desirable for the investors. Click Here To Know More
Chennai is ranked as the fifth-largest economy in India. The city is host to the third largest expatriate population in India after Mumbai and Delhi, and is one of the fastest growing economy of the country. It has huge opportunities to invest and assures good returns. Read on to know more about Chennai, the growing investment hot spot of India. Click Here To Know More
The capital of the country is the emerging city for investments. The huge expansion in Delhi’s infrastructure has attracted not only corporates but also multinationals from various corners of the world. Read on to know what makes Delhi a hot spot for investment Click Here To Know More
Owing to its proximity to Delhi and availability of vast undeveloped plots, Gurgaon became the ideal choice for investment. Moreover, over the time, the government’s tax reforms, close proximity to the Delhi International Airport and the Delhi-Gurgaon expressway attracted huge investments in the real estate market of Gurgaon. Read more about this growing city of the country and what makes it the hot spot for investment. Click Here To Know More
The growing investment opportunities in Noida has attracted not only corporates but also multinationals around the globe. The Noida Software Technology Park ranks second in the country in terms of export turnover. Learn what makes the city an interesting hub for investors Click Here To Know More
Being a tourist spot the improvements in the infrastructural facilities is a regular feature in Goa. And due to this feature investing in the state has always been fruitful and assures to give good returns. Read on to know what makes Goa an ideal place of investment. Click Here To Know More
With the growing Centre of retail, commerce, administration, education, production and marketing, Jaipur offers countless options and varied opportunities in terms of both employment and lifestyle. From the horde of new projects coming up in Jaipur and from its ever changing skyline, it is evident enough that the city is growing tremendously. Learn more about the various aspects of the city that makes it a good place for investment. Click Here To Know More
The Real Estate dynamics of Kolkata is changing at a very fast pace. The realty market is on a high due to a combination of factors such as the arrival of reputed MNCs and big corporates looking for the right assesses and a sudden increase in the number of developers of upmarket property. For more details about the investing options in the city, read on Click Here To Know More
Lucknow is flourishing economically and is one of the liveliest city of the country. It is also one of the fastest growing cities in India with growing manufacturing, commercial and retail segments. There are various other aspects of the city that makes it a good place for investment, read on Click Here To Know More
Mumbai is one of the world’s top ten centres of commerce in terms of global financial flow, generating around 6.16% of India's GDP and accounting for 25% of industrial output. And it is therefore, the financial capital of the country. Investors are eyeing Mumbai in desire of profitable returns and the city has not disappointed them. The city of opportunities has become one of the hot spots for investment in the country. Know more about the various factors of Mumbai that make it a hot spot for investment. Click Here To Know More
Pune has seen tremendous growth in infrastructure field in the last decade with world-class residential and commercial projects being set up in and around the city which gave the city a global stature. Today, with increase in expatriates, who have settled in Pune for job location, the population in the city has also increased, thereby giving rise to substantial demand in real estate. Know more about the various areas of the city that has developed and makes the city a perfect destination for long term investment. Click Here To Know More
Ahmedabad is the largest city and former capital of Gujarat. It is the administrative headquarters of the Ahmedabad district and the seat of the Gujarat High Court. It is the sixth largest city and seventh largest metropolitan area of India.
Recently, Ahmedabad has emerged as an important economic and industrial hub in India. It is the second largest producer of cotton in India, and its stock exchange is the country's second oldest.
The effects of liberalisation of the Indian economy have energised the city's economy towards tertiary sector activities like commerce, communication and construction. Ahmedabad's increasing population has resulted in an increase in the construction and housing industries resulting in recent development of skyscrapers.
Ahmedabad is divided into two physically distinct eastern and western regions. The eastern part houses the old city. The western part of the city houses educational institutions, modern buildings, residential areas, shopping malls, multiplexes and new business districts centred on roads such as Ashram Road, C. G. Road and Sarkhej-Gandhinagar Highway.
Sardar Vallabhbhai Patel International Airport, 15 km (9.3 mi) from the city centre, provides domestic and international flights. The Fedara International Airport is proposed near Fedara, which will be the largest airport in India with a total area of 7,500 hectares.
Due to the huge growth of the industrial sector, and the overall high rate of development in the commercial and residential sector, Ahmedabad’s real estate market is booming. It is the hub of the textile, pharmaceutical and chemical industries. Apart from being a well-established education centre, with national institutes like IIM, NID and CEPT, Ahmedabad has also established itself as a major IT/ITeS and retail destination. The combination of these favourable factors naturally makes it a highly desirable residential destination.
Ahmedabad is providing extraordinary and unprecedented returns on the real estate front, and is one of the most exciting investment destinations in India today. The growth corridors for real estate development are the Sarkhej-Gandhinagar Road, Sardar Patel Ring Road, and Maninagar and on the north side of the Inner Ring Road in areas like Nirnaynagar and Ranip. S-G Road and Sardar Patel Ring Road in particular have witnessed a lot of residential bungalow and farm house developments in the recent years.
Ahmedabad is proving to be an ideal city for acquiring residential and commercial property due to excellent infrastructure that the city has and the kind of facilities it offers. There will be a consistent 10-15 per cent growth in property rates across all sectors in Ahmedabad.
Since the declaration of Ahmedabad as a mega city in the last Union Budget the real estate activity has gained momentum. With 80 per cent of the urban population of Gujarat, housing large corporates and state and district level public offices, Ahmedabad has been ranked the seventh highest in Market Potential Value (MPV) among all the 784 cities in India.
