Property at Pune: Three High Growth Corridors

Pune Property at Makaan.com

Pune, an important commercial center of Maharashtra, has grown in elephantine proportions as far as its reality market is concerned. From a rustic land without any socio-economic development, the city has transformed itself into an important realty hub. The progress has been brought about by several factors like popping in by software sector and emergence of a multitude of several IT/ITeS parks across its several localities. Improved connectivity, improved physical infrastructure, generation of employment opportunities are the other factors that have helped in transforming market for sell property at Pune. Let's have a look over some of the high growth corridors that this city has.

Viman Nagar: An expensive locality to buy a residential property in Pune. Forming the eastern corridors of the city, Viman Nagar has strategic advantage of being located close to several IT parks like Weikield IT Park, EON, and Espace IT Park. A 2 BHK residential property is available in the flexible price bracket: 30 lakh-2 crore. The average psf value prevalent over this locality is around 7100/-.

Kharadi: A fast pace developing locality, Kharadi is a preferential area for seekers of residential property in Pune. Kharadi is popular for the presence of EON Free Zone SEZ. It is well connected to other suburbs like Kalyani Nagar and Koregaon park. The price segment prevalent for a 2 BHK flat here is 25 lakh-1.8 crore. Average psf rate in last quarter of 2013 stood at around Rs. 5700/-.

Wakad: Located in Pimpri-Cinchwad, Wakad has done tremendous development over years. One can find some of the most developed residential properties in Pune over Wakad. A 2-room apartment is available in the comfortable 15-90 lakh price segment. The psf rate during Oct-Dec, 2013 stood at around Rs. 5000/-.

Look for property sites in India to have more information about these localities.

Greenfield Colony: Is it a Good Option to Buy a Property in Faridabad?

Faridabad Property at Makaan.com

I told you sometime back that I am on a house hunt. This isn't over yet. Since then, I have gone to many places, got reviews of so many people, noted down the pros & cons of every locality...And Greenfield Colony in Faridabad is one of these localities that I have done some research work for. Let me tell you what I have got to know about it.

Greenfield Colony carries the affordability tag; this was the prime reason why I went for it at the every first pace. If your budget to buy property in Faridabad lies in 25-75 lakh segment, for a 2 BHK flat, Greenfield Colony can be an ideal one. The average per square feet rate here is mostly concentrated around 3200-3600/-. For those who are keen to buy property for future investment, the colony stands a fair chance of price appreciation. As far as its connectivity is concerned, it is conveniently located at about 8 km from Delhi.

Now come the pitfalls...The prospective buyers of residential properties in Faridabad must know that the colony suffers from acute water and electricity shortage problems. Voltage fluctuation is very common. For new buyer, it is very difficult to get new electricity meters as authorities have denied many of them on account of registry closure. The locality becomes worse in monsoons with most of its gets deluged in water, with no adequate provisions from local bodies. Another major concern is a number of illegal constructions that property developers have resorted to. The builders are flouting any restrictions that have been imposed in terms of minimum area of construction.     

But this is not all... Being an old colony, it has no good parks, clubs, pools, and other amenities. The roads have not been worked since a very long time and are in bad shape. There are several unused plots that are used by residents as the sewage dumping ground; these ultimately become the breeding ground for diseases. To tell the truth, Greenfield needs the immediate attention of government authorities. The locality badly needs a revamp.  Only after these real estate issues are addressed, real estate Faridabad shall find any potential buyers

Major Growth Factors for Properties in Ghaziabad

Property in Ghaziabad at Makaan.com

One of the fastest growing cities of Uttar Pradesh, Ghaziabad 's realty graph has been quiet promising. The rapid rate of residential and commercial developments, emergence of integrated townships, and improved connectivity enthused city's real estate segment. Today, it stands as one of the best alternative options for seekers of properties in Delhi NCR.

Some of the prime localities where buyers can make a search for property in Ghaziabad are Crossing Republik, Indirapuram, Vaishali, Raj Nagar Extension, and Kaushambi. Rapid industrialization and well-planned development have worked in favor of city's real estate so much so that today, it has become a coveted destinations for realty investment. The presence of huge land parcels, affordable pricing, and improved connectivity have gone very well with realty market.

Indirapuram, a preferential locality for seeking Ghaziabad properties, is conveniently located on National Highway-24, making it easily accessible to Noida and Delhi. It is one of the prime residential localities and has seen some terrific real estate growth in las decade. Crossing Republic, another sub-city, too is a high-end locality. Developed by a group of 7 reputed builders, Crossing republic is an integrated city project. Spread over 360 acres, it extends up to Greater Noida. 

Raj Nagar Extension is yet another residential hub that has seen tremendous development over past few ears. Strategically located over the six-lane National Highway 58, this locality offers top-notch sell property in Ghaziabad, and is only 15 kilometers from Vaishali Metro Station. Both NH-24 and NH-58 have seen a flurry of residential and commercial constructions: the rates are affordable and the scope of investment high.

