2024 is expected to be all about infrastructure projects shaping homebuying behavior. New metro connections, highways, and airports, whether new or forthcoming, can shape real estate trends in both residential and commercial markets.
Future infrastructure renovations will act as a catalyst for housing activities in the affected areas. Watersheds along the project corridor will see significant capital value appreciation, attracting both investors and end users.
Badal Yagnik, CEO of Colliers India, said, “Once the infrastructure projects are completed by 2024, the surrounding areas will be integrated with the central and suburban areas, thereby increasing the number of major residential areas in each city. Activities will be homogenized across the board.”
Real estate developers are also likely to expand into new regions.
With untapped potential and growing preference for inclusive products in gated communities in Tier II and III markets, organized residential real estate is expanding in Vadodara, Nashik, Lucknow, Jaipur, Chandigarh, Coimbatore and Mysore. and is poised to embark on the next phase of growth in markets such as , Kochi, Indore, Bhubaneswar, Guwahati.
“Investors will increasingly seek to invest in housing in these cities, which have higher upside potential compared to tier 1 cities. Developers will also look to these emerging markets and areas around large cities for quality It is likely to inject high supply,” Yagnik said.
Here are some markets homebuyers and investors can look at.
gurgaon
In Gurgaon, the real estate market that buyers want to focus on is the Dwarka Expressway.
In Gurugram, the Dwarka Expressway will pass through new sections such as 113, 112, 111, 110, 109, 108, 107, 106, 104, 103, 102, 99, 88B, 37D, 36A, 36B. In 2023, the Union Cabinet approved a metro line that is expected to connect old and new Gurugram and extend to the Dwarka Expressway near Sectors 101-104.
There are several high-end and mid-range residential complexes along this stretch. According to a local broker, real estate prices in the area are in his 20 million yen range. INR8000~ INR20,000 per square foot depending on project and location.Rental prices for this area are as follows: INR20,000 per month.
According to a report by Savills India, a global real estate consulting firm. The average capital value of completed and under-construction properties has peaked in the last five years, with Gurgaon’s city level registering 36% and 25% year-on-year growth, respectively. Average capital values increased significantly between 12% and 45% year over year for both the under construction and completed property categories. New Gurugram and Dwarka Expressway were the best-performing micromarkets with annual growth rates of 45% and 21%, respectively. Average capital value of real estate under construction.
noidaProminent markets in Noida include Sector 150, Greater Noida West, and several residential areas along the Yamuna Expressway, which is relatively close to the proposed Noida International Airport.
Greater Noida West or Noida Extension are also areas that investors and home buyers may want to consider in 2024. The price of a 2BHK unit is; INR6 million ~ INR8 million in this region and over 100 million for 3BHK units. Rent for two-bedroom housing units ranges from: INR15,000~ INR20,000 per month for a three-bedroom apartment. INR17,000~ INR25,000 yen (varies depending on size and location) According to a local agent working in the area, several serviced apartment projects are also underway in the area.
mumbai
In Mumbai, home buyers and investors may want to seriously consider areas located along or near the Navi Mumbai Metro, which started operating a few months ago.
These micro-markets include Taloja, Pendhar, Kharghar and Belapur on the route.The average price of most properties in Taloja is approximately INR6000~ INR INR$8,000 per square foot, but expected to rise further with subway connectivity.Rent starts from 100 yen INRA local broker says it costs $10,000 a month.
Another hotspot to look out for is Navi Mumbai’s trendy area called Ulwe. The 22 km Mumbai Trans Harbor Link (MTHL), which connects Mumbai and Navi Mumbai, passes through this area. Thanks to this new infrastructure, capital interest rates in the area have increased, and two-bedroom apartments now sell for more than his 500,000 yen. INRBillion.Rent is also somewhere in between. INR10,000~ INRAccording to local agents, prices range from $20,000, depending on location and apartment block. The soon to be completed Navi Mumbai International Airport is also expected to have an impact on real estate prices in the Navi Mumbai region.
South Mumbai region, famous for its apartments and bungalows in Malabar Hill and Walkeshwar, saw most of the luxury deals in 2023. This trend is expected to continue into 2024. Several redevelopment projects are also planned in these areas. K Raheja Corp, Kalpataru as well as listed real estate companies like Lodha and Godrej Properties are active in these areas. Most of these luxury residential apartments are sold at prices below. INR35,000 per square foot, INR1.5 million yen per square foot. Rent can start from: INR100,000 yen, depending on the location of the property.
The opening of metro lines 2A and 7 between Dahisar and Andheri has had a positive impact on the demand for rental properties, especially in the western suburbs and other smaller markets. According to a report by Savills India, the market has seen strong demand for rental properties in Kandivali and Borivali from the student population who commute to universities in Andheri and Vile Parle by metro, leading to an 8% year-on-year rise in rental values.
Bangalore
In 2023, the Purple Line will be fully operational in Bangalore. The corridor between Kengeri and Whitefield in West Bengaluru became fully operational in October.
Local brokers believe that investments in real estate along this corridor can be considered for both own-use and rental income.
Prices in areas such as Indiranagar, Koramangala, Whitefield and MG Road have already increased by 20-30 per cent in the past few months, he said.
Areas located on the outskirts of KR Pura and Whitefield can also be taken into account as these areas are also attracting attention after the opening of the metro, they said.
While average city-level rents rose 5.8% year-on-year, South Bengaluru and North Bengaluru saw the highest rent growth in luxury residential developments at 6-7% year-on-year, according to a report by Savills India.
1 Comment
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