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As the Coronavirus crisis exacts its toll across the globe, house ownership has gained great prominence now. This is reflected in an uptick in sales numbers during the July-September period of 2020, when the government began the unlock process in a phased manner, after a prolonged lockdown. Housing.com data show that a total of 35,132 units were sold in India’s eight prime residential markets during the three-month period, marking an increase of 85% over the previous quarter.
While these numbers might not seem significant, especially when compared with the sales numbers of the past, they still are impressive, considering the prevailing market conditions. The increase in sales numbers indicates that amid fears of grave economic depression and job-related insecurities, people are relying on real estate for social and financial security. Data show that 10 localities have made the biggest contribution to the quarterly sales in the July-September 2020 period. Let us examine the reasons making these localities sought-after.
(Note: The areas are listed below, in the order of their contribution to total sales)
Thane west, MMR
Property rates in Thane west: Rs 10,200-10,400 per sq ft
In a city having the dubious distinction of being the most unaffordable property market in India, Thane west real estate comes across as affordable. When compared to the overcrowded localities in the central part of Mumbai, which are not only prohibitively expensive but also rank poorly in offering open surroundings, localities in Thane West score much better.
Properties in Thane west: Housing.com data show that there are over 2,225 housing projects in this locality, where one could book a property at a starting price of Rs 40 lakhs. Those looking for resale properties can also find over 4,000 listed units to select a home from. The presence of brands like Lodha and Ashar make this area an ideal choice for buyers looking for premium properties, as well.
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Property rates in Hinjewadi: Rs 5,500-5,600 per sq ft
This fast-developing locality in Pune made the second highest contribution to quarterly sales in July-September period of 2020, for similar reasons. Aside from being an affordable realty destination, Hinjewadi also has a thriving job market. It hosts the Rajiv Gandhi IT Park, which employs a large number of people. The realty prospects of the locality are further brightened by the soon-to-be-operational metro network that will start from Megapolis in Hinjewadi Phase-III and connect other parts of this locality with Shivaji Nagar via Wakad, Baner, Balewadi and Agriculture College.
Properties in Hinjewadi: Buyers looking for a property here have over 300 projects to select from, at a starting price of Rs 16 lakhs.
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Property rates in Dombivli: Rs 5,900-6,100 per sq ft
Even though the area is yet to get the infrastructure desired by an average buyer, Dombivli has primarily gained prominence, because of its affordability. In most Mumbai localities, for example, finding a home at an average cost of Rs 6,000 per sq ft is impossible. Dombivli enjoys superb connectivity with Mumbai and Navi Mumbai, thus, acting as an affordable residential spot between the two comparatively pricey areas. Prices in this locality might see an uptick, based on the improvement of existing infrastructure and amenities.
Properties in Dombivli: The area offers a wide range of housing options across categories.
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Sector 89, Gurgaon
Property rates in Sector 89, Gurgaon: Rs 3,300-3,400 per sq ft
In a city that houses some of the most expensive residential localities in the NCR, Sector 89 Gurgaon offers some relief to buyers looking for comparatively affordable options. Part of what is known as New Gurgaon, Sector 89 is located along the Dwarka Expressway, boosting the connectivity quotient of the area.
Property in Sector 89, Gurgaon: Famous for multi-storey developments, the area hosts projects by some of the well-known brands in the industry.
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Property rates in Varthur: Rs 5,200-5,300 per sq ft
A fast-developing residential area in the IT capital of India, Varthur has earned itself the tag of being an investment hotspot, considering that prices in this locality have increased, despite an overall slowdown in the residential market. Part of the internal business hubs that also includes ITPL and Whitefield, Varthur’s residential success has primarily been earned through commercial developments. Enjoying great connectivity by way of lying between the Marathahalli and Sarjapur Road, Varthur also hosts social infrastructure fitting for a locality of its stature.
Properties in Varthur: Buyers could select a property in Varthur from over 100 housing projects, with some of the most prominent builders of Bengaluru having projects here. The starting price of apartment units in this area is Rs 20 lakhs.
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Sector 79, Gurgaon
Property rates in Sector 79, Gurgaon: Rs 5,000-5,100 per sq ft
Another developing area in New Gurgaon, Sector 79 is home to a large number of multi-storey housing projects by some of the leading names in the industry. Its comparatively lower price tag and great connectivity (it is nearly 4 kms from the Delhi-Jaipur Highway and nearly the same distance from the Southern Peripheral Road) are the main reasons pushing this locality’s growth. Sector 79 Gurgaon has well-developed physical and social infrastructure that Gurgaon is known to offer to its residents.
Properties in Gurgaon Sector 79: While prices of properties might go up to multiple crores, buyers can also find homes in the Rs 30 lakhs to Rs 50 lakhs price bracket.
Property rates in Wagholi: Rs 4,000-4,100 per sq ft
A gram panchayat-governed area, Wagholi is an affordable option for buyers looking for investment opportunities. Counted among the fastest-developing realty destinations in Pune, Wagholi is beginning to attract a large number of buyers, considering its set to be merged with the Pune Municipal Corporation, which will result in the area getting access to better civic amenities, a parameter in which Wagholi has been lacking.
Properties in Wagholi: Buyers looking for a property here could find one in a wide price range of Rs 15 lakhs to Rs 70 lakhs, across over 450 housing projects.
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Property rates in Bavdhan: Rs 6,000-6,200 per sq ft
A residential cluster primarily catering to the mid-segment, Bavdhan is popular among families, because of the presence of top educational institutions in the vicinity. While it stands away from the more commercial and over-crowded busy areas, the locality also scores well on connectivity. Connected to the rest of Pune through the NDA Road and the Mulshi Road, Bavdhan also lies close to the main railway station (distance approximately 15 kms).
Properties in Bavdhan: Buyers could select a property in this locality from over 350 projects, listing on Housing.com. There are also over 1,000 resale units up for purchase in Bavdhan. The starting price of an average 1BHK home in this locality is Rs 50 lakhs.
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Property rates in Wakad: Rs 6,100-6,300 per sq ft
Governed by the Pimpri-Chinchwad Municipal Corporation (PCMC), this locality in north Pune has emerged as a popular choice among buyers, primarily because of its commercial success. Well-developed social and physical infrastructure only add to its existing appeal. The presence of a significant number of engineering and management institutions have also made Wakad a popular choice among the student population.
Properties in Wakad: Buyers could select a unit for themselves from over 600 housing projects in this area. While the upper limit could touch crores, investors will have to shell out at least Rs 30 lakhs, to buy an average 1BHK property here.
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Property rates in Manjari: Rs 5,100-5,200 per sq ft
An industrial locality in east Pune that has also seen a lot of residential development in the past decade, Manjari realty is primarily riding on the wave of the connectivity advantage it has over localities of similar profile. Manjari lies close to the Pune-Solapur Highway. Considering that it is well-connected with the job centres of the city, including Hadapsar and Magarpatta, buyers and tenants prefer this locality in equal terms.
Properties in Manjari: Aside from housing units available for highly affordable rates, buyers could also buy plots in this developing locality.
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How good is Thane west from investment perspective?
Rates of property have continuously been growing in this comparatively affordable locality. Plus, the area is also home to some of the best brands catering to mid-segment housing.
Which are among the best performing localities in Pune?
Wagholi, Wakad, Hinjewadi and Bavdhan are some of the best-performing localities in Pune.
What is the average rate of property in Dombivli ?
Average rates of properties at Dombivli are Rs 5,900-6,100 per sq ft.