But there is still a lot left that needs correction, if not the prices. The high crime rate has been the major nuisance for authorities. Increasing number of realty frauds too need a check. And last, but not the least, is the below mark basic amenities such as water electricity, and sewage disposal. These factors are the major bulwarks that have direct impact on the decision to buy property.

Delhi Property Infographics

Pune Property Infographics

What Propels Pune Property Market?

Pune Property at Makaan.com

The twin city of Mumbai, Pune, has been what you the ‘consistent performer’ in realty market. Mumbai where the extortionate price rates have driven away buyers, Pune has well-managed to be in their good books. Unlike its over-congested counterpart, this city is relatively more open and more breathable. One of the main factors that have been responsible for Pune realestate property market’s steady growth is its IT/ITeS sector. Wakad, Hinjewadi, Aundh, Baner, Koregaon Park, and Kothrud are some of its localities where software giants have made their strong hold. This sector has created a multitude of jobs for its dwellers.  And add to that the number of expatriates from Mumbai and North India that flock here every year.

Apart from being the bulwark of IT companies, Pune is also popular among buyers for its subsistence levels. Even the high-end localities carry affordable prices for residential properties in Pune. Consider a 2 BHK flat across its prime localities. In areas like Hinjewadi, Wakad, Dhanori, the starting rates fall in 15-20 lakh bracket. In Baner, Undri, Kondhwa, Viman Nagar, and Hadapsar, the two-room apartments are available in 20-30 lakh segments. Compare these rates with those prevalent across posh localities of Delhi, Gurgaon, or Mumbai: there is a whale of a difference between them.

Pune also keeps the leverage of having an independent economy of its own.  There are zillions of electric, automotive, and electronic companies that Pune can boast of. Big names like Kirloskar, Mahindra and Mahindra, Volkswagen, and GM have their setups here. Hinjawadi IT Park, spread over 2800 acres, houses innumerable IT companies. The good demand for residential Pune properties and excellent connectivity have also played a significant role in keeping the realty market steady.

Buying Property in Faridabad: Would You Go for It?

Faridabad Property at Makaan.com

Faridabad comes as a good option when it comes to buy house and residential properties in Delhi NCR. And why not? Being a sustainable city, it is preferred by the property seekers for whom budgetary constraint is the prime factor. To add to this, Faridabad real estate is also distinguished for having huge land parcels available for futuristic developments. At a time when Delhi and Gurgaon have reached the state of saturation in terms of residential constructions, Faridabad comes as a pleasant respite to many. But the picture is not as rosy as the developers portray. There are some pitfalls, certain dampening factors that indicate that the city has some serious issues to resolve first.

I have been searching real estate Faridabad property from past one year. During this time span, I came to know about this city better. The first and foremost thing of concern is its below par basic amenities: there are issues related to quality of its drinking water, scarcity of water, poor sewage disposal systems, and shortage of electricity. As I was reading somewhere, Greenfield Colony had some serious water problems a few months back. Though the issue has been resolved up to some extent, the residents are not satisfied with the state of affairs. Similarly, there are several other localities too that are facing water issue.

In some places, the residents are facing sewage disposal problems. There are no treatment plants where the garbage can be properly disposed. This makes the residents of property in Faridabad use bad practices that cause harm to environment. Another factor that goes against this city is high pollution level. Faridabad has a plenty of small scale manufacturing units that emit poisonous gases on daily basis. The residential localities in the nearby area are affected to a great extent.

Unless some concrete steps are taken to raise the quality of life here, there are only a dismal chance that this city would make something worthwhile out of its real estate.

Ghaziabad Property Market Poised to Become Next Hotshot of Realty

Ghaziabad Property at Makaan.com

Ghaziabad, a hitherto neglected town, is all set to become real estate stalwart in near future. The way it has seen tremendous infrastructural growth over years indicates that the city has already made an appreciable progress in realty market. It has emerged out as a good alternative market for property seekers who are finding it difficult to find dream house in the capital city Delhi. The market for Ghaziabad properties is flourishing on account of several factors  that are discussed below.

It was availability of cheap land that garnered attention of real estate builders and developers. Ghaziabad properties rates, though have appreciated over years, are still affordable if compared to Delhi NCR cities like Gurgaon and Noida. For buyers for whom affordability is the biggest factor in deciding upon a property, this city comes as a pleasant respite.

Another factor that goes in favor of property in Ghaziabad is their steadily improving connectivity to other Delhi NCR cities. With two most important road links, NH 24 and NH 58, in its kitty, the distances have shortened. Some very reputed builders like Amrapalli and Supertech have launched their prestigious residential and commercial projects across its localities. It is because of the improved connectivity that population density has gone all the way up in this city.
City's link to DMRC has further paved the way for commuters to travel to and from Delhi. The present link up to Vaishali made it possible the commutation at the very first place. And it also paved the way for constructions of residential and commercial property in Gurgaon. 

But all is not well. Ghaziabad Development Authority(GDA) has failed in solving the problems of water sewage and electricity supply. It was only recently that the residents raised their objection to the high water and electricity rates levied upon them in-spite of the poor supply of both.