The western parts of the city are thriving areas for residential properties in Ahmedabad. The integrated townships are the norm and major players in the field are launching them.
A lot of development has been observed in the commercial sector as well. A number of retail players including international brands are eyeing the Ahmedabad market for its retail potential. Ahmedabad offers great infrastructural base and excellent opportunities for commercial purposes.
Investment opportunity for NRIs
Ahmedabad is fast flourishing into a popular choice for foreign direct investments (FDI) such as joint ventures and real estate investments. Although, the transformation of the city is slow and steady but the past few years have witnessed major industrial development.
With an improvement in its infrastructure and facilities, it is no wonder that many new ventures are looking forward to the city. This may serve as a decent investment option for NRIs pondering over to yield good returns in near future, as the real estate prices in Ahmedabad are sure to take a jump.
As a location for property investments, Ahmedabad certainly has good prospects in store for prospective investors with a fair share of risk. Demand for property is unlikely to saturate in this city even in the distant future due to its ever increasing value as a major commercial and industrial hub and contributor to the Indian economy.
Being India’s leading Information Technology exporter Bangalore is known as the ‘Silicon Valley of India’. Bangalore, the capital of Karnataka is the third most populated city with the population of about 8.52 million and fifth most populous urban agglomeration in India.
Over 90 percent of the population (8.7 million) lives in urban areas of the district, making Bangalore one of the fastest growing and most modern cities in India. With a Gross Domestic Product of $83 billion and economic growth of 10.3 percent, Bangalore is home to a strong and skilled work force.
Located on the Deccan plateau at the height of 900 m above sea level, Bangalore is known for its pleasant climate throughout the year. The qualities like pleasant climate, well connected roads, well developed infrastructure and other such features has made Bangalore the ideal city to settle down.
A demographically diverse city, Bangalore is the second fastest-growing major metropolis in India. It is home to many educational and research institutes in India, such as Indian Institute of Science (IISc), Indian Institute of Management (IIMB),National Institute of Fashion Technology, National Law School of India University (NLSIU) and National Institute of Mental Health and Neurosciences (NIMHANS). Numerous state-owned aerospace and defence organisations, such as Bharat Electronics, Hindustan Aeronautics and National Aerospace Laboratories are located in the city.
Bangalore is home to more than 80 Fortune 500 companies and over 700 multinationals. It has been consistently rated as one of the best places to do business by organizations like the World Bank, the Federation of Indian Chambers of Commerce and Industry (FICCI), and The Associated Chambers of Commerce and Industry of India (ASSOCHAM).
Source: JLL Blog
Bangalore stands 12th among the World’s Top 20 technology rich cities in the City Momentum Index (CMI) 2014 with its principal information technology sector. The real estate industry and economy as a whole are gaining momentum with multinationals from all over the world investing in the city.
The growing infrastructure in the city has invited premier levels of office space construction which in turn boosted the commercial space absorption levels. With so much of investment and establishments happening in the city, the employment opportunity has also increased, thereby giving a fair rise to the number of expatriates who live and work in the city. With the increase in the number of expatriates the demand for residential properties has also increased. Today, Bangalore is the third-largest hub for High Net worth Individuals (HNIs).
The city is undergoing a new phase, lots of development is happening in the city and new residential projects are being undertaken. As of the current time, the maximum residential project development taking place in the city is in areas like Whitefield (West), Hosur Road, Bannerghatta Road, and Sarjapur Road owing to their proximity to the IT parks. JP Nagar and Kanakpura Road are succeeding due to the metro line construction.
The market dynamics on the residential front showed an upward sales trend for housing properties ranging from 35 to 80 Lakhs, whereas properties ranging from 75 Lakh to 1 Crore were slow moving in 2014. The sales are progressive in and around IT parks like Sarjapur Road, Whitefield, Kanakapura Road, and Bellary Road with relatively low sales in Mysore Road and Tumkur Road.
The year 2015 has observed a string of new launches and a steady growth of purchase trends in Bangalore owing to the infrastructural development in the city. Hosur Road noted the highest rise in commercial real estate followed by Whitefield and Kankapura Road.
Source: JLL Blog
Residential property prices remain under INR 5000 per Sq. Ft in Hosur Road and Sarjapur Road making them preferred budget-homes location. The high-end expensive housing properties are located in Whitefield with prices going up to INR 8000 per sq. ft. Bangalore’s real estate industry is flourishing to the north due to its closeness to the airport, launch of special economic zones, and IT parks. Hebbal is fast growing as the IT hub of North Bangalore attracting vast residential real estate investments. The north-west part of Bangalore is hosting luxury home projects with prices ranging from 70 Lakhs to 1.5 Crores in areas like Yeshwantpur and Rajajinagar while ultra-luxury projects are housed in Sadashiv Nagar- the centre of the city.
People who are looking to buy a home in Bangalore in the next six months can definitely go ahead. The residential market of Bangalore is currently stable and can provide good value on short-to-medium term investments, depending on the location and type of residential product. It has a range of budget homes, luxury villas, and commercial office spaces with a stable real estate industry attributing to an end-user driven market.
Bangalore is one of the best investment hubs in the country with rapid IT sector growth and expansion, teamed with infrastructure development.
Delhi, the capital of India, is a pulsating metro that has amazing combination of modernisation and culture. The capital is a well mix of Victorian architecture and the city’s high rise buildings.
