Property Investment In Thane: All You Need To Know

 

Exploring the dynamic landscape of property investment in Thane unveils a myriad of opportunities and considerations for prospective investors. As a bustling city on the outskirts of Mumbai, Thane has emerged as a hotspot for real estate ventures, offering a unique blend of urban development and lifestyle.

In this comprehensive guide, we delve into all aspects of property investment in Thane, providing valuable insights and essential information to empower investors with the knowledge needed to make informed decisions in this vibrant real estate market.

What is Property Investment in Thane?
Property investment in Thane refers to the act of purchasing real estate in the Thane district of Maharashtra, with the expectation of generating returns over time. Thane has seen significant development and urbanisation, making it an attractive location for property investment. Investors may buy residential or commercial properties, aiming to benefit from potential appreciation or rental income.

Factors to Consider Before Investing in Thane Real Estate

• Economic Growth
  Assess the economic development and stability in Thane, as they directly influence property values. A growing economy often correlates with rising property prices. Investors should assess Thane’s economic stability and growth trajectory to gauge the long-term viability and potential returns on their real estate investment.


• Infrastructure
  Investigate existing and planned infrastructure developments in Thane to gauge their impact on the property market. Check the existing and planned infrastructure developments, such as transportation, roads, and amenities, as they contribute to the area’s overall appeal and potential appreciation.


• Affordability
  Beyond the initial property price, consider ongoing expenses, property taxes, and maintenance costs to ensure that the investment aligns with your budget and financial goals. Ensure the property fits your budget and consider the overall cost of living in Thane.


• Rental Yield
  Analyse the potential rental income relative to the property’s cost. Thane’s rental market trends can give insights into the income you might generate from the investment. A positive rental yield provides immediate returns and enhances the investment’s overall attractiveness.


• Potential for Growth
  Research Thane’s future prospects by researching upcoming infrastructure projects, job creation initiatives, and urban development plans.Factors such as government policies, investment inflow, and demographic trends can indicate whether the area has the potential for sustained long-term growth, influencing the property’s appreciation over the investment horizon.

Steps to Invest in A Property in Thane

1. Lease and Investment
   It is essential to check the value of a property and judge if it is a profitable investment for you. Because the return on investment highly depends on the scale of investment, and thus it is crucial to understand the correct value.
   
   Besides, it is also essential to understand the lease structure thoroughly and avoid unforeseen complications in the future.


2. Market Analysis and Budgeting
   Analyse market trends, property values, and investment potential for a suitable budget. Consider financing options and consult with financial advisors to ensure your budget is realistic and manageable.


3. Property Selection
   To narrow down potential properties, create a list of key criteria such as location, amenities, and size. Seek recommendations from real estate professionals or trusted contacts


4. On-site Evaluation
   Schedule visits to shortlisted properties to assess their condition, surroundings, and accessibility. Note any maintenance issues, neighbourhood characteristics, or potential for future development.


5. Documentation Preparation
   Gather necessary paperwork such as sale deeds, title documents, and agreements. Ensure all documents are accurate and up-to-date.


6. Transaction Completion
   Finalise the purchase by arranging for payment of the property price, stamp duty, and registration charges. Keep records of all transactions and obtain receipts for payments made.

Things to Consider Before Buying a Residential Property in Thane

• Demand of the Location
  Investigate the current and future demand for properties in Thane. Look for factors like proximity to business hubs, educational institutions, and healthcare facilities. A location with a growing demand often translates to a better investment.


• Safe Locality
  Prioritise safety by researching the crime rates and overall security of the neighbourhood. Visit the area during different times of the day to get a sense of its safety. Check with local authorities for any safety concerns or initiatives.


• Connectivity
  Assess the connectivity of the location with major roads, public transportation, and nearby cities. Easy access to highways, railway stations, and bus stops enhances convenience and can impact the property’s value over time.


• RERA
  Ensure that the property adheres to RERA guidelines. RERA compliance provides transparency and protects the buyer’s interests. Verify the project’s registration status and check for any complaints or legal issues related to the developer.


• Amenities
  Evaluate the amenities offered in and around the property. Consider factors such as parks, recreational spaces, shopping centres, and healthcare facilities. Well-equipped amenities can enhance your quality of life and contribute to the property’s resale value.


