Homebuyers alert! ANAROCK reveals top 10 hot residential property locations for you
MMR's Dombivli has come on top in the latest ANAROCK 10 most active residential markets of 2019 in the Indian real estate segment.
MMR's Dombivli has come on top in the latest ANAROCK 10 most active residential markets of 2019 in the Indian real estate segment. In a period of three years, the average property prices in the top 10 most active micro-markets also got increased. Bangalore’s Electronic City saw average prices increase by 11 per cent in 2019 as compared to 2016. The current average price in this locality is Rs 4,365 per sq. ft. Given the overall slowdown post the triple tsunami of Demonetisation, RERA, GST from 2016-end onwards, this price rise is remarkable.
Speaking on the research findings Anuj Puri, Chairman – ANAROCK Property Consultants said, "MMR’s Dombivli ranks 1st on the list of top 10 most active Indian residential micro-markets, based on the number of new units launched during 2019. ANAROCK research reveals that this micro-market saw more than 7,130 new units launched in 2019, with average property prices hovering around Rs 6,597 per sq. ft. (built-up area). The activity levels in the top 10 micro-markets are based on both demand and supply."
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Puri said that Panvel in Navi Mumbai ranks 2nd with nearly 5,900 new units added to this market at an average price of Rs 6,170 per sq. ft. NCR’s New Gurgaon was close behind in the 3rd spot with new launches touching nearly 5,400 units. Although New Gurgaon saw a generous supply, it was the only micro-market of the top 10 active residential hotspots where average property prices declined by 6 per cent between 2016 and 2019. The average property rates here were Rs 6,460 per sq. ft. in 2016 and fell to nearly Rs 6,087 per sq. ft. in 2019.
MMR’s Badlapur and Pune’s Mahalunge ranked 4th and 5th. Located in close proximity to Mumbai in Thane district, Badlapur attracts increasing interest from both end-users and investors. Affordable prices and good connectivity to key areas in MMR have boosted its real estate prospects. In 2019, Badlapur saw a new launch supply of nearly 5,350 units - with the lowest average property prices among the top 10 markets at Rs 3,770 per sq. ft. Mahalunge in Pune saw around 4,650 new units launched during the year with average prices at Rs 5,657 per sq. ft.
"Interestingly, no micro-markets in Chennai and Kolkata feature in the top 10 list of most active residential hotspots. Developers in all top cities are now extremely selective with their choice of locations and focus on markets with high demand within specific budget categories," said Puri of ANAROCK.
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