India is now turning out to be a lucrative destination for all kinds of businesses. Whether it is manufacturing, information technology, automobile or telecommunications, companies are gearing up to tap the potential in the market through newer strategies. Real estate business is not an exception. Actually, it is one sector that is least affected by the global recession. Property business in India is passing though a flourishing stage to open the door to unlimited possibilities for investment all over the country.
A recent surge in the prices of both residential and commercial properties in India has brought smiles in the faces of plot owners as well as builders. The majority of urban cities have witnessed a price rise of more than 250 percent in a matter of few years. A large number of commercial complexes, industrial parks, shopping centres and residential townships are being planned and established in all cities irrespective of their sizes.
Owning a house in Chennai is the dream of every Indian. As a result, many residential projects are coming up in this happening city. Egattur OMR (Old Mahabalipurum Road) project is going to give a tremendous facelift to the city of Chennai with the first large-scale integrated community hub. Spread over 110 acres of land, the project consists of residential as well as partly commercial buildings to satisfy wide-ranging requirements. Developed by Hiranandani Upscale, the state-of-the-art community is filled with all modern amenities strategically positioned at a walking distance.
The demand for properties in Hyderabad is not limited to a particular category, but has spread across many different categories such as separate residential houses, apartments with multiple floors and villas. The supply aspect is equally diversified with numerous choices in every segment like low-priced homes, premium housing and luxurious housing schemes. Mantri Developers is a prestigious player in the real estate industry here. Its various projects in and around Hyderabad have already tasted overwhelming success. The secret of its success lies in the adoption of simple philosophy.
The real estate scenario in Bangalore presents a rosy picture with an upward movement in commercial as well as residential properties. Builders in this part of the country are coming up with newer and newer projects to entice more and more buyers. The craze for owning a property is such that more space in the classified section is devoted to rent of houses and plots for sale. Many low-cost housing schemes are in the pipeline to encourage middle class working executives to own a dream house in this hi-tech city. Brigade Lakeview is a reputable property developer in this city with many projects of luxury apartments, office or software facilities and multiplexes.
Noida as a part of Delhi/NCR region has witnessed a record investment in the real estate market. As a result, the property prices are steadily increasing at a rate of 30 percent per annum. The majority of residential properties in Noida are generally in the form of plots, independent houses, condos, apartments and luxury villas. Icon Apartments are the most sought-after ones in this region.
Pune has come forth as the most favored city for transnational companies because of its strategic position. This city, situated on outlying areas of the state of Maharashtra is seeing a flourish in its real estate business. The economic downturn notwithstanding, the demand for all kinds of properties in Pune has been mounting. Properties in areas like Hadapsar, Sivaji Nagar, Kharadi, Kalyani Nagar and Wakad are in great demand nowadays.
Mumbai, the business capital of India, is offering residential properties that are highly expensive and out of the reach of the majority of Indian people. The prices of properties in various posh areas like Malabar Hill are hovering around Rs. 60,000 per square feet. In spite of the high price, there is no dearth of buyers in this city.