• Builder
  Research the builder or developer’s reputation and track record. Look into their past projects, delivery timelines, and overall customer satisfaction. A reliable builder is crucial for a smooth and trustworthy real estate transaction.

Benefits of Investing in Thane Real Estate Property

• Strategic Location
  Thane’s strategic location stands out as a key benefit for real estate investors. Situated in close proximity to Mumbai, Thane serves as a significant part of the Mumbai Metropolitan Region (MMR). Kolshet, conveniently situated between Thane East and Thane West provides easy access to Mumbai, Bhiwandi, and Western Suburbs like Mira-Bhayandar and further via the Eastern Express Highway, Western Highway, and Ghodbunder Road. It is also quite accessible via a network of roadways, such as JVLR, SCLR, Eastern Freeway, NH-8, Mumbai-Nashik Highway and the Thane-Belapur Road.


• Quality Educational Institutions
  The presence of reputable educational institutions in Thane adds another layer of attractiveness for families and, consequently, property investors. Some famous educational institutes in this city are P. Shah Institute of Technology, VPM’s Polytechnic and Bedekar Institute of Management. For children, there are a number of top schools in Thane, such as DAV Public School, New Horizon Scholars School and SMT Sulochanadevi Singhania School.


• Thriving Business and Commercial Hub
  Thane city is a growing residential area with multiple businesses and commercial opportunities. Thane has become a hub for various commercial centres, standing alongside renowned locations such as Bandra Kurla Complex, Nariman Point, Lower Parel, Powai, and Andheri East, all of which currently command a premium. Notably, Thane is now gaining prominence as a commercial destination, hosting offices of major corporations like Tata Consultancy Services, Bayer, and Raymond. This surge in commercial development is poised to attract more businesses in the future, solidifying its position as a thriving and sought-after business locale.

Also read: Guide for Thane Commercial Real Estate Investment

Source - houssed.com

Guide for Thane Commercial Real Estate Investment

 

Thane is one of the fastest-developing cities in Maharashtra. Its proximity to Mumbai makes it a populated area, which, in turn, makes it an attractive commercial space for investment.

In 2015, Thane was one of the first 100 cities in India to implement the Smart City Mission. Consequently, Tata Consultancy Services has set up its largest office in Thane with 30,000 employees.

Additionally, there are numerous ongoing projects under the Thane City Centre Rejuvenation, such as implementing multi-modal transport, intelligent transport systems, etc.

Rapid infrastructure development and easy connectivity to Mumbai and Navi Mumbai have made Thane a critical real estate hotspot of the Mumbai Metropolitan Region (MMR).

Let’s see how investing in Thane’s commercial space can benefit you.

Top Reasons to Invest in Thane Real Estate
Thane is quickly developing into a profitable commercial sector for the following reasons:

• Increasing Connectivity
  Proximity to Mumbai is one of the best features of Thane. Ghodbunder Road, JVLR, Eastern Highway, NH8 and SCLR connect Thane with Navi Mumbai and other parts of Mumbai. The cost of living in Mumbai is skyrocketing; hence, commuting from Thane is a sustainable option for working individuals in Mumbai.
  
  It anticipates that the forthcoming metro project in Thane would cut the distance to Mumbai in half. It saves a significant amount of time for daily commuters. In addition, it will significantly boost Thane’s commercial real estate sector.


• Industrial Hub
  Thane is a central industrial hub in the country and is the third most industrialised city in Maharashtra. With a significant belt of over 18000 industries in the town, it is a hotspot for employment. Hence, investing in commercial properties in Thane can be a profitable opportunity.


• Logistics Hub
  The logistics and warehousing industry is booming in Thane. With optimistic future expectations, it will soon become the busiest logistics hub in India. Hence, it is a prime time to invest in commercial real estate in this city to profit from the warehousing sector.


• Passive Income Stream
  Thane, famous for warehousing and industrial sectors, offers an ideal business space for rental income. Passive income from rental estates has negligible risks and generates high income without much active effort.


• High Return on Investment
  Generally, returns from commercial properties are very high as these spaces are in demand. Moreover, the tenants offer appreciation to hold on to the spaces in the long run. In addition, Thane is a developing region, so the returns are bound to multiply in the coming years.