The presence of historical monuments like Red Fort, India Gate, Jantar Mantar, Mughal tombs in Delhi depicts the history of the city. Being the capital of the nation it is definitely one of the fastest growing cities in India.
Delhi has the advantage of its cosmopolitan society where there are people from every nook and corner of the country. This makes the city very multi linguistic and multi cultured. Today, Delhi has well planned roads, bridges, connecting flyovers, country’s best health care facilities etc. The capital has the best educational institutes, like the University of Delhi which is considered as the most prestigious university of the country.
Primary facilities of transportation is no more a subject of concern for the people of Delhi because the government has plans to expand the existing Metro Rail Service to other parts of Delhi and NCR. Also, the health care facilities have improved with free services to poor, and advanced treatments available at government hospitals.
Well, Delhi is also becoming the hot spot for Information Technology of India. All major multinationals like IBM, Microsoft, Google, Sony, etc. have their offices in Delhi and NCR.
Apart from this, Delhi is also the political capital of the country. It is the power house of Indian democracy which rules the nation and being the capital of the world's largest democracy, Delhi has embassies of more than 160 countries.
With increased foreign investment and economic growth Delhi has seen major infrastructural changes over the past few years. The huge expansion in Delhi’s infrastructure has attracted not only corporates but also multinationals from various corners of the world.
The rate of growth in the economy of the city has put the city on the global map competing with other top cities of the world. Delhi is the symbol of old and new India, an India which is growing rapidly and catching up with the global business demand.
India’s largest urban agglomeration and the 2nd largest in the world, the National Capital Region or NCR had been one of the fastest growing realty hot spots in the country till about two years ago. It supports an ever increasing population and has been responsible for development of many equally important regions in the nearby states of Haryana, Rajasthan and Uttar Pradesh.
A recent survey depicts the real picture of real estate market in the NCR region. With the increased employment opportunities, population has also increased, thereby increasing the demand for residential properties.
Evidently the year 2014 and 2015 saw an increased number of home buyers as compared to the previous years. The availability of homes at comparatively lower rates have made people to buy their own homes instead of staying in a rented house. This is an indicator of the fast paced development happening in the region. It also indicates that home buyers have been extremely receptive to property purchase, although 2014 saw a slow patch for the real estate industry.
Apart from this there have been several developments in commercial sector as well. The city in terms of organised retail, witnesses a significant number of malls, spread across the entire Northern region. Key malls include Unitech Metrowalk, Emaar MGF Mall and M2K Mall at Rohini, DLF City Centre at Shalimar Bagh and M2K mall at Pitampura.
Prominent features of Delhi:
Delhi is well-connected to other parts of the city through well-planned roads.
Delhi Metro network offers good connectivity within the city and its suburbs. And has been an important factor in terms of real estate development in the capital.
The Delhi Metro Rail Corporation (DMRC) has proposed a 103.93 km-long corridor in its Phase-IV project to connect areas in West Delhi to South Delhi.
Delhi-Mumbai Industrial Corridor (DMIC) is an ambitious infrastructure project in India that is expected to provide a major impetus to the planned urbanization of India with manufacturing being the key driver. The project has been conceptualized in collaboration with the Government of Japan.
With the Cabinet Committee on Economic Affairs giving the green signal to the 12 year old proposed Eastern Peripheral Expressway – Delhiites will now be able breathe in a waft of fresh air. The six lane arterial road will not only decongest the traffic laden roads but will also bring down the pollution levels in the national capital drastically.
The region has been witnessing a host of infrastructural developments which are expected to create a positive impact on the overall real estate market scenario. The marquee projects such as the mass transit systems and smart cities project will boost up the growth in the region.
Delhi has witnessed about 700 new units being launched during CY2014. The Delhi Development Authority’s recent approval of the land pooling policy is expected to unlock nearly 40,000 acres of land in the Delhi market. As per the policy, developers can acquire land directly from farmers who are willing to participate in the process, wherein they get back 40–60% of the developed land. This is expected to act as a cooling measure for property prices in the region.
Expressway stretches over approximately 165 km along the Yamuna River connecting Noida and Agra. The primary objectives of this expressway are to minimize travel time from Delhi to Agra, facilitate faster uninterrupted movement of passenger and freight traffic, and connect the commercial centres with the main existing and proposed townships on the eastern side of the Yamuna River and to relieve traffic congestion on the NH-2.
With the Supreme Court ordering the NHAI (National Highway Authority of India) to wrap up the project by July 2018, the work on the Eastern Peripheral Expressway is expected to take off within the next three months.
This project is cited to improve infrastructure in the two states of Uttar Pradesh and Haryana. The expressway is also likely to improve the economic and social conditions of all the areas it covers and is also expected to provide a number of employment opportunities thus luring real estate developers to enter the market.
The Common Wealth Games-2010 hosted in Delhi has boosted infrastructural development to a great extent. Development in terms of improved and widened road network has changed the face of the old cramped development. It is expected in the next few years that Delhi will be a city with minimum traffic congestion and the problem of traffic will be reduced to a great extent.
Seeing so many developments happening in the infrastructure and real estate sector of the city it won’t be wrong to say that Delhi is one of the favourite spot for investment, not only for the developers but also for the buyers.
The one state that has grown tremendously in last decade is definitely Maharashtra. The Maharashtra state lies in the western region of India. It is also the second most populous state after Uttar Pradesh. In terms of economy, it is the wealthiest state in India contributing 15% of the nation’s industrial output.
