Magicbricks asked its readers to choose the city that would choose to invest in the year 2017 and Mumbai, Delhi and Bengaluru got top preference amongst the other cities of India. All three cities received over 22 per cent votes, respectively.
What makes them the preferred cities for investment? For starters, all three offer ample job opportunities. Corporate conglomerates have in the past made a beeline for acquiring office space in these cities.
Delhi might not be the chosen destination for corporate but its NCR arm is. Gurgaon is the millennium city while Noida because of easy and cheaper availability of office spaces have caught the interests. Owning a property in Delhi is a guaranteed method of earning of profit in the future. Therefore, even though the high earning professionals, HNIs and NRIs look towards newer constructions in the NCR, they would not mind investing in Delhi if they a good deal.
Good transport options have certainly helped the investability quotient of the capital city.
“Property rates in Delhi is always higher when compared to the NCR. Owning a property here is a matter of prestige. I own a property in Adchini. Initially, though the area is on the main road to MG Road, it was a village area with old construction houses and narrow alleys. My house was a 2BHK a ground floor unit with open space in the front. I took a home loan and built a four storey house. I have kept a floor for my family and have rented all the other floors housing one rooms to students and young professionals. Since it is near Qutub Institutional area, I have no dearth of tenants. Today, I have paid off my loan and have to turn away tenants as there is no vacancy,” says Siya Ram, a property owner to Magicbricks correspondent.
Mumbai has always been the land of new opportunities for all sections of the society. Not just the office cadre, people from all walks of life come into the city. As a result, chwal and one room – matchstick sized living areas are popular. Shortage of space and everyday costs has made accommodation expensive.
Nimish Aggarwala, an executive professional in one of the start-ups lives in a rental accommodation in Andheri East. He says, “I am quite happy living in a rental accommodation. I do not think I can afford to invest in Mumbai as the prices are sky-high. Also, I would like to buy a house which will give me more space. I am not originally from Mumbai and therefore spending so much money on a cubicle does not seem profitable to me.”
Bengaluru is the silicon valley of India. Its IT emergence is no longer news anymore. The city is growing and is its real estate. The city holds a lot of promise and compared to Delhi and Mumbai, the property rates are pretty affordable. Every year, it sees new entrants which ultimately leads to some percentage of investment.
Magicbricks’ Insights show the following trends in the three cities.