Things to Consider Before Buying a Commercial Property in Thane
The objective of commercial real estate is to earn profits; hence, it is vital to check a few factors before investing in Thane.

• Lease and Investment
  It is essential to check the value of a property and judge if it is a profitable investment for you. Because the return on investment highly depends on the scale of investment, and thus it is crucial to understand the correct value.
  
  Besides, it is also essential to understand the lease structure thoroughly and avoid unforeseen complications in the future.


• Area Infrastructure
  Developing a modern property equipped with high-end amenities is not enough to generate high income and attract a heavy crowd. The infrastructure of your surrounding area plays a crucial role in your commercial profit. Therefore, proper access to modern infrastructure is a significant factor.


• RERA Verification
  Buying a property that adheres to all rules and regulations is essential. All properties and builders in India must adhere to the norms established by the Real Estate Regulatory Authority (RERA). It is of utmost importance to verify the registration of the property and the builder through the RERA Maharashtra (popularly known as MahaRERA) portal.


• Transport Network and Location
  When investing in Thane real estate, it is paramount to check the transport network in the area. Because connectivity to airports, railway stations, etc., ensures high returns from commercial investments. Understanding the location and future aspects is essential to analyse your investment’s appreciation.

Also read: Understanding the Significance of Amenities in Real Estate Projects

Source - wintwealth.com

Why Are Real Estate Properties in Thane Booming?

 

Those who live in Mumbai or who travel to the city can vouch for the constant evolution, the state of flux, and the phenomenal development that has taken place over the years. Nothing, however, comes close to the growth of Thane. From a quaint suburb that attracted industries and offered residential space for employees, Thane has grown into a dynamic and vibrant part of the Mumbai Metropolitan Region and one of the most sought-after residential markets in the state. Thane is all set to be the smart city that changes the way people in MMR live, and supporting this change is the Thane Municipal Corporation, with a host of digital and infrastructural programs. So it is no wonder young Mumbaikars are looking to buy into the real estate scenario here, and seasoned investors are keener than ever to be a part of the Thane growth story.

1. Connectivity Matters
   The one cardinal rule of living in Mumbai is connectivity, which is the secret of Thane's phenomenal growth. Apart from the extensive bus and train network that connects Thane to the rest of Mumbai, the expansion of the metro circuit comes as good news to those who commute through the Wadala-Ghodbunder Road and Thane - Bhiwandi stretch. NH-8, Ghodbunder Road, and Mumbai-Nashik Highway are some arterial roads connecting Thane with other Mumbai localities. The excellent connectivity of Thane to the upcoming Navi Mumbai airport and to the heart of Mumbai itself makes for convenient and quick intra-city movement.


2. Suburbanisation Factor
   Thane has always had a high concentration of industries, but the recent trend of suburbanisation has tipped the scales firmly in favour of Thane. With major IT companies like TCS and Capgemini relocating to this micro market in favour of larger spaces and better facilities, Thane's residential market, too, has received a boost. The Wagle Industrial Area, Odyssey IT Park, and a number of IT parks and business centres have opened up in Thane attracting more satellite offices of corporations.


3. Choosing a Lifestyle
   Mumbai is hip and happening, but so is Thane without the congestion and pollution. The large waterbodies, parks, and the proximity to the Sanjay Gandhi National Park make for better air quality, a cleaner, greener environment, and certainly a better lifestyle. With property prices being more affordable than SoBo, homeowners can look at owning larger homes in projects that offer health and fitness facilities and smart homes.


4. Social Equity
   Swanky restaurants and entertainment centres, upscale malls, cafes, and clubs – you name it, and Thane has it. Fortis, Jupiter Hospital, SRV Mamta Hospital, Vedanta Hospital, and Apollo have all set up expansive campuses in Thane, offering the best medical facilities. The spurt of world-class colleges and schools has made this micro market very attractive for home buyers.


5. Focus Developers
   Despite the boost in demand, industry experts believe that the Thane real estate story is still at a very nascent stage. The greatest advantage for investors comes from the fact that the projects in Thane are made to suit every budget. You can take your pick from simple 2BHK real estate property in Thane to luxury apartments. The asset appreciation in both cases is expected to be very attractive.