Mumbai is one of the world’s top ten centres of commerce in terms of global financial flow, generating around 6.16% of India's GDP and accounting for 25% of industrial output, 70% of maritime trade in India (Mumbai Port Trust and JNPT), and 70% of capital transactions to India's economy.
Mumbai represents the capital city of the state and is regarded as the financial, commercial and entertainment capital of the nation. Mumbai today is competing with Singapore, Hong Kong and Shanghai to emerge as an international financial capital.
From the above table it is clear that Mumbai is ranked fourteenth according to GaWC: Globalisation and World Cities ranking and stands fourth among the emerging cities of the world.
The headquarters of major banks, offices, insurance companies and airlines are located here, and Bombay Stock Exchange – India’s largest stock exchange is also located in this city.
Whilst Banking, Finance, Insurance and Professional Services are the major sectors of growth, the Shipping, Manufacturing, Pharmaceuticals, Media and Entertainment sectors are also prominent contributors to the city’s success.
Infrastructure and real estate are the two engines of a city that provide the basis for economic growth. With the increase in employment sector, the population has also increased, thereby demanding an infrastructural development in Mumbai. Apart from the different sectors in the city, the one sector that has grown immensely is the real estate sector.
Mumbai's peripheral realty locations have always performed well, even at the time of the slowdown in the property market. The city may have seen a little delay in the construction of its major infrastructural projects, but last year it was observed that the city’s infrastructure has advanced to a great extent.
Highlights of the city’s latest developments:
India’s first monorail service commenced operations from 1st February, 2015 on the 8.9 km Wadala-Chembur section in the central-eastern suburbs of Mumbai. The introduction of the air-conditioned, smart card ticket access monorails have changed the way Mumbaikars travel.
To solve the problem of traffic congestion the newly constructed eastern freeway was Mumbai’s most ambitious and a much awaited project. It is India’s second largest flyover, which is worth Rs. 1200 crore and has been partly funded by the centre under the Jawaharlal Nehru National Urban Renewal Mission (JNNURM).
In order to make commuting easier for the Mumbaikars, a double decker flyover has been constructed. It is India’s first double-decker flyover which is 6.5 km road and provides east-west connectivity.
The Santacruz-Chembur Link Road (SCLR) is aimed to ease traffic snarls at Amar Mahal Junction, Vakola, Sion and Kurla areas and will also significantly de-congest the Eastern and Western Express Highways.
Apart from the above developments in the infrastructural sector of the city, there has been huge progress in the residential and commercial property sector as well.
The demand for property in the city varies from area to area. For instance, property market of city is witnessing high demand in 4 to 5 BHK luxurious apartments, ranging in 1 to 5 Crores, on the other hand, in the outskirts, 2 to 3 BHK units are more in demand.
Affordable housing is in demand in Mumbai, but due to high land prices it cannot be met. All-round reforms from the government is expected, especially administrative, land, fiscal, tax and banking reforms that will boost growth and help in reduction of prices.
While residential development has spread, commercial development still remains centred mostly around Nariman Point, Bandra-Kurla Complex, Lower Parel and Goregaon-Malad belt. The shuttling of population across the city to these commercial nodes has put tremendous pressure on the road and rail infrastructure in the city.
The graph clearly shows how property price trends have increased in the month of April and decreased by July (2014-15).
Fortunately, the city’s gravitational pull will remain strong over the next seven years, although the city will be increasingly challenged and it will become imperative to proactively fulfil the needs of the citizens.
Mumbai will remain the gateway to India as it is a key entry point to this massive market. The investors will wait and watch but one thing can be ascertained, that in spite of varied perceptions about country level risks, Mumbai remains the most favoured Indian city for the rest of the world.
Goa, known as "Pearl of the Orient" and a "Tourist Paradise", is located on the western coast of India in the coastal belt known as Konkan.
Goa has medium scale industries which include the manufacturing of pesticides, fertilisers, tyres, tubes, footwear, chemicals, pharmaceuticals, wheat products, steel rolling, fruits and fish canning, cashew nuts, textiles, brewery products.
Tourism is Goa's primary industry: it handles 12% of all foreign tourist arrivals in India. Ideally travellers and tourists favourite spot, Goa has come a long way in terms of real estate development.
Being a tourist spot the improvements in the infrastructural facilities is a regular feature. And due to this feature investing in the state has always been fruitful and assures to give good returns.
With the increase in economy of the state, Goa, the purchasing power of an individual has also increased, thereby an increase in demand for properties. Goa has certainly become a destination for those willing to have a villa or independent bungalows at strategic locations in Panaji and other cities.
From the graph it is clear that the economic growth of the country has taken a pick in the year 2000 and continues to grow at a successive rate.
Features that make Goa an ideal place for investments
The property prices are less compared to the areas of Mumbai and Delhi NCR.
Goa has well developed international airport with customs clearance facilities and well connected to major cities of India, besides facilities for chartered flights.
The Telecom facilities in Goa are on par with other metro cities in the country.
Goa has sufficient water for domestic as well as industrial uses.
Goa's public transport largely consists of privately operated buses linking the major towns to rural areas.
Goa is one of India's richest states with the highest GDP per capita — two and a half times that of the country as a whole — and one of its fastest growth rates: 8.23% (yearly average 1990–2000).
The Goa government has approved the Rs. 981.11 crore proposal for Panaji Smart City .
