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Regional realities

November 16, 2006

NORTH: UTTARAKHAND TAKES OFF

CHANDIGARH

Population: 8 lakh

Real estate drivers: Services, IT and investments by NRIs

Areas to look at: Mohali, Panchkula, Zirakpur, Dera Bassi

Prices: Rs 1,500 to Rs 3,500 per sq ft in different suburbs

Keep in mind: Baddi in Himachal Pradesh is becoming an investment magnet, but people working there prefer to live in Mohali or Panchkula.

JAIPUR

Population: 23.2 lakh

Real estate drivers: Trade, tourism, proximity to Delhi

Areas to look at: Sitapur,Ajmer Gate, Tonk Road, Malviya Nagar, Bani Park, Jawahar Nagar and Shastri Nagar.

Prices: Rs 1,700 to Rs 2,500 per sq ft

Keep in mind: Major residential development along the Jaipur-Ajmer road, including the proposed 2,000-acre SEZ.

LUCKNOW

Population: 22.6 lakh

Real estate drivers: Services and migration

Areas to look at: Gomti Nagar, Rae Bareli Road

Prices: Rs 1,600 to Rs 2,400 per sq ft

Keep in mind: Property prices have risen by about 30% in a year to reach over Rs 2,000 per sq ft.And this fast-paced growth is likely to continue unabated in the next year too.

RUDRAPUR

Uttarakhand’s industrial hub has big business houses queuing up, fuelling demand for commercial — and residential — property.

HARIDWAR

Tourism and pilgrimage has drawn second home buyers and builders to Haridwar. Property price is between Rs 1,200 and Rs 2,400 sq ft. Prime areas are Ranipur Modh and Shivalik Nagar.

WEST: PUNE LEADS THE PACK

PUNE

Population: 37.5 lakh

Prices: Rs 2,500 to Rs 3,500 per sq ft

Growth since 2004: 50-80%

Areas to look at: Eastern Corridor and Western Corridor. Baner, Kharadi,Wakad and Viman Nagar are likely to become hot spots.

Most expensive areas: Kalyani Nagar and Koregaon Park.

Keep in mind: Prices will rise by about 15-20% in a year.

AHMEDABAD

Population: 45 lakh

Real estate drivers: Industrial, trade and services

Areas to look at: S.G. Road,Thaltej, Gota and Bopal. The Sabarmati River Front Development will give the city a facelift.

Prices: Rs 1,800 to Rs 2,800 per sq ft

Keep in mind: The Gandhinagar Sarkhej highway could be an emerging centre for growth.

NAGPUR

Population: 21.2 lakh

Real estate drivers: Services and manufacturing

Areas to look at: Around the proposed international airport and Wardha Road.

Prices: Rs 1,800 to Rs 2,600 per sq ft

Keep in mind: Nagpur’s good road and rail connectivity to all parts of the country. Also, property rates are expected to go up by 40% over the next year.

RAJKOT

A city of about two million people, Rajkot has witnessed spiralling of property prices on the back of investments by retail giants. Experts predict a good year ahead. Prime residential locations like University Road and Kalavad Road have houses going for Rs 1,300 to Rs 1,400 per sq ft. Good connectivity to Mumbai and major cities of Gujarat like Ahmedabad and Surat is an advantage.

EAST: OUTGROWING KOLKATA

BHUBANESWAR

Population: 6.5 lakh

Real estate drivers: IT, urban regeneration, and administration

Areas to look at: Khandagiri, Patia, Shahid Nagar

Prices: Rs 900 to Rs 1,800 per sq ft

Keep in mind: Proximity to Puri and Konark and good connectivity to Kolkata.

RANCHI

Population: 8.6 lakh

Real estate drivers: State administration, and services

Areas to look at: Morabadi, Kanke

Prices: Rs 1,300 to Rs 1,700 per sq ft

Keep in mind: Some consultants feel Ranchi is more attractive for investment than Jamshedpur.

SANTINIKETAN

Outgrowing its image as the Visva Bharati University town, property prices have shot up by up to 60% in a year. Tagore's Getaway is the destination where excess cash from Kolkata is parked.

SILIGURI

A traditional trading centre and the gateway to the North-east, it should benefit from the opening of Nathula Pass. Bengal Ambuja Housing is already building a mega township in 4,000 acres.

SOUTH: THE SILICON BELT

MANGALORE

Population: 5.4 lakh

Real estate drivers: Services

Areas to look at: Gandhi Nagar, Falnir and Kodialbail

Prices: Rs 1,100 to Rs 1,800 per sq ft

Keep in mind: Most IT majors are already in Karnataka's second Silicon city — and are fast expanding. That has led to a 20% appreciation in property prices in the past year. Experts see a 40% rise in a year.

KOCHI

Population: 13.5 lakh

Real estate drivers: Tourism and export

Areas to look at: Thrikkakara-Kakkanad due to the IT park and the Edappilly-Kalamaserry belt for its proximity to the city centre.

Prices: Appreciation is expected to be 10-12% in a year

Keep in mind: Excellent telecom network and air connectivity. NRI remittances are a determinant of real estate demand.

MYSORE

Population: 7.8 lakh

Real estate drivers: IT and tourism

Areas to look at: Jayalakshmipuram, Lakshmipuram,Vontikoppal and Yadavgiri.

Prices: Price hike in the past one year was between 20-30%

Keep in mind: The Bangalore Mysore Infrastructure Corridor that includes five townships. The townships are planned to act as population countermagnets to Bangalore.

COIMBATORE

Population: 14.4 lakh

Real estate drivers: Manufacturing, services and IT

Areas to look at: Race Course, R.S. Puram,Avinashi and Peelamedu.

Prices: Rs 1,000 to Rs 2,200 per sq ft

Keep in mind: Good connectivity to Bangalore and Chennai and easy availability of land on the outskirts will allow bigger commercial and residential projects to come up.

CENTRE

INDORE

Population: 16.4 lakh

Real estate drivers: Trade and manufacturing

Areas to look at: Bombay Hospital Road and Mayakhedi.

Keep in mind: New master plan proposes to open up 20,000 hectares of land.


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