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Understanding the Significance of Amenities in Real Estate Projects

 

Amenities play a vital role in real estate projects, providing a range of features, facilities, and services to enhance the quality of life for residents. They can include gyms, swimming pools, playgrounds, clubhouses, and many others. In this article, we will discuss why amenities are essential in real estate projects, and the benefits they provide to both developers and residents.

Improved Quality of Life for Residents
Amenities can enhance the quality of life for residents. By providing amenities such as a gym, a playground, walking path or a clubhouse; residents can enjoy a more convenient and enjoyable living experience. For example, having a gym within the building saves residents time and money, and having a playground or clubhouse can promote socialization and community building among residents.

Long-Term Investments
Amenities can be a long-term investment for developers. While they may require an initial investment, amenities such as energy-efficient features, like smart home technology or solar panels, Rainwater water harvesting, Sewage treatment Plant(STP) can save residents money on energy bills and reduce environmental impact. These can make the property more attractive to potential buyers or renters who prioritize energy efficiency and sustainability.

Increased Property Value
Amenities can significantly increase the value of a property. A developer who provides a range of high-quality amenities can make their property more appealing to potential buyers or renters, allowing them to charge a premium for it. Properties that offer exceptional amenities are usually more expensive than those that do not. This way, the developer can make a greater profit, and the property can also become more desirable and easier to sell or rent.

Differentiation from Competitors
In a highly competitive real estate market, developers must differentiate their properties from their competitors. One way to achieve this is by offering high-quality amenities. Unique and high-quality amenities, such as a rooftop pool with beautiful city views, can be a significant selling point for the property.

Reputation Building
Developers can build a good reputation by providing high-quality amenities. A good reputation can lead to repeat business as satisfied residents are more likely to recommend the developer to others. Moreover, a good reputation can also help developers secure financing for future projects as lenders are more likely to invest in developers with a proven track record of success.

Conclusion
In summary, amenities are a critical aspect of real estate projects. They offer several benefits to both developers and residents, including increased property value, improved quality of life for residents, differentiation from competitors, long-term investments, and reputation building for developers. Therefore, developers should consider which amenities to provide based on the needs and preferences of potential buyers or renters.

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How To Make Your Home Vastu-Compliant?

 Given the importance of holistic well-being, Vastu Shashtra, the ancient Indian tradition, is also becoming more pertinent. Vastu compliance implies that a house should be built in accordance with the principles of Vastu Shastra.

This blog endeavours to offer an elaborate guide on the Vastu-compliant meaning for homebuyers and investors to help them adhere to Vastu-compliant homes for positivity and space balancing.

Vastu Compliant: Main Entrance
Start creating vastu compliant homes by focusing on the main entrance. According to Vastu Shashtra, it is best if the main door faces North, East, North-East, or West, and it is recommended to avoid other directions. To enhance Vastu compatibility, use a strong material like wood or metal for the main door.

The main door should be larger than the other doors in the Vastu-compliant house, measuring at least 3 ft in width and 7 ft in height. The door should graciously exude a grand appearance while maintaining design symmetry.

Placing a simple nameplate at the entrance of the Vastu-compliant flat is also promising. As the entrance is the gateway for energy to enter the home, ensure that it is always clean to avoid disrupting the positive energy flow according to Vastu principles.

Vastu Compliant: Living Room
The living room is often deemed the heart of the home, and its Vaastu compliance is of great importance. Depending on the orientation of the living room, Vastu is known to provide specific suggestions for paint colours to ensure optimal energy flow.

According to the Vastu-compliant house plan, the living room faces east, governed by the sun, it is instructed to choose white paint, while a living room in the west, which is ruled by Saturn, is recommended to be painted with blue paint. Conventionally, light shades of yellow and green are regarded as ideal for the living room, with warning against using red and black paints.

In terms of furniture arrangement in the living room, Vastu-compliant homes should place furniture in the west or south-west direction, emphasising square or rectangular shapes for the furniture pieces. Decorate the room with natural elements to enhance balance and positivity

Vastu Compliant: Kitchen
The kitchen is a vital space where the elements of fire and water play a significant role. The Vastu-compliant construction and maintenance of kitchens helps block negative energies while attracting positivity, health, and overall well-being by achieving a harmonious balance among the five elements of earth, air, water, fire, and sky.

