NRI’s should be coveted by Real Estate Developers in Hyderabad
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Propchill Real estate Investment in India
Top 3 city contant Bangalore, Hyderabad, Ahmedabad
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Mid Segment Homes and the Transformative Future of Property in Ahmedabad
It seems that property in Ahmedabad is well positioned to lure mid segment homebuyers and the city is creating developments to house such buyers. Currently the city of Ahmedabad has a fixed inventory of mid-level to budget housing and with new buyers coming into the market the prices of budget homes in some areas have increased 2 fold. As the city of Ahmedabad is a hub for migrants from all across the state of Gujrat as well as the rest of India, real estate in Ahmedabad is highly coveted and demand for the same is on the upswing, a demand which real estate developers in Ahmedabad are more than happy to cater to.
Unlike relatively posh enclaves such as Gurgaon and parts of South Mumbai, luxury apartments in Ahmedabad are not in as great demand as are affordable flats in the city. The city of Ahmedabad as yet does not find itself in a race to the top in terms of luxury where real estate developers in Ahmedabad try and outdo one another to create the most exclusive residences in the city. What bodes well is that property in Ahmedabad is well suited to the needs of those who do not necessarily seek exclusive homes in the city; there are a large number of projects in Ahmedabad which have units priced below 50 lakhs catering exclusively to budget homebuyers.
Even today despite nearly 25 years of economic reforms across the country and in Gujarat, property in Ahmedabad is free from the sometimes gaudy developments which are often found in many other Indian metros. Often new property in Ahmedabad in keeping with the style of property that was often constructed at the turn of the century has a balanced appearance and does not display the unnecessary adornments which are found in new property in other larger real estate markets. Almost certainly over time the trend found in larger metro cities such as Mumbai shall invade the shores of this Gujarati city as well.
As today many of the top builders in Ahmedabad are busy developing homes often to cater to the mid segment homebuyer certain new initiatives by the government may drastically change the skyline of Ahmedabad in a short period of time. Recent proclamations by the Prime Minister of India have brought to the fore one of the most pressing concerns of both wealthy industrialists and the common man. Development in India is henceforth to occur in a transformative manner rather than happening incrementally. This is possibly the boldest statement regarding the future of the nation to be made since the time when reforms were first introduced a quarter century ago.
Transformative change implies change similar to that as has occurred in China over the past four decades during which time it leapfrogged ahead of India when formerly the two nations had relatively identical levels of per capita incomes. Such transformative change if implement correctly shall have a huge impact upon real estate projects in Ahmedabad and other cities as well. If we witness economic growth similar to that in China over the past few decades it will almost certainly give rise to cities which are larger in scope and size, the end result may even be the creation of entirely new cities where today there are only small towns or villages.
Bangalore Property in Well Connected Regions of the City
Certain Bangalore property is reaping the benefits of greater connectivity through the outer ring road to other regions as well as a proximity to the international airport. Property rates in Bangalore at many such regions of North Bangalore are coming under the radar for the reasons mentioned as well as greater connectivity with important IT parks. With a large number of new projects in Bangalore set to be constructed at these regions of the city, parts of North Bangalore are becoming increasingly attractive as top destinations to purchase real estate in Bangalore.
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Residential projects in Bangalore at many regions such as Hebbal and Bellary Road are on the upswing and end users see such destinations as attractive localities to purchase Buy property in Bangalore. Much of the new developments in Bangalore at such destinations may be categorized as affordable and hence such locations appear prominently among the preferences of budget homebuyers who are looking for well-built flats in Bangalore that are well connected with the rest of the city especially with employment hubs and where there are homes priced under 1 crores.
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The continuing trend towards developments in regions of the city that are not at the center of the city is a potent symbol of the kind of development occurring across the city, as Bangalore continues to develop, demand for affordable homes from end users keen to own their own home in the IT hub is a promising symbol of the future of Real Estate Trends in bangalore. Many such homebuyers are eager to own flats in Bangalore which are affordable and also likely to continue to appreciate in value for the next few decades as such outlying regions become better connected with the rest of the city. North Bangalore is one such region and has an additional advantage, namely large commercial enterprises are beginning to see the potential of the locality due to the increasingly greater disposable income in the hands of residents of the area.
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For a midlevel employee looking for apartments in Bangalore, North Bangalore is a desirable locality the great potential of which should be considered when buying property in this region of Bangalore. Many of the new developments in Bangalore are under construction at regions such as Hebbal and such regions are likely to grow in prominence as well as appreciate significantly in value and grow in commerce as the nearby international airport grows due to the economic multiplier effects such colossal projects usually bestow upon nearby areas.
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Much of the currently affordable property in Bangalore located at North Bangalore is likely to garner a premium aura over the next few decades, great connectivity and close proximity to important commercial centers are advantages which nearly always pay huge dividend to surrounding real estate over time. In a 24 x 7 work culture when the vast majority of time is increasingly being spent in the office a short commute to work is a luxury which saves valuable time which can often lead to better balance between work and life of employees.
In the future real estate developers in Hyderabad may wish to pay greater attention to the market for properties in the city to those who reside outside the country. NRI’s are important players in the real estate market of the country and in the future as India continues to prosper, NRI’s may play a greater role still. The advantages that property in Hyderabad has over many other cities in the country are its relatively well developed physical infrastructure as well as a booming technology industry within the cities borders. Such features make the city stand out as a destination at which NRI’s may wish to invest, either as speculators who wish to wish to share in the country’s prosperity or as end users who may one day relocate and live in one of many apartments in Hyderabad.
The fact that already salaries for many of the top employees in Hyderabad’s technology sector are equal to their foreign counterparts is a formidable trend, the vast difference in the cost of living between a IT worker in Hyderabad and one in Silicon Valley would make it highly attractive for a senior executive from the latter to relocate to the former. Many projects in Hyderabad are already geared to attract investment into such properties in the city, as the taste of many Indians who have been living in Europe or North America for a number of years has acquired a western flavor, the only flats which meet these standards are nearly always counted among the luxury apartments in Hyderabad.
NRI’s who are seriously considering buying real estate in Hyderabad often tend to be highly westernized and may be dissuaded by the often cumbersome process which is part and parcel of buying property in much of the country. Red tape and delays in the completion of projects are factors which many of those with money to spend on property in Hyderabad find as obstacles since having lived abroad for a decade or more they are accustomed to a seamless process when acquiring property. The top builders in Hyderabad who acknowledge that many overseas buyers of property in the city face significant obstacles and try to mitigate a smoother buying experience for such buyers may stand to gain a new clientele of rich customers in the future. As the country’s GDP grows, investing in India is likely to be seen as an attractive opportunity that many would not be willing to pass up, real estate developers in Hyderabad who are quick to exploit such opportunities stand to gain immensely in the future.
Almost certainly one of the largest Indian diaspora currently living in the US originates from the state of Andhra Pradesh or Telangana, many such individuals would perhaps one day like to return to work in their native city once they have amassed enough money working overseas. Furthermore such individuals may not only necessary desire a home for end use but also one which may appreciate significantly; the market for affordable housing in Hyderabad denies almost no person of Indian origin living abroad from participating in the Indian growth story. For many such wealthy foreigners the opportunity to purchase several affordable flats in Hyderabad may trump buying only one luxury property in the city.
Builders and developers in Hyderabad may need the right platform from which to covet such Indian nationals living overseas one of which may include holding seminars at localities with a large Indian diaspora where opportunities to invest in India may be shared in detail.