The major investments in Goa comes from the metros like Mumbai and Delhi. Non Resident Indians are also seeing Goa as the best place to spend their retired life. They generally prefer sea-facing accommodation, which can either be an independent bungalow or semi-independent duplex apartments.
The property prices are different in different areas and depends on the distance from the beach and the facilities available. Other locations in Goa such as Ribandar, Taleigao, Santa Cruz and Old Goa are witnessing huge property development due to their proximity to capital, Panaji.
Apart from the Indian corporates, the multinationals are also attracted to invest in Goa. And it can be definitely said that in few years, Goa will be the most preferred location for investors in the country.
Gurgaon, 8 kms from Indira Gandhi International Airport is the modern suburb of Delhi. Located to the southeast of Delhi, Gurgaon is the industrial and financial centre of Haryana.
Owing to its proximity to Delhi and the smart policy initiatives of the Haryana government, after the liberalisation of Indian economy in the 1990s, this satellite city was recognized as a potential investment destination. Multinational investors have built swanky office blocks, malls, multiplexes, hotels and amusement parks in this fast developing region.
Today, modern shopping malls and skyscrapers are dotted along its landscape after a major realty boom post the late 1990s. Geographically the Gurgaon district comprises of five blocks: Badshahpur, Pataudi, Sohna, Gurgaon and Farrukhnagar.
Owing to its proximity to Delhi and availability of vast undeveloped plots, Gurgaon became the ideal choice for investment. Moreover, over time, the government’s tax reforms, close proximity to the Delhi International Airport and the Delhi-Gurgaon expressway attracted huge investments in the real estate market of Gurgaon. And today, as you talk of Gurgaon, the name instantly reminds of attractive residential high-rise buildings and prestigious offices of MNCs.
With so many developments happening in the city the cost of the property also increased which led to a step back in the potential home buyers. Therefore, to attract more home buyers the Haryana Government proposed a new scheme called “Affordable Housing Scheme” which got approved in August 2013. With such positive steps, Gurgaon is definitely paving its way for providing affordable housing in the NCR. And therefore, the affordable homes in Gurgaon at the price starting from Rs. 12 Lakh will work like catalyst in it.
Apart from this a lot of development is happening in the outlying cities of Gurgaon. Certain peripheral locations of Gurgaon such as Sohna, Dharuhera, Neemrana and Bhiwadi have witnessed healthy demand from both end users and investors.
Sohna, an emerging city adjoining Gurgaon, is being developed as per the ‘Sohna Master Plan-2031’ with an area of 6,110 hectares earmarked for future development and more than 28% of the land area set aside for residential development.
Dharuhera, has emerged as an affordable real estate destination in NCR over the past few years. Residential demand has predominantly been from local end-users or investors from neighbouring regions of NCR, seeking affordable options.
Neemrana, is one of the fastest growing industrial centres in north India. It is strategically located on NH-8 and in proximity to the other industrial sub-markets of Bhiwadi, Bawal, Khushkhera and Tapukhera. Situated in Rajasthan and as a part of Delhi-NCR, this sub-market has attracted heavy industrial investments from Japanese manufacturing firms. With 70% of the 1,200-acre Japanese Zone being operational, the investment in manufacturing facilities by firms such as Daikin, Mitsui Chemicals, Nissan, Nippon and NYK Logistics will enhance the development of this area.
Bhiwadi, is an industrial town and a part of Delhi-NCR. RIICO (Rajasthan State Industrial Development and Investment Corporation) has been instrumental in the industrialisation of Bhiwadi since 1975. The region is also a part of the prestigious DMIC project.
With such important developments and the government coming up with such lucrative schemes, Gurgaon will soon be a home not only for the elites but for the lower and middle income segments as well.
Jaipur is the capital and largest city of Rajasthan. It has grown much beyond the old traditional ‘Pink City’. The landscaped old forts: Hawa Mahal, City Palace, Jal Mahal, Amer Fort and other palaces and gates and buildings of historical significance has made Jaipur a major tourist destination in India.
With the growing Centre of retail, commerce, administration, education, production and marketing, Jaipur offers countless options and varied opportunities in terms of both employment and lifestyle. From the horde of new projects coming up in Jaipur and from its ever changing skyline, it is evident enough that the city is growing tremendously.
Being the capital of Rajasthan, Jaipur offers enhanced connectivity with an upgraded international airport and well laid out roads. It is very well connected to the capital of the country, Delhi, and other neighbouring states of the country.
The ample amount of fly overs, congestion-free traffic, well-constructed roads in the city, makes the city perfect for settling down. The economic opportunities coupled with favourable linkage through railways, highways and international airport make it the favourite destination for investors and entrepreneurs.
The city is witnessing a vast real estate development, especially along major roads connecting with the neighbouring cities. Today, areas like Ashok Nagar, Rambagh, Banipark Gandhi Nagar, Vaishali Nagar, Civil Lines, C-Scheme, Malviya Nagar, Patrakar colony and Jagatpura from the ‘New City’ represent urban Jaipur.
With shrinking size of the existing city area, majority of development is likely to advance towards city suburbs, primarily along the growth corridors such as Ajmer road, Sikar road, Sirsi road and Kalwar road.
The improved living conditions, employment opportunities and ultimately the booming economy has made people around the country to migrate to the city.
As the contribution of the city towards the GDP of the country is increasing, the economy of the country is improving. And hence, Jaipur is evolving as a destination for business expansion and investments activities. The numerous developers from the city and other parts of the country with various new projects are helping change the skyline of Jaipur.