According to Vastu guidelines, it is recommended to build the kitchen in the south-east corner, the domain of the lord of fire (Agni). Alternatively, the north-west direction is considered acceptable for a Vastu-compliant home kitchen.

Vastu tips for kitchen elements include placing wash basins, water pipes, and the kitchen drain in the north or northeast direction to balance water and fire elements.

Kitchen appliances representing the fire element, such as the gas stove, microwave oven, toaster, and food processor, are ideally placed in the southeast corner of a Vastu-compliant flat. The refrigerator and kitchen stock should be positioned in the southwest direction for optimal Vastu alignment .

Vastu Compliant: Bedroom
The bedroom is where we recharge our body after a whole day of work. Adhering to Vastu guidelines for bedroom construction is essential for ensuring a peaceful sleep environment. According to Vastu experts, it is recommended to construct bedrooms in the east, north, or southwest corners, avoiding the northeast and southeast directions to maintain optimal Vastu-compliant flat alignment.

Constructing a bedroom in the central ‘Brahmasthan’ area is considered a significant Vastu defect due to its energy significance. Vastu Shastra also advises rectangular or square-shaped beds, discouraging the use of round or oval beds for better alignment .

Vastu Compliant: Bathroom
Bathrooms play a role in maintaining overall Vastu balance. Ideally, the bathroom should be situated in the north or north-west part, while the south, south-east, and south-west directions should be avoided during construction. It is strongly advised not to share a wall between the bathroom, puja room, or kitchen in effective Vastu-compliant apartments.

Vastu Shastra offers insightful tips for designing bathrooms and toilets, emphasising practical considerations. Opting for white colours for bathroom paint is advised, and after each bath, thorough wiping to ensure quick drying is essential to prevent accidents. If the bathroom shares a wall with the bedroom, strategic bed placement away from the bathroom wall is suggested.

Conclusion
Vastu Shastra is one of the most reliable methods to conserve an abode’s peace and make it a Vastu-compliant house. Despite its ancient origins, its principles hold potential truths that remain relevant throughout centuries, and even today.

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7 Important Things to Consider When Buying a Commercial Property

 

Buying a commercial property is a cost-effective decision, so it is better to be thorough with the process carefully. Wouldn’t it be great if you knew what to look for in a commercial property before buying it? So, to make your life simpler, here are some important things to consider when buying commercial property.

Market Research
When you start looking for a commercial property in Mumbai, you need to spend some time researching the perfect location. Do your research and consult with brokers in the area to understand the market conditions.

Find out the upcoming projects in that area, price trends and much more. It is also essential to assess the scope of future development in the area. Investing in a project in a developing and well-developed area is always lucrative as it provides you with high returns on investment.

Review the Location
Location is a significant factor to consider when buying a commercial property in Mumbai. Choose a location that is accessible from other locations and has excellent infrastructure. When you buy a property in a prime location, it will surely give you high returns on investment. Commercial property provides returns in two ways- rent and capital appreciation, which greatly depend on the location.

Types of Commercial Properties
Commercial properties consist of industrial complexes, retail shops, and office buildings, among others. Decide the kind of commercial property that you want to buy. There are many reasons to invest in commercial real estate. You may want to run your own business or give it on rent. What kind of commercial property suits you entirely depends on your goals.

Check Legal Documents
Make sure to review all the records, financial information and documents. Verify the legal description of the property and also check the copy of construction blueprints and the most recent ‘title policy’ of the property. Ensure the property has received all the approvals from the concerned authority so that you don’t make any wrong investment decisions.

Check out for Hidden Charges
Almost all properties have hidden costs, including registration fees and property maintenance, among others. Estimate the potential costs and discuss them in advance in the ‘contract’ itself.

Litigation Matters
Make sure the property you are choosing is free from any legal implications ,If there is any litigation that is associated with the property, then the buyer gets a chance to re-negotiate, or if necessary, they can decide to walk out of the deal immediately.

Choose the Right Builder
Ensure that you choose a recognised and reputed builder with a proven track record of successfully completing and delivering projects on time. You need to cross-check and verify the credibility of the builder before finalising the deal.

Source - ashwinshethgroup.com

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5 trends shaping the future of residential real estate in India

 

The Indian real estate sector is experiencing a significant evolution, largely driven by the rapid growth of the nation’s middle class. This transformative change, marked by a substantial increase in both the population size and the economy’s growth, has not only drawn the focus of industry experts but has also sparked considerable interest among investors, developers, and potential end users. This remarkable growth is powered by a combination of factors, including urbanisation, rising incomes, and improved access to education.

