With the change in the Indian economic scenario post GST, the economy is gradually turning its wheels forward and having positive growth. Although there was slack during the teething periods of GST is has no overcome them and reflecting the positive signs in all sectors including FDI and generation of employment in alternative areas.
The southern state capitals of India such as Hyderabad, Chennai and Bengaluru is growing faster in the real estate sector than the rest of the country, and more and more people are investing there to live or to use them as commercial purposes or to earn returns reselling them in the future.
The Statistics
- If we consider the residential sectors, the cities of Bangalore, Chennai or Hyderabad with the cities of North India like Delhi NCR, the growth difference is a positive 61 per cent, and with Mumbai and Pune, it is 60% in these three cities. There have been 98% increase in new residential project launching in Chennai, 91 per cent in Bengaluru and 43 per cent in Hyderabad, a sign showing that the economic conditions of these cities are growing at a faster pace than the rest of the country.
- Collectively, the southern cities increased the supply approximately by 30, 000 than the previous year owing to the demand. The residential housing sales of these southern cities increased by 20% and are ahead of the other north and west regions of the country. The unsold units are lower in comparison to them, and industry experts believe that it is a matter of time that the marginal slowdown in the three cities will pick up I near future. The market here is end-user driven due to the opportunities for employment and other facilities whereas the driving force in NCR is mainly for speculative gains.
- Although the first half of 2018 saw a dip in sales and occupancy in the commercial and office floor space, the second half saw an overall increase in demand at a rate of 12%, and it saw the highest transaction in a year as per industry insiders. It is because the economy of the country is slowly showing the signs of growth and Bengaluru is leading the race with the commercial floor place occupancy. The rental growth has also reached a double-digit figure depicting the fact that there is a demand for the office spaces, particularly in Chennai, Hyderabad and Bengaluru.
Sai Kalyan Builders and Developers one of popular real-estate residential constructors in Bangalore, launches new apartments project in Thanisandra Bangalore. If you are planning to buy flats in north Bangalore its one of the best choices. - Although the markets dropped in Chennai due to geopolitical reasons, it is gradually cushioning up the differences and looking for a positive increase in due course. The office space occupancy in Hyderabad had increased by 30% over the last year due to a 52% rise in Co-working facilities. The three southern cities are far ahead of the other parts of the country in terms of Grade-A office space occupancy as more and more IT, and other industries are investing there.
Overview
It may be the residential complexes or the commercial and office spaces, the three cities of Hyderabad, Bengaluru and Chennai are way ahead in terms of growth and demand in these places are rising at a steady rate due to employment opportunity and relatively affordable price structure.
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