The year 2018 saw a major shift in the real estate market of India with increasing housing sales and demand across major Tier 1 cities. However, this demand was mainly in the affordable housing segment, still, it gave a major push to the overall realty market of these cities.
Coming to 2019, the central government in their recent budget has also announced many measures to improve the real estate market further. These announcements have been welcomed by both developers as well as end users. Real estate experts are also predicting that these measures will also lift up the real estate market in 2019. Take a look at the realty forecast for major cities:
With home buyers attracted towards investing in affordable housing, many areas in NCR have emerged as a hub of affordable housing. Developers are also focusing more on such projects as they can easily fulfill their home sales targets. Locations like Greater Noida West, Noida sector-150, New Gurgaon and NH-24 will catch more attention of home buyers in 2019.
Mumbai Metropolitan Region (MMR)
In MMR, areas like Virar, Ambernath, Kalyan-Dombivali has been catching the attention of many homebuyers who are looking for affordable segment residential units. Further, with better connectivity, transportation facilities like metro, and development of expressways and highways, locations like Ghodbunder Road, Kalyan-Dombivali-Shilphata Road in Thane, Kanjurmarg etc. are going to see an uptick in the property prices in 2019.
In Bengaluru areas like Kanakpura Road, ORR, Bellary Road etc. will be going to outperform this year. Development of Namma Metro Phase 2 and other infrastructure will further enhance connectivity of these areas to the commercial hubs of Bengaluru like Electronic City, Bannerghatta Road, and Sarjapur. In fact, Bengaluru is one city that has seen the most number of new launches and housing sales last year. So, the trend will remain the same this year too.
The real estate market of Hyderabad has also outperformed last year as compared to other major cities. Being an IT hub many working professionals are flocking to this city thereby increasing the housing demand in various locations. Moreover, the development of metro corridors will further improve connectivity to major IT hubs like HITEC city. Narsingi, Manikonda, Kokapet, and Puppalguda have shown increased buyer’s sentiment. Kompally, Adibatla, and Srisailam Road are gaining traction among those who are looking to invest in residential plots.
In Pune; Wagholi, Hinjewadi, Gahunje, Punawale etc. will show the same results as that of last year. With leading developers, constructing their projects in these regions and that too in the affordable category, buyers focus will increase more this year.
Property trends in 2019
According to real estate experts, with general election approaching, the results will definitely create an impact on the real estate sector too. Provision in RERA and fast handling of insolvency cases, buyer’s sentiment will be going to increase in the market further improving the home sales. Moreover, reduction in GST rates which is presently under consideration will further create a positive impact on the overall realty market across cities.