Development of large-scale self-contained integrated townships and group housing developments comprising of residences, commercial establishments, shopping complexes, hotels, and medical facilities are attracting investors to Jaipur.
The real estate sector of the city is a huge attraction for investors within and outside the country at comparatively affordable prices. Major initiatives related to the infrastructure have been taken up to boost the city’s realty market. Some of these initiatives include Jaipur metro rail, ring road development and expansion of NH-11 corridor.
With overall growth of Jaipur in terms of population base and city’s infrastructure, developers are developing residential townships and apartments in the city.
The northern, southern and western location of Jaipur is seeing majority development. Most of the upcoming residential supply is observed along Ajmer Road, Sikar Road, Jagatpura, Sirsi Road and Kalwar Road. The supply is due to the rising demands from the city population who are opting for a better lifestyle.
Owing to the location, accessibility and quality of infrastructure the central and eastern parts of the city comprise of prime residential zone. This region also has different sized residential plots.
Seeing the growing demands of the citizens of Jaipur, the developers have ensured to maintain the infrastructural and architectural designs along with the various amenities in tune with the latest prevailing trends. With the huge expansion and development Jaipur is definitely the next upcoming metro.
Kolkata is the cultural capital of India and the commercial capital of Eastern India. Since the year 2001, economic rejuvenation has spurred on the city's growth with extensive urbanization, commercialization and job creation. Kolkata has long been known for its literary, artistic and revolutionary heritage.
The city is the main commercial and financial hub of East and North-East India and home to the Calcutta Stock Exchange. It is a major commercial and military port, and is the only city in eastern India to have an international airport.
Kolkata is home to many industrial units operated by large public- and private-sector corporations; major sectors include steel, heavy engineering, mining, minerals, cement, pharmaceuticals, food processing, agriculture, electronics, textiles, and jute.
Real Estate Scenario in West Bengal
The Real Estate dynamics of West Bengal are changing at a very fast pace. The realty market is on a high due to a combination of factors such as the arrival of reputed MNCs and big corporates looking for the right assesses and a sudden increase in the number of developers of upmarket property.
With the top corporates like ITC Limited, Coal India Limited, National Insurance Company, Exide Industries and Britannia Industries rank among the companies headquartered in the city, the investment opportunity has all the more increased.
The state's real estate remains hot amidst cooling realty prices in other areas. In comparison to the property prices of many metros in India, the property prices in West Bengal are moving upwards.
Regions like Howrah, Sodepur, BT Road, EM Bypass and Joka were topping the charts showing potential improvement in the real estate sector. The developers in the city of joy saw massive demand for apartments captivating 91 percent of the total markets.
The property markets in Delhi, Mumbai, Kolkata, and Bangalore are clearly on their way up. All signs point to a bubble developing in Kolkata.
A brief introduction to the most renowned areas of Kolkata:
Located in South Kolkata, Bhowanipore is considered a posh locality. This area has always been famous for welcoming wealthy and highly educated immigrants. Thus, it has got the status of being one of the most luxurious and posh areas in Kolkata. The property prices of this are very high because of its historical importance.
Suburbs of Rajarhat and Eastern Metropolitan Bypass area are some of the other areas in which real estate prices have risen remarkably. A lot of the NRI investors have shown interest in this zone - all thanks to the magnificent projects happening here.
Investment prospects in Kolkata:
For people who are looking for affordable homes in a metro than Kolkata is definitely an ideal place for investment. The property values in WB are comparatively lower than other metropolitans. The forthcoming metro lines in the city have had a positive effect on the minds of the people and therefore places like Salt Lake, Garia and many others have been witnessing appreciation on the real estate front.
No matter in which segment you plan to invest (residential, retail or commercial properties), both capital values and rentals are pretty less in comparison to the other big cities.
Although the city lags behind its fellow metropolitan cities of Delhi, Mumbai and Bangalore, the real estate markets of Kolkata are termed as far more stable than them. Somehow, this nature of Kolkata real estate has duly attracted many investors.
All said and done, one cannot deny the fact that the demand for investment property in Kolkata is on rise. Top notch real estate developers also have caught the market nerves and now coming up with projects that are focused on investors.
Pune, the most peaceful and growing city is one of the favourites of people looking for settlement. There was a time when Pune was home to retired person who looked for a peaceful life. But, today it can be seen that it has grown tremendously into a vibrant metro. Pune is considered as the cultural capital of Maharashtra. It is hub of not only IT sector but also education, technology, manufacturing and real estate.
Pune is considered as the Oxford of India, with the presence of several educational and research institutes apart from other institutes for sports, yoga, Ayurveda, culture and social services. The presence of several IT companies, education institutes, favourable climate and proximity to Mumbai makes Pune an ideal choice of living and business.
Pune has seen tremendous growth in infrastructure field in the last decade with world-class residential and commercial projects being set up in and around the city which gave the city a global stature.
With increase in expatriates, who have settled in Pune for job location, the population in the city has also increased, thereby giving rise to substantial demand in real estate. This has also led to the developments in the outskirts of the city like- Khadadi, Chinchwad, Magarpatta and Dange Chowk.
Balewadi is one such rapidly growing area on the western side of Pune with steady growth over three to four years. This location has seen tremendous growth and has become one of the most preferred residential areas, which is mainly targeting the software professionals working in the nearby Hinjewadi Software Park and other nearby information technology parks/companies. The rates there have seen an annual increase of 20 per cent over the past two years.
