Thirteen budding destinations have been identified as India's top residential destinations to invest in. According to Knight Frank, the residential prices in these destinations are expected to appreciate between 91 and 145% over the next 5 years. Knight Frank is an independent property consultant.
Out of the thirteen destinations, Mumbai's Ulwe, Wadala and Chembur top the list. The residential prices in these locations are expected to appreciate by 145, 133 and 125% respectively. The average price this year in Chembur is Rs. 12,000/sq.ft and is expected to touch Rs. 27,000/sq.ft by 2017. Wadala and Chembur being strategically located will benefit as they are in close proximity to premium office markets and upcoming infrastructure projects like Monorail and Eastern Freeway project.
Samantak Das, director, research & advisory services, Knight Frank India says, this report will give guidance to those interested in buying properties. “Although investment in real estate is a big opportunity, currently it lacks a scientific approach. Hence, this report is meant for people who are looking at real estate purely from an investment point of view and not for the first time home buyers.
Besides Mumbai, Delhi-NCRs 'Noida extension', 'Dwarka Expressway' are positioned fourth and fifth, expected to give 111 and 108% appreciation in its residential prices five years from now. Other destinations include Hinjewadi, Tathawade, Ravet and Wakad in Pune, Hebbal and KR Puram in Bangalore and Medavakkam and Pallikarnai in Chennai.
The research is based on assessment of real estate drivers like employment, physical infrastructure, connectivity to important locations, access to social infrastructure, planned development, proximity to premium office spaces, land availability and so on.
One can buy a house at destinations like Wakad, Ravet, KR Puram, Hebbal and Dwarka Expressway if his investment budget is of upto Rs. 50 Lakh. Whereas, one can also get a house at destinations like Noida, Ulwe, Hinjewadi and Medavakkam if the budget is upto Rs. 25 Lakh.