‘Location, Location & Location’ has been the tried and tested format of success in the Indian real estate. It has been the best calling card for the developers. Many even assumed that if the developer has got a piece of land in any of the highly desirable locations, that itself is enough to sell the project.
Are the CBDs really losing out as the benchmark of economic activity in the major cities of India? Well, if only Gurgaon business destinations as against Connaught Place or Nehru Place in Delhi-NCR are any indication, or if only BKC and Navi Mumbai as against Nariman Point in Mumbai is any indication, then the CBDs have lost a significant ground by all means of reputation and economic scale.
It is the roll out of the policies by the respective urban bodies that have been behind the BKC emerging as a case study of urbanisation with booming economy while Noida ending up as a ghost city sitting over piles of unsold housing stock. Both the markets nevertheless had the tremendous potential in its early stage of inception.
The proposed Delhi Mumbai Industrial Corridor (DMIC) also promises to change the Faridabad landscape opening floodgates of opportunity. The DMIC stretch that touches Faridabad-Palwal is poised to open floodgates of economic opportunities with world class infrastructure at the doorsteps of Faridabad.
India definitely has to do a lot of catching up as far as smart urban governance and the participation of citizens are concerned. Failing to involve the citizens, the smart cities will only end up having state-of-the-art infrastructure and poor follow-up leading to smart urban chaos for the future.
Las Vegas, London and also Ghaziabad in the same league! Believe it or not but the western hinterland of Uttar Pradesh was chosen to be having the potential to be among the 10 most dynamic cities of the world. A Newsweek survey, which put the city on the global map, said so as early as in 2006, but since then it seems the city has weathered many challenges in its quest for glory and fame as an urban metropolis city.
Nothing hurts Indian real estate more than their inability to connect with the consumers and showcase them was is their legal right. The seeds of lack of trust in the minds of the buyers are sown at the time of booking itself as the developers do not find it necessary to showcase approvals, even when asked to, and it continues throughout the construction lifecycle.
Bangalore has become a hub for NRIs & HNIs. Bangalore has a large base of expatriates who live in the city and working abroad, families of these residents are well travelled, cultured and have sophisticated tastes. Growth in the IT Industry and a rapidly increasing number of High Net-Worth Individuals and movement of expatriates has brought Bangalore real estate in to prime focus for NRIs
In terms of pure economics renting out a property as against buying it may sound to be logical due to poor rental yield across India, the market reality beyond fiscal prudence is not that simple. In most of the Indian cities the tenants have to pass through a number of uncomfortable questions ranging from food habits to personal lifestyle choice before they can get a rental property for living. The process itself is very tedious and prone to leave grey zones.
Goregaon is gradually scaling up as luxury destination at the price of premium locality. Most of the new offerings are in the BHK plus and the analysts tracking the local property market are apprehensive that due to the short supply of smaller units the prices may hit the roof pretty soon.