With new opportunities and trends, the residential market in India stands as a barometer of societal aspirations, economic vigor, and regulatory shifts. India’s residential property market in FY23an all-time high of Rs. 3.47 lakh crores, accounting for a robust 48% year-on-year increase. With a 36% rise of 379,095 units sold; the volume of sales also exhibited an updwardsa growth trajectory.

Every facet of the sector echoes the pulse of a rapidly evolving nation. Here are the key trends that are shaping the residential real estate market in India:

1. Rise of Low-Density Housing: There has been a notable surge in demand for low-density housing options such as villas, townhouses, and plotted developments. Low-density housing, like small neighbourhoods or houses with fewer people, uses up fewer resources such as water, air, and electricity. This type of housing encourages sustainable living for the people who live there for a long time. Shaping neighbourhoods with fewer houses and keeping the land largely unchanged helps save resources by reducing the need for additional infrastructure. The virtues of low-density housing have caught the homebuyers’ attention. Prioritising harmony with nature, privacy, and space, people are now gravitating towards low-density housing as a respite from crowded urban centres. Responding to this trend, developers are introducing meticulously planned, low-density projects that emphasize the importance of open spaces, lush greenery, and a sense of exclusivity. This shift underscores a growing appreciation for balanced living environments that seamlessly blend modern amenities with the tranquility of suburban landscapes. As per the annual Luxury Outlook Survey 2023 by India Sotheby’s International Realty, about 33% of HNIs and UHNIs are ready to spend more than Rs 10 crores to buy a property. For instance, Landmark Group sold their plots in _their new low density housing project, Landmark Avana situated in new Gurugram, in record time, especially to a new age group that is seeking more space, and a higher quality of life.


2. Technological Integration: The integration of technology is revolutionizing the residential landscape, enhancing convenience, security, and comfort. Smart homes equipped with IoT devices, home automation systems, and AI-powered assistants are becoming the new standard, offering residents a seamless living experience while setting new benchmarks for a futuristic living. The projected revenue in the Smart Home market in India is expected to reach US$6.5bn in 2024.
   
   According to Researchandmarkets, India ranked third in terms of smart homes worldwide in 2020. In addition to this, Statista’s Digital Market Outlook for 2021 forecasts that the number of smart homes in India is expected to surge to 442 million by 2025


3. Increased Preference for Homeownership: The onset of the Covid-19 pandemic has instigated a notable transformation in societal perspectives regarding homeownership. Many are now placing a greater emphasis on owning a home rather than opting for rental arrangements. Individuals have come to appreciate the advantages of residing in their own space with dedicated areas for work, study, and recreation. Consequently, there’s a heightened awareness regarding the intrinsic value of possessing a home, which offers a heightened sense of security and stability amidst periods of uncertainty. In FY22, banks in India advanced to an estimated 2 trillion Indian rupees in housing loans which is similar to the pre-Covid housing loan levels. This showed renewed homebuyer sentiment, as an increasing number of Indians were investing in purchasing residential property.


4. Luxury housing: Premium and luxury housing have become the focal points of the real estate market. Such exclusive residential projects, boasting top-tier amenities, allure discerning buyers seeking unparalleled living experiences. According to a recent study conducted by India Sotheby’s International Realty, there’s been a notable uptick in affluent individuals intending to invest in luxury properties over the next couple of years. The landscape of luxury real estate has undergone remarkable changes, driven by shifting consumer preferences influenced by changing demographics, increased technological integration, and rising income levels. Millennials are gravitating towards luxury homes due to their rising income, changing urban lifestyle, and growing affluence. Additionally, the potential for a high return on investment and significant rental income further fuels the demand for luxury properties. The sale of luxury homes in India increased by 130% in the first half of 2023 compared to the corresponding period of the previous year. Landmark Group’s new residential project upcoming in Dwarka Expressway promises an ideal residential complex with untold luxury services and modern amenities best suited for the evolving way of living.


5. Tier 2 emerges as a strong player: The aftermath of the pandemic prompted many individuals to reevaluate their living spaces and look for secