Buying a home is the pinnacle of achievement for most Indians. It is the labor of their years of efforts, sacrifices and work. However, the modern Indian is more financially literate and savvy. Apart from owning a home to live in, a large number of Indians have opted for real estate investing and even using business loans or other means to finance their ambitions. Let us take a look at some of the best cities in India to invest in real estate.
This is a good time to invest in real estate. With significantly low-interest rates being offered by most banks, additional interest relaxations for property under 45L, several upcoming ‘smart cities’ and concessions being offered to developers for timely completion of projects, real estate investments are ripe for the plucking. While these might not be ideal factors for buying a property in metros or most Tier-1 cities, these are lucrative enough to opt for Tier-2 cities as your venue of choice.
Factors to Consider While Choosing the City
While there are several considerations to be taken into account, some of the critical factors while selecting the city for investment are as follows:
- Employment Opportunities across sectors
- Healthcare Facilities
- Educational Institutions for diverse ages and specializations
- Mobility, Connectivity and Transportation
- Safety and Security
- Infrastructures, like roads, water and electricity
- Governance and socio-political stability
- Real estate price trends and future potential
Top Cities for Real Estate Investment
Keeping the above mentioned factors in mind we take a quick look at 5 of the best cities in India to engage in real estate investing, in no specific order.
- Navi Mumbai / Thane
While Mumbai might be the city of dreams, it is not necessarily known for affordable housing. The space crunch and massive population add to the woes of living in this metro. However, with its expanding borders spreading towards Navi Mumbai and Thane, the available properties are larger and far more affordable in price. Since they are newer areas, they can boast of well-planned societies offering the choicest of amenities.
Coimbatore is an already well-established industrial and education hub in Tamil Nadu. In fact, it is nicknamed the “Manchester of the South’ due to its textile industry. Lately, it has started attracting automobile manufacturing, and IT-enabled services sectors as well. This implies a lot of job and career opportunities, which in turn results in a large migrant population who will require housing and avail other infrastructure that the city has to offer. With its affordable housing rates, investment in this city is expected to increase manifold in the near future.
Regularly winning the national award for the cleanest city in the country, Indore is the right mix of modern amenities with affordable surroundings. Situated in Madhya Pradesh, Indore is a host to several businesses of different scales and a plethora of other facilities like education and healthcare. In fact, it is one of the few cities that have both an IIM and an IIT. Indore has the potential to provide rich returns on your investment in the next few years to come.
Vizag, as it is fondly known, is a major Indian port city located in Andhra Pradesh and is of strategic and economic importance to the nation. It boasts of high educational standards and is one of the prototypes of the ‘smart city’ program. Following in the footsteps of its sister city, Hyderabad, Visakhapatnam has started attracting IT companies and workforce by the hordes. The great climate and lush greenery are added advantages to invest and/or reside in this city.
Reputed as one of India’s first and most well-planned cities, Chandigarh is highly regarded for its robust infrastructure and multi-connectivity options. Being a Union Territory, there are several tax and excise benefits that can be availed here. With the new airport corridor, the surrounding areas of Mohali and Panchkula have also become rife with upcoming projects and high rise housing societies. The lush greenery and beautiful backdrop of the Himalayas are an added bonus that makes for a peaceful living environment.
While this list is just a guideline, you may choose any city for real estate investing based on your preferences. In case you are looking for real estate financing or a business loan, do visit the Piramal Finance (PCHF) website to help you in this endeavor.
Also Read: Pre-Paying A Home Loan – Good Idea Or Bad