Real estate markets to watch out for in 2018
Indian real estate is in a bit of a flux with the new regulations introduced such as RERA and GST. With RERA the market opacity has reduced, buyers have access to similar information and thus real estate in general is more transparent. This means, that selected properties will not double in 3-4 years like earlier but will take 7-8 years to double. Also, the focus has now shifted to mid-priced segment and affordable housing. A third big change is that the buyer is more informed, more prepared before they make the final decision to buy. Selected developers do not now rule the roost like earlier, and we are seeing a level-playing field emerge.
“However, even in this current scenario, there are some markets which are performing better than others, and will yield good results in the years to come,” feels Namrata Pande Srivastava, managing Director of Singapore based real estate firm Evente Clinic.
The real-estate markets to watch out for in 2018:
- Navi Mumbai: this satellite town of Mumbai will continue to see sustained growth. It is well connected to Mumbai city, and now with the new airport coming in, rates will rise steadily. The impetus has shifted from posh localities in Navi Mumbai to more affordable areas.
- Thane: Another top slot is now Thane. The area is becoming even more developed industrially. Properties are being grabbed soon after they are up for sale. Also, with plans to construct the Wadala-Ghatokopar-Thane-Kasarvadavli Metro corridor travel time is expected to reduce even further.
- Pune: Pune too is seeing an increase in sales of affordable housing segment properties. 2018 in all likelihood will see a surge in housing demand in Pune.
- Hyderabad: “Hyderabad is a fine example of political stability, and good leadership affecting growth in the real estate sector,” opines Namrata. With political stability, the right policies and leadership, Hyderabad is seeing a revival of sorts. Warehouses and IT giants are expanding and real estate prices both commercial as well as residential are expected to rise.
- Bengaluru: Bengaluru is continuing to see a rise in demand of commercial and residential property. Some of the biggest gainers include IT hubs like Whitefield and Marathahalli (benefitting due to proximity with Whitefield).
These are some of the markets expected to see a good run in properties. Buyers should however select hot properties basis three main criteria – a good and credible developer, house area as per one’s liking and of course correct pricing.