NRI Real Estate and Property Investment in India
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Plush Localities in Indian Metros Retain Lead
Monday, October 08, 2007

While the debate on the real estate India prices in metros continues, plush residential colonies in Indiaís metros have maintained the steady increase in rates over the last 12 months. Record breaking deals have been struck in what some real estate observers call a stagnant market.

A case in point is the Vasant Vihar plot measuring 400 sq. yards being sold for Rs. 5 crore, while a villa on 215 sq. yards fetched Rs.3 crore. South Delhiís accessibility to the central business district makes these neighbourhoods sought after by high net worth individuals.

As per figures prepared by Cushman and Wakefield, colonies like Shanti Niketan and Westend command Rs.30,000 per sq. ft, while Anand Niketan and Vasant Vihar are available at Rs.26,000 per sq. ft. Areas like Greater Kailash I&II, South Extension, Hauz Khas and New Friends Colony carry a rate of Rs.14,000 per sq. ft.

South Mumbaiís real estate prices in localities like Colaba, Cuffe Parade and Nariman Point have always been in the news for their record deals, and the prices have risen in spite of the slowdown in other parts of the city. Capital and rental values have maintained a 20-26% rate.

While Mumbai property rates have not shown much variation in general, South Mumbai has proved to be an exception. Property prices in Colaba, Cuffe Parade and Nariman Point hover around Rs.24,000 per sq. ft, while Malabar Hill, Napean Sea Road, Breach Candy and Peddar Road are a notch higher at Rs.29,000. Kolkataís southern suburbs of Ballygunge and Alipore have similarly preserved their exclusivity.

With not many new projects being added here, property prices in South Kolkata have maintained their upward trend of 20-28% increase over the last 12 months. Chennaiís Boat Club has seen an increase in capital values of almost 50% over the last year, where apartments are priced at Rs.13,500 per sq. ft.

Bangaloreís premium suburbs of Koramangala, BTM Layout, Bannerghatta Road, Hosur Road, Jaynagar, JP Nagar and Wilson Gardens are close to Rs.11,000 per sq. ft. Established residential colonies in these metros have acquired a snob value, where the cityís earliest residents have developed a good social infrastructure.

This, and the fact that not very many new projects are taken up by builders in these locations because of the non-availability of land and high rates, has ensured that these neighbourhoods retain their lead over upcoming suburbs.

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