South India Preferred For Realty Investment
Cities like Bengaluru, Chennai and Hyderabad are now part of the global real estate map. Neha Hiranandani, Director, House of Hiranandani What are the reasons for stability in South India Property market? South India continues to maintain momentum in real estate and has been one of the most sought-after destinations in the country. By limiting new launches, focussing on completing delayed projects and aiming for projects that match consumer demand, housing performance has been fairly good in South India. What are the key factors for South cities real estate success? There are few key factors outlining why South India has become the preferred destination for real estate in the recent times. Public transport and connectivity are good in the Southern cities For example, in Bengaluru, the completion of the metro with lines covering Whitefield, Bidadi, Bengaluru International Airport and Bannerghatta region, a vast suburban rail system and the construction of the Peripheral Ring Road. Similarly, a 3-deck elevated corridor in Chennai’s Old Mahabalipuram Road (OMR) and a multi-deck elevated transport corridor under two phases to decongest the IT Expressway. The cities like Bengaluru, Chennai and Hyderabad have emerged as the main arm of the outsourcing business for the US, UK and Europe. Bengaluru, Owing to the vast presence of physical and social infrastructure, the on-time completion of real estate projects and good track record of developers, NRIs too are attracted to invest in South India. The availability of land at reasonable prices and the presence of high number of urban professionals has led to higher demand for luxury housing. Metros in South India have also seen a sharp rise in retail and commercial growth driven by the large millennial population. Moreover, some of the biggest brands in healthcare, and the numerous colleges and universities of repute have their presence in Bengaluru, Chennai and Hyderabad. Which cities are the preferred destinations? Chennai and Hyderabad are among top 10 cities for start-ups in the country, which now has over 20,000 registered start-ups. With more foreign investors looking to establish their IT back offices in the prime locations of South India, the scope for corporate real estate is immensely high. South Indian cities like Bengaluru, Chennai and Hyderabad are growing at a fast pace with specific micro-markets like Hebbal and Bannerghatta in Bengaluru, OMR in Chennai and Shankarapally in Hyderabad performing very well. Quick and high capital appreciation makes South India cities an attractive destination for real estate investment.
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