The real estate sector in India started witnessing a positive outlook after the second wave of covid-19. Considering the overall picture of real estate, more than 80 per cent of India’s real estate resides in the top 8 cities-Mumbai MMR, Pune, Bengaluru, Delhi NCR, Hyderabad, Kolkata and Ahmedabad. This 2022, Mumbai, Bengaluru and Hyderabad will lead the way to India’s real estate recovery considering the low home loan interest rates and affordability due to stable property prices, as per a source.
After the second wave of the coronavirus pandemic, the Tier-II cities such as Jaipur, Surat and Patna have witnessed a record increase in the online property volume in 2021. As per a study, cities to watch out for building-up residential demand are Tier-II cities like Coimbatore, Jaipur, Mohali, Surat, Patna, and Lucknow.
- Mumbai: In the year 2022, the financial capital of India is going to see rising demand for residential homes. The pandemic infused trends along with the affordability of real estate prices, low home loan interest rates and other favourable factors expanded the realty growth in the city. In the coming years, the city is likely to lead the real estate’s growth. Homebuyers looking for a property in Mumbai usually opt for township projects and larger-sized homes.
- Bengaluru: After Delhi, Mumbai and Kolkata, Bengaluru is India’s fourth-largest city. The city is a hub for several IT/ITES companies, and it generates approximately two-third of jobs in India. Most homebuyers prefer investing in the city due to two reasons – solid infrastructure and ease of connectivity.
- Hyderabad: The city has established itself as the hub of IT, the Biotech industry, and pharmaceuticals. Hyderabad is the fourth most populous city in India. It has more than 1300 IT/ITeS companies. These companies are contributing 15% of India’s exports in the IT sector. Gachibowli, Kondapur, Nallagandla, Uppal are some well-known localities in Hyderabad that are very near to all the civic utilities and perfect for buying or renting a property.
Whether you choose to buy a property in any of these cities or any other location, research about the locality first. First time home buyers can search for property offline or perform an online property search. You should evaluate which is the best locality, the prevailing real estate prices, home loan interest rates and other information related to property search. If you are buying a home for the first time, then here’s how you can choose the best location:
The automobile and the Saas Capital of India is witnessing a huge demand in residential plots/land buying . Chennai will see many new plot launches from the existing and new promoters post second lockdown. During covid lockdown residential rentals segment was badly affected which brought a slight sentimental change in the mind of investors to look at plot investments for future appreciation.
- The location should have a good social infrastructure right from schools, shopping centres to healthcare
- The area should have good future prospects
- It should be easily accessible to other areas and job hubs
- The locality should offer transport facilities
- The locality should offer good-quality and well-constructed houses within your budget.
Pertaining to your property search, there are many banks that offer property research and valuation service whether you want to sell or buy a residence. This solution helps you to determine the appropriate value of the property. To make you dream home search easier, you can take advantage of ICICI Bank Approved Project. Here you can explore a vast database of projects approved for funding. To view projects approved by ICICI Bank, click here: https://www.icicibank.com/Personal-Banking/loans/home-loan/approved-projects.page?#toptitle