Gurgaon Real Estate: The Dire State of Affairs

Real Estate Gurgaon at Makaan.com

What went wrong with Gurgaon real estate? A city that houses some of the glossiest skyscrapers and is a home to some of the best corporate companies seems to have failed in its very purpose for which it was developed. Today, its realty market is all down in dumps. Blame it on the way reckless manner it witnessed residential and commercial development, or the extortionate price rates can be held culpable for the same. Or a combination of both.

Though the residential projects for properties in Gurgaon are largely brought into being with planning, the larger picture does not say so. The developers and builders left no stone unturned to utilize every single piece of land available for construction. Their  devil-may-care attitude in bringing about their projects into reality played havoc with city's resources. Consonantly depleting water table and slacked earth surface due to excessive sand mining have already posed an alarming picture. For buyers intending to make a purchase in the city, such trends have turned the sentiments largely negative. For a city that won't be able to sustain itself in the coming years, it is very difficult to create new demand market.

As far as realty prices of realestate Gurgaon property are concerned, they have only treaded an upward graph. The way rates have appreciated over years has created a lull in the demand market. Most of them are far from being affordable by low and mid-income brackets. Even for  high income groups, the rates are beyond their purchasing capabilities. Cumulative effect of the skyrocketing rates can be seen in the low demand -supply ratio. Developers never let the prices to correct and this, in turn, has kept the purchasers at distance.

There are several other dampening factors responsible for the dire state of affairs for property in Gurgaon. Lack of any traffic-alleviating system, not enough traffic signals, and below mark basic amenities have further added to the woes of this Millennium City.

Ghaziabad Property Infographics @Makaan.com

Property in Chandigarh: All Geared Up to be the Next Retail Destination

Chandigarh Property at Makaan.com

In spite of carrying the tag of a tier-II city, property Chandigarh  market performed well in 2013. Though the real estate prices fell by about 2.1% in the third quarter, the city exhibited good scope for retail market. As per a report by global property management firm Jones Lang LaSalle, the city, along with Surat and Ahmedabad, are all geared up to become the next best destinations for retail investors, after major metros. Chandigarh derives its potential from the presence of  unused infrastructure and availability of land for futuristic developments.

Commercial property in Chandigarh too carries scope for office market. Affordable land rates make it an attractive destination for realtors and investors across country. As per a survey, the city stands at ninth position in terms of Market Potential Index. While tier-I cites like Gurgaon and Delhi are constantly losing ground on account of their saturation, Chandigarh comes as a relief to several. For buyers who are too keen on keeping their budgetary constraints to minimum levels, city  comes as a good choice. Planned constructions, open spaces, and green cover are the factors that speak in favor of city.

Zirakpur, one of the prominent markets to Buy House Chandigarh properties, offers luxury residential spaces. The locality has developed at a good pace, and toady, one can see a plethora of high-end malls and hotels having sprung up all over. With the upcoming IT Park in city, the realty prices are expected to scale all the way up. In the near future, the demand for residential spaces is expected to see a boost.

Ambala-Chandigarh is another preferable area for buyers of Chandigarh property. Mohali is the commercial hub of city and under the Master Plan, it is going to see further expansion of residential spaces. Mohali has seen the foraying of some global giants, thus giving it leverage over other localities across city.

Faridabad property Infographic @Makaan.com

Faridabad Property Infographic

Noida Property Infographic @Makaan.com

Noida Property at Makaan.com

Recent Developments Related to Property in Ghaziabad

Ghaziabad Property at Makaan.com

The indiscriminating way in which realty constructions are going on in Ghaziabad has posed a threat to natural resources and has raised many a eyebrows. It is due to the haphazard residential and commercial constructions that the ground water table is depleting at a very high rate. To deal with the dreaded situation, National Green Tribunal has recently reinvoked an old order dated back to 2001. According to this order, the concretization is restricted to only a prescribed limit. More than 5% green covers cannot be concretized as per this order. Under construction of Ghaziabad properties shall have the footpaths made up of permeable or semi-permeable materials. Such a step has been taken to minimize the threat posed to environment.

Another major development that is in news these days is the construction of  a 21 km long link connecting Noida and Ghaziabad. This link shall improve the connectivity between two cities; the time taken for commutation shall be reduced to half an hour. Currently, the construction is going on in full swing here. The road has become a major hotpot for realty projects. The surrounding areas carry the potential of becoming the next alternative markets for property in Ghaziabad. The project is covered under Noida Master Plan 2021 and shall take another 8-9 months to get completed. The project is expected to raise the live-ability standards of Ghaziabad residents and is seemed as a crucial factor in scaling up the realty prices.

Yet another major development is regarding the regularization of Ghaziabad property transactions.  In light of high rate of frauds and scams, it has been rendered mandatory for the real estate agents to get themselves registered with a local body and get a license before starting their practice in city. Such a step would help in bringing down the cases of counterfeit acts and rendering transparency to the system.