Anuj Puri, Chairman – Anarock Property Consultants

As India’s urbanization picks up speed, the traditionally-preferred property investment locations in most of the main cities are getting saturated and increasingly expensive.

This is having a roll-on effect on many other residential sub-markets across leading Indian cities. Even as more and more locations go out of the reach of a certain cross-segment of buyers that preferred it in the preceding years, other emerging areas come to the rescue.

Moreover, with the expansion of business districts and different office space occupier categories preferring newer business precincts to older ones, certain residential sub-markets in the primary cities have been finding favour from an increasing number of buyers – and, consequently, property investors.

Such sub-markets tend to offer a marked price advantage vis-à-vis the more established locations – and the residential projects coming up there are compliant with the latest development laws and tend to have more contemporary amenities.

All these ‘pull factors’ lead to such locations seeing good sales traction independent of the rate at which sales are taking place at the city level.

The hottest locations currently witnessing such trends across India’s key cities include

  • Malad (Mumbai)
  • Kharghar (Navi Mumbai)
  • Ghodbunder Road and  Pokhran Road (both in Thane)
  • Hinjewadi and  Kharadi (both in Pune)
  • Sarjapur Road,
  • Increased affordability, end-user market helped Pune’s residential market remain largely unaffected by demonetisation
  • Mumbai came close to 1H16 numbers thanks to good traction in the ‘compact homes’ category

Anuj Puri, Chairman – Anarock Property Consultants

Pune’s residential market seems to seems to have seen very little impact of demonetization if the 1H17 sales figures are anything to go by.

Although the city’s apartment sales had remained steady even in 2H16 when demonetization had affected most other markets, Pune’s sales showed a slight improvement as they rose by 4% (y-o-y) in 1H17.

With this development, Pune’s residential market has become India’s most dependable and established one.