Another big example of residential township is Magarpatta City. It is a township in the village of Hadapsar in Pune. Magarpatta City is built over 400 acres of land. It is home to a commercial zone, residential neighbourhoods, two schools, a multi-specialty hospital, a shopping mall, multiple restaurants, a gymkhana and a large 25 acre serene park called Aditi Garden. It has eco-friendly development and has green spaces that make up for 30 per cent of the area. Besides this, there are many such projects that are developed and are on the way and has undoubtedly made Pune one of the ideal location to stay.
Apart from residential developments, the commercial sector is also growing tremendously. One of the best example is the Amanora Town in Pune. The shopping destination spread across an expanse of 1.2 million sq. ft. It is a one stop destination for the citizens where you can shop, eat, watch movies in theatres, and enjoy a live performance in its open amphi theatre and a lot more.
In Pune, property developments have increased to as much as 70% in Hinjewadi, Baner, Kharadi, Kalyani Nagar, Wakad, Pimple-Nilakh and Pimpri-Chinchwad. Apart from these even Talegaon on the Mumbai- Pune expressway is also seeing fast paced development.
The property developers are taking up large projects in view of Indian corporates and multinationals, who are planning to set up manufacturing facilities here.
Pune is well connected by air, rail and an express highway to Mumbai, the commercial capital of India, as well as to other prominent metros and cities in India. Pune has three major bus stations viz., Railway Station, Shivaji Nagar & Swargate Bus Stand. Many private airliners have their booking offices in Pune and also operate from here. They are shortly commencing International flights to Dubai and Singapore.
With so many developments happening in and around the city it is clear that by spearheading the industrialisation of India, Maharashtra has set trends in the development of real estate in the country.
When we talk of Uttar Pradesh the first thing that comes to our mind is Lucknow. If Mumbai is commercial capital of India then Lucknow is known as cultural capital of the country. With courtly manners, beautiful gardens, poetry and music, Lucknow is definitely a city of Nawabs. Apart from this, it is also famous as Golden City of the East, Shiraz-I-Hind and the Constantinople of India.
Today, Lucknow is flourishing economically and is one of the liveliest city of the country. It is also one of the fastest growing cities in India with growing manufacturing, commercial and retail segments.
Famous for its culture, heritage and hospitality, the city retain its old-world charm with its heritage bungalows and havelis. A major metropolitan city of India, Lucknow is the administrative headquarters of the eponymous District and Division. It is the second largest city in north and central India after Delhi. Lucknow has always been known as a multicultural city. And it continues to be an important centre of government, education, commerce, aerospace, finance, pharmaceuticals, technology, design, culture, tourism, music and poetry. There has been a lot of real estate development in the city in the past few years and this is ascertained by the several malls, commercial complexes and residential complexes in the city.
It is clear from the graph that Hazratganj among the other popular residential localities in Lucknow, has fared quite well in the last one year.
The real estate in Lucknow has witnessed rapid growth during the past few years. Key factors contributing to the growth are:
The city is the only large urban centre amidst a number of small towns in the surrounding districts, making it an attractive destination.
Higher per capita income coupled with growing aspirations of middle-class.
Improving infrastructure in terms of road networks, good educational institutions and organised retail. Creation of employment opportunities by the government/public sector companies and private companies are an added factor.
Availability of land at affordable prices when compared to metros, has led to private developers venturing into the market.
Presence of reputed private developers like Rohtas, Eldeco, Halwasiya, Ansals, Unitech and Sahara in the form of various mega projects with world class social amenities is slowly and gradually changing the face of residential real estate in the city.
Lucknow's eligibility under JNNURM.
Besides that a 100 acre IT city near the international airport is on the way which will also have an IIT institute and a cancer hospital. Experts say a strong MP can help Lucknow attract more investments like attracting IT investments.
LMC have plans to revive the heritage part of Old City on the lines of Old Ahmedabad. Just as the heritage monuments of Ahmadabad were revived under the 'Smart City' process. Similarly, ancient structures and old narrow streets of Old Lucknow will get cleaned and repainted. Developing greenery and constructing footpaths across the heritage walk route will be integral of the project.
The basic idea behind the smart city is to make lives of people better by giving them smart options. Smart auto, tempo and bus shelters are also included in the plan. Smart City projects can be developed through equity or private partnership, whichever makes it financially viable.
Existing and Upcoming Infrastructure
The New Lucknow region has good infrastructural facilities such as existing and upcoming wide roads, water and sanitation facilities, presence of organised retail and other social amenities. Lucknow being an eligible city in JNNURM (Jawaharlal Nehru National Urban Renewal Mission) is expected to witness better infrastructure in the future. The city has experienced a lot of infrastructural improvement in the past 17–18 years. The development has accelerated during the last decade in terms of organised and planned development of roadways, entertainment zones, good educational institutions and other public amenities. Recently the city's central commercial hub, Hazratganj has undergone a makeover which gives it a near international look.
Considering the infrastructure facilities and incentives for development on offer, Lucknow has steadily earned the reputation of being a new hotspot for investment in North India.
New Okhla Industrial Development Authority (NOIDA) constituted under the UP Industrial Area Development Act, 1976 is a planned, integrated, modern industrial city, well connected with Delhi through a network of national highways, roads and the DND flyover. NOIDA, spread over an area of 20,316 hectares, is one of the largest planned industrial townships in Asia.
