Recently updated on March 4th, 2019 at 11:46 am
As per the reports of Urban Land Institute (ULI) and PwC, Mumbai has the best real estate market in India, followed by Bangalore and New Delhi. With plentiful opportunities in every sector as well as a variety of options for entertainment and learning, Mumbai appeals to those from every corner in India. On the other hand, Bangalore is now established as the IT hub of the country and is attracting a lot of investors, be in domestic or FDI. From better jobs and opportunities to quality education and affordable housing, these cities offer everything you need.
Read on to know why Mumbai and Bangalore are becoming top choices among real estate investors in India.
Phenomenal scope for development
The real estate market has changed drastically over the years as developers have become more innovative in their approach. Top developers in metros like Mumbai and Bangalore are coming up with projects that boast modern amenities, allowing you to nurture a premium lifestyle. These offerings attract a lot of homebuyers who prefer the best of both worlds, living amidst nature surrounded by top-notch benefits. Builders like the Wadhwa Group, Lodha Group, and Rustomjee Construction in Mumbai and Prestige Group, Sobha Limited, and Godrej Properties in Bangalore are making a significant difference in the real estate sector today.
Excellent connectivity and accessibility
Owing to a population boom, cities like Bangalore and Mumbai have been facing tremendous traffic issues over the years. The bleak road conditions supporting a large number of commuters and cars have led to an increase in pollution and congestion.
However, both these cities have constantly fought the adversities and at present are offering excellent last mile connectivity via autos, taxis, trains, and buses. Additionally, commuters in Mumbai enjoy quick and affordable transportation, thanks to the effective local train network. The introduction of the metro in Mumbai has significantly reduced the travel time between prime locations like Ghatkopar and Versova. On the other hand, in Bangalore, the metro rail network is expanding at a rapid pace, which promises to make connectivity more efficient in the long run. Both these cities also have good accessibility to other Indian states and cities via road, rail, and air transport. This efficient intra-city and inter-city transport network is one of the contributing factors in making these cities a top choice among property investors.
The Indian Government has launched many initiatives for the development of cities that also includes the maintenance of existing infrastructure. Mumbai and Bangalore both offers widened roads, highways, flyovers, corporate houses, uninterrupted electricity, modern townships, and entertainment centers. Examples of such top developments are the expansion of the Bangalore metro rail, the Eastern Expressway in Mumbai and the Electronic City in Bangalore. These world-class developments have also played an important role in encouraging real estate investment in these cities.
Ample job opportunities
Mumbai is also the commercial capital of the country. From IT, media, advertising to the banking, finance and investment sector, it offers ample business and employment opportunities in every field. On the other hand, Bangalore is known as the Silicon Valley of India as it is a hub of renowned IT, fintech and e-commerce companies. This has opened numerous opportunities for career growth. For both the cities, employment has been the biggest factor that has accelerated the demand for real estate. Areas like Thane in Mumbai and Whitefield in Bangalore are in close proximity to business hubs, which has accelerated demand for residential projects.
Housing for every budget
Earlier, the property rates in Mumbai were very high, which made it difficult for an average homebuyer to own a house in the city. But, with promising real estate development in the outskirts and suburbs, it is now easier for you to buy an affordable house. For example, you can purchase a budget-friendly house in Dosti West County and a premium house in Lodha Primero, without having to break the bank. On the other hand, based on the locality, property prices vary greatly in Bangalore. For example, property rates are comparatively less in JP Nagar than in Whitefield. This is because developers are now coming up with houses on the basis of factors like area and demand to suit every budget.
Based on these factors, investing in a home in Mumbai and Bangalore is a smart move. Once you have decided where to invest to earn good returns, you can finance your investment by applying for a home loan from Bajaj Housing Finance Limited. With this loan, you can get instant access to funds up to Rs.3.5 crore. Moreover, you can enjoy other benefits such as property search assistance, in-person site visit, nil prepayment charges, and minimal documentation. To get a customized home loan as per your financial requirements, check your pre-approved home loan offer right away!