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With the rise in urbanization, many people in India now rush towards urban areas to settle down. And as such, property rates in major Indian cities are witnessing sharp rise between June 2012 and May 2014, according to data by real estate firm research firm PropEquity.
So, let us check out the top 5 Indian cities with the highest property price rise.
1. Bangalore
Bangalore, the Silicon Valley of India and the major IT destination of India proves to be an excellent bet for any investor contemplating investments in real estate sector. This has created an unvalued demand and supply for both residential and commercial properties in Bangalore.
The real estate market is booming enormously for few years in Bangalore. This is because; most of the people are investing a huge proportion of money on property in Bangalore. In the commercial segment, an office space has enormous demand because of the IT companies shifting to Bangalore city for their business development.
Mainly, The NRI's are also investing their money in Real estate of Bangalore, as a mode of saving or for a future security. As the prices are rising often in this IT capital, most of the investors believe that such investment could give them a greater return than compare with other investments.
2. Pune
The ninth largest metropolis in India, Pune is a city known for its high educational facilities and relative prosperity. It is the cultural capital of Maharashtra and has also had manufacturing, glass, sugar, and forging industries since the 1950-60s.
It has growing industrial vicinity, with IT and automotive companies setting up factories. The cultural activities and job opportunities attract migrants and students from all over India and abroad.
As such, property prices in Pune rose unrealistically to 21.9 percent affecting the city?s traditional ease of living and pleasant climate. Hills and trees have been razed to accommodate the rapidly expanding concrete jungle that all but defines central Pune today.
3. Kolkata
West Bengal's capital city, Kolkata is the best city to live in India. This city house many industrial units and so adds a GDP of about $150 billion.
Various industries like steel, mining, cement, pharmaceuticals, food processing, agriculture, textiles and jute are the chief sectors responsible for economic growth.
Being one of the most important financial hubs of East and North-East India, Kolkata is home to the Calcutta Stock Exchange. With around 4.5 million residents, the city attracts many tourists for its eye-catching architecture. It is the one and only city in whole of eastern India to have an international airport. Metro rail and cycle rickshaws play a vital role in the city's transport system.
4. Chennai
Also known as the "Cultural Capital of South India," Chennai is the chief commercial, cultural, economic and educational center in South India. It was also declared as the most livable city in India by the Institute of Competitiveness.
It is the fourth most populous metropolitan area in the country and its economy has a broad industrial base in the automobile, computer, technology, hardware manufacturing and healthcare sectors.
Also called "Detroit of India" as a major part of the country's automobile industry is based in and around the city, Chennai?s property price has increased by 13.2 percent.
5. Mumbai
Mumbai, the financial hub of India is one of the hottest property destinations in Indian real estate market and because of which this city showed the highest property price rise at 25.27 percent.
The city promises major infrastructure growth and development which has led to the real estate development in residential and commercial segment.
Moreover, the city is witnessing residential and commercial growth in suburban areas. So, developers are looking forward to boost the lifestyle in Mumbai, which is now flourishing in residential sector. Therefore, they are introducing more integrated township projects and luxury housing projects in the city, considering buyers? need, which has shifted from traditional to quality lifestyle.
These are the factors driving the growth of real estate in Mumbai making it one of the top real estate destination in India.
So, let us check out the top 5 Indian cities with the highest property price rise.
1. Bangalore
Bangalore, the Silicon Valley of India and the major IT destination of India proves to be an excellent bet for any investor contemplating investments in real estate sector. This has created an unvalued demand and supply for both residential and commercial properties in Bangalore.
The real estate market is booming enormously for few years in Bangalore. This is because; most of the people are investing a huge proportion of money on property in Bangalore. In the commercial segment, an office space has enormous demand because of the IT companies shifting to Bangalore city for their business development.
Mainly, The NRI's are also investing their money in Real estate of Bangalore, as a mode of saving or for a future security. As the prices are rising often in this IT capital, most of the investors believe that such investment could give them a greater return than compare with other investments.
2. Pune
The ninth largest metropolis in India, Pune is a city known for its high educational facilities and relative prosperity. It is the cultural capital of Maharashtra and has also had manufacturing, glass, sugar, and forging industries since the 1950-60s.
It has growing industrial vicinity, with IT and automotive companies setting up factories. The cultural activities and job opportunities attract migrants and students from all over India and abroad.
As such, property prices in Pune rose unrealistically to 21.9 percent affecting the city?s traditional ease of living and pleasant climate. Hills and trees have been razed to accommodate the rapidly expanding concrete jungle that all but defines central Pune today.
3. Kolkata
West Bengal's capital city, Kolkata is the best city to live in India. This city house many industrial units and so adds a GDP of about $150 billion.
Various industries like steel, mining, cement, pharmaceuticals, food processing, agriculture, textiles and jute are the chief sectors responsible for economic growth.
Being one of the most important financial hubs of East and North-East India, Kolkata is home to the Calcutta Stock Exchange. With around 4.5 million residents, the city attracts many tourists for its eye-catching architecture. It is the one and only city in whole of eastern India to have an international airport. Metro rail and cycle rickshaws play a vital role in the city's transport system.
4. Chennai
Also known as the "Cultural Capital of South India," Chennai is the chief commercial, cultural, economic and educational center in South India. It was also declared as the most livable city in India by the Institute of Competitiveness.
It is the fourth most populous metropolitan area in the country and its economy has a broad industrial base in the automobile, computer, technology, hardware manufacturing and healthcare sectors.
Also called "Detroit of India" as a major part of the country's automobile industry is based in and around the city, Chennai?s property price has increased by 13.2 percent.
5. Mumbai
Mumbai, the financial hub of India is one of the hottest property destinations in Indian real estate market and because of which this city showed the highest property price rise at 25.27 percent.
The city promises major infrastructure growth and development which has led to the real estate development in residential and commercial segment.
Moreover, the city is witnessing residential and commercial growth in suburban areas. So, developers are looking forward to boost the lifestyle in Mumbai, which is now flourishing in residential sector. Therefore, they are introducing more integrated township projects and luxury housing projects in the city, considering buyers? need, which has shifted from traditional to quality lifestyle.
These are the factors driving the growth of real estate in Mumbai making it one of the top real estate destination in India.
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