Noida in the state of Uttar Pradesh is in the southeast of Delhi. Noida is bound by the NH 24 by-pass in the North, in the West by River Yamuna after which are the states of Delhi and Haryana and in the South, is the meeting point of the rivers Yamuna and Hindon.
Greater Noida market also witnessed significant real estate activity in 2014 in terms of both new launches and absorption, with a large number of units concentrated in Noida Extension and Yamuna Expressway. Due to the comparative affordability and planned development of these areas, developers continued to prefer launching projects in these locations.
In the year 2010, Noida earmarked roughly 710,000 sq. m. land for different industries. There are roughly 6,014 manufacturing units operating out of this area. With an investment of INR 127.1 billion, these industries provide employment to about 95,000 people.
The growing investments in Noida has not only attracted corporates but also multinationals around the globe. The Noida Software Technology Park ranks second in the country in terms of export turnover. Noida is the only land locked export processing zone in the country, houses industries like textiles, electronics, engineering, computer software etc.
The roads connecting NOIDA such as NH-2, Link Road, Kondli Road, Noida-Greater Noida Expressway, Noida Agra-Mathura Expressway and the DND flyover provide easy access in and out of Noida. For the easy movement of the intra city road traffic, the authority is maintaining long and well connected roads.
Over the last few years Noida has emerged as a major destination for home buyers. Noida and Greater Noida, along with Yamuna Expressway and Noida Extension, provide affordable alternatives to middle class buyers in the national capital region. Average home prices in these regions are significantly lower than in Gurgaon, which is associated with high-end apartments.
About 35.66% of Noida’s area is being earmarked for residential development. In the decade ahead, Noida plans to acquire and develop 3,400 hectares of land, for residential, commercial, industrial and for institutional purposes. And the remaining for development of recreational purposes, which would include entertainment parks and cultural activities.
Buyers have shown an interest in cost effective micro–markets such as Greater Noida which accounted for 42% of the total absorption during CY2014 in Delhi-NCR. New launches were majorly concentrated in the mid-segments, in the micro-markets of Noida, Noida Extension and affordable housing projects in Gurgaon. Capital values across most micro-markets of the NCR witnessed a stagnation due to restrained demand levels.
Gurgaon witnessed a significant number of launches in the affordable housing segment as well and accounted for 35% of the new launches in Delhi-NCR in 2014.
Noida remained a priority destination for housing investors from affordable and mid-segment home buyers. During 2014, a large amount of inventory was concentrated in Noida Extension and Yamuna Expressway in the Greater Noida region. Due to comparative affordability and planned development, the absorption levels were the highest in the Greater Noida region at 42% in CY2014 and the developers continued to prefer launching projects in this location.
The majority of the recent residential development has taken place in the peripheral micro-markets of Noida, Gurgaon, Ghaziabad and Greater Noida. Noida Extension will prove to be a tough contender to other localities in the NCR, primarily in terms of pricing and location.
This has also spurred commercial and corporate activity in the area, as commercial property rates are also far more competitive when compared to those in the developed sectors of Greater Noida and Noida.
Chennai, also known as Detroit of India, is the capital of Tamil Nadu and is the biggest industrial and commercial centre in South India, and a major cultural, economic and educational centre.
It is the fourth-most populous metropolitan area in the country and 36th-largest urban area in the world. Chennai is ranked as the fifth-largest economy in India and the city is host to the third largest expatriate population in India after Mumbai and Delhi.
Chennai emerged as top 25 real estate destinations in a survey titled 'Emerging trends in real estate in Asia Pacific 2014'. Chennai with huge amount of expatriates from the country is the growing real estate sector.
Chennai is divided into four broad regions: North, Central, South and West. North Chennai is basically an industrial area. South Chennai and West Chennai, are fast becoming a commercial hub, home to a growing number of information technology firms and financial companies.
The growth and development related to residential sector in Chennai is influenced by lots of factors prevailing in the Chennai realty market. The factors play a vital role in attracting buyers who are interested in investing in Chennai.
The year 2012 was successful year for the residential market and the year 2013 began on a positive note, and took a pick in the year 2014 and 2015 respectively.
Graph showing the year wise completion of high rise projects in Chennai
Chennai has been a very robust but a conservative market. Being a port city and one of the largest manufacturing hubs in South India has propelled the residential demand in Chennai.
Apart from the growing residential sector, the commercial sector of the city is also rising at a fast rate. The developments of IT and ITES companies have brought a huge increase in the market. There was absorption of commercial office space, predominantly by IT/ ITES companies, in 2013 alone. Most of the developments happened on the outskirts of the city populated with IT companies.
Chennai is home to several malls, due to its status as an IT hub. Major ones include Express Avenue (EA), Citi Centre, Spencer Plaza, Ampa Skywalk, Phoenix Market City and Forum Vijaya Mall. The city's retail industry is majorly concentrated in T. Nagar which accounts for major share jewellery and clothes sold in Chennai.
Chennai gives you immense opportunity to invest. The pie chart clearly shows the parts of the city which are better for investment.
Chennai's economy is currently rated the fourth-largest economy in India. Chennai has a broad industrial base in the automobile, computer, technology, hardware manufacturing and healthcare sectors. The city also serves as the location of the Chennai Stock Exchange, India's fourth stock exchange, one of four permanently recognized by SEBI, and India's third-largest by trading volume, ranked behind the Bombay Stock Exchange and the National Stock Exchange of India.
With huge development happening in the peripheral sector of the city it is evident enough that the city is undergoing a huge transformation, which will boost up the realty market of the city.