The real estate business has had a pleasant start in 2017. The growth of residential sales and the launch of new projects have considerably increased by 70% as compared to that in the previous year. Although the first quarter of 2016 experienced low numbers of sales due to demonetization, a gradual rise was met with in the second quarter. Three research reports have shown that the non-prime metros of Kolkata, Hyderabad, Pune, Bengaluru and Chennai accounted for the major portion of sales volume leaving behind Delhi-NCR and Mumbai-MMR.
Out of those three reports, one has been authored by the senior director of Cushman & Wakefield India, a realty consultancy. As per his opinion, the reasons behind the demand for cities like Kolkata, Pune over those located in the potential economic zones of Asia-Pacific, is that they are geographically well-placed. The remaining two research studies comprise outlook reports for the first quarter of 2017 by PropUrban and CBRE South Asia realty consultancies.
From the viewpoint of the residential services head of the realty consultancy, CBRE South Asia, it has been concluded that the availability of mid-segment and reasonable housing in these cities have increased their demand in the real estate market following the entry of multiple end-users in the business. On the other hand, land prices are soaring very high in the prime metro cities. They are constantly expanding their economic activities along with connectivity to the smaller metro cities like Pune, Hyderabad or Kolkata.
Experts conclude that the prime metros such as Delhi-NCR and Mumbai have become saturated thereby, resulting in the migration of its inhabitants to smaller metros. Besides, these cities are offering properties at a relatively affordable budget in comparison to the former ones. The growth of the IT Sector and private universities in the non-saturated cities of Tamil Nadu, Rajasthan, Maharashtra and few other states has caused the real estate industry to flourish in these areas.
Cities like Nagpur, Indore and Ahmedabad are expected to experience similar growth since they have ready stock at hand and that too, at affordable prices.
International policy changes like the Australian Visa Policy have influenced most Indians to stay back and invest or work here. As a result, Kolkata and even smaller cities are making room for the e-commerce and IT industry. Thus, both employers and employees of this sector and residing in these cities are in need of property.
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