Whether residential or commercial, all four parts of India i.e. East, West, North and South has shown a steep growth in property investments. Continuing our earlier series, today we will tell you about the top Real Estate Investment Hotspots 2018 in West India:
In West India, the major realty hotspots in 2018 are Mumbai Metropolitan Region (MMR) and Pune. While Pune has attracted many IT professionals and HNIs, MMR is also not far behind when it comes to both affordable and real estate investments. As per a recent data, MMR saw maximum new launches with nearly 13,600 new units entering the market. On the sales part too, MMR witnessed the maximum housing sales as against the other cities, with approximately 15,200 units being sold in Q2 2018 – an increase of nearly 26% as against the previous quarter.
On the other hand, Pune has seen a big leap of 214% in new housing supply range. However, In terms of housing sales, the city witnessed a 24% increase in Q2 2018 over the preceding quarter.
Top residential hotspots in MMR
Neral: A part of Mumbai Metropolitan Area, this town has gained much attraction because of its unique Hill Station, Matheran which is just 6 km away from the main town as well as many Real Estate Development which took place around the area. Neral falls in between Mumbai and Pune and the state highway connects it well to Karjat, NH4, Panvel, and Badlapur. Currently, the region is offering residential property at an average price of 3,290 per sq ft. Apart from this many more affordable housing projects from various developers like Olympeo, Rajwada Corporation, Vijay Estate and Rapid Construction are coming up in this area.
Karjat: A popular location for Bollywood films shooting; Karjat is situated on a mountainous region that spans over the Bhor ghat, Sahyadris, and the Western Ghats. Due to its proximity to Mumbai and Pune, Karjat has become an educational hub in recent times with presence of many renowned schools like DAV Public school, St. Joseph’s High School, New Horizon Public School, L & T Construction Skills Training Institute among others. Presently Government, as well as many developers, are focusing to develop more affordable homes in the area as land is available at much reasonable rates. The average residential property price in Karjat is Rs. 3,410 per sq.ft. Some of the key projects here are XRBIA, Monarch Rise, Landmark residency etc.
Worli: Located in the south of the Mumbai, Worli is surrounded by the Arabian Sea to the West, Haji Ali to the South, Mahalaxmi to the East and Prabhadevi (IT/ITes hub of Mumbai) to its North. Because of its proximity to CBD (Nariman Point) and BKC, Worli today has become a hotbed for those who are looking for hi-end real estate investments. Worli is home to sea facing homes and that’s what its USP is. The average residential property price in Worli is Rs. 37,440 per sq.ft. Some of the luxury projects in Worli are Palais Royale, Indiabulls Blu, Turf View, K Raheja’s Viveria and Omkar 1973.
Lower Parel: Another plush location of MMR, Lower Parel is located just 21 minutes from Chhatrapati Shivaji International Airport. The upcoming Mumbai metro network will also add a feather in the connectivity of this area in future. The average residential property price in Worli is Rs. 31,390 per sq.ft. Luxury Projects of several builders like Indiabulls Properties, Rohan Lifescapes Corporation Group, JP Infra, and Group are available in Lower Parel.
Top residential hotspots in Pune
Chakan: Located on NH-50 between Pune and Nasik, Chakan is surrounded by Pimpri-Chinchwad (South), Talegaon Dabhade (West), Pune (South) and Ambegaon (North). Due to recent infrastructure developments, many reputed builders like Kulswamini Landmarks, Eiffel Developers, Kushal Landmarks, Naiknavare Developers, Meena enterprises and Archie Nova Associates have invested in this region. The average property price of residential property in Chakan is 3,500 per sq. ft. Some of the key affordable projects in the locality are Kulswamini Kasturi by Kulswamini Landmarks, Eiffel by Eiffel Developers, Swarnali by Kushal Landmarks etc.
Talegaon Dabhade: The area is located on the outskirts of Pune city and bangs on Bangalore-Mumbai expressway. Due to its proximity to Hinjewadi via road, the locality has become a hot favourite among many IT professionals, looking for affordable residential options in Pune. Because of cheap land tracts, many developers are launching affordable projects here. The average property price here starts at 3990 per sq.ft. Some of the major affordable projects here include Saarrthi Swadesh, Clover Casablanca, Life, Winsome Orrchid city etc.
Wakad: Situated in Pimpri-Chinchwad, Wakad is one of the fastest growing plush suburbs of the Pune. This area is in close proximity to the Rajiv Gandhi IT Park at Hinjewadi is home to several global IT companies like Synechron, Infosys, Geometric Software, KPIT Cummins, Wipro, Siemens, Tech Mahindra, IBM, TCS, and Cognizant, among others. Because of the development of many hi-end infrastructural projects, Wakad real estate is attracted by many luxury property end users. Developers such as Nisarg Associates and Sheth Realty have already launched their premium residential properties in Wakad. The average property price here is 6480 per sq. ft. Some of the luxury residential projects include Olympia, Nisarg Associates Meadows, and Sheth Realty Tiara.