Bangalore
The Bangalore real estate market is witnessing significant development of premium products, catering to the High Net Worth (HNW) segment, across micromarkets. We expect the off-take in this segment to remain slow and staggered, with a gradual build-up in inventory over the coming quarters. The realty market is witnessing the formation of a luxury bubble!
The report has been divided into five distinct zones: North, North-East Bangalore; East, South-East Bangalore;
South Bangalore; West, North-West Bangalore and Central Business District/Off Central Business District, on the basis of location and real estate activity. It analyses the key trends and provides a perspective of the prevailing market scenario.
Further, the report tracks the trend in property prices for each of these micromarkets through an internal property price index data. It concludes with a Location Attractiveness Index, which grades each micromarket on the basis of certain key parameters like Infrastructure, Residential Cost, Proximity to Retail Establishments, Future Employment
Mumbai
The Mumbai market was subdued in 2012 with prices rising just 2-7 per cent. The demand is expected to pick up in 2013, mainly in the mid-end segment. The eastern suburbs of Mumbai (mainly Chembur, Kurla and Wadala) are expected to provide good returns on account of lower prices compared with areas in central Mumbai and western suburbs.
Ulwe:
Ulwe is an emerging location south of the Panvel creek. It is connected with the Uran Road that connects it with the Thane-Belapur Road as well as the JNPT Road to Jawaharlal Nehru Port. While Ulwe is just 7km from Belapur, a commercial hub, five other office destinations are within the 22km radius. Once the Nerul-Seawood-Uran rail network is ready, Ulwe will be connected with major office locations through a mass rapid transport system. At Rs 4,000 per square foot, one can buy a one-bedroom flat here for Rs 20 lakh. Ulwe is the most attractive destination in the Knight Frank report, which says it may give an annual return of 20 per cent in the next five years.
Chembur:
Located in the Mumbai Metropolitan Region’s central zone, Chembur’s proximity to the Bandra-Kurla Complex and other office destinations will fuel demand for residential properties here, say experts.
The upcoming rail, metro and road networks such as the Eastern Freeway, the Santacruz Chembur Link Road and the Chembur-Wadala-Jacob monorail will boost connectivity to the area.
Limited land availability will limit new construction and keep supply under control here.
Knight Frank says prices here are expected to rise from the current Rs 12,000 per square foot to Rs 27,000 per square foot by 2017. This comes to an annual return of 18 per cent.
Wadala:
Strategically located in the MMR’s central zone, Wadala is at a comfortable distance from the MMR’s main employment centres. The Eastern Expressway connects it with other regions of the central zone as well as business hubs in the island city. It is also connected through the suburban train network. It will also benefit from the under-construction Chembur-Wadala-Jacob monorail project as the Wadala-Chembur part is expected to be ready in 2013.
The regional development authority’s plan to develop Wadala on the lines of the Bandra-Kurla Complex may add to its appeal. Knight Frank says the area may give an annual return of 18 per cent over the next five years.
Chennai
Chennai is known for its conservative mind-set, which reflects visibly on its residential property market trends, as well. For instance, home buyers in Chennai have historically been driven by location over and above most other considerations, and this had put definite limits on the demand and potential for community living in the city. New Trends There has, so far, been no scope for the growth of large-sized township projects within the city.
Chennaites had been showing an unyielding preference towards living within the CBD because of the dearth of good schools, convenience stores, entertainment and restaurants in other areas. Developers had been more than happy to construct projects of 12-30 units with limited or no amenities, little or no green cover and extremely restricted open spaces. In the coming months, Chennai will see a major change in this aspect, with a string of township projects by developers of national stature under execution and nearing completion.
These township projects have minimal plot coverage, which paves the way for large green cover and ‘lung space’ within the project. This is an added incentive to opt for community living, which was largely unheard-of until as late as 2006. The new game changers in the Chennai residential real estate space are generous landscaping, serene environment, schools within the campus, big club houses, health club facilities for both indoor and outdoor sports, multiplexes in the vicinity, health care, restaurants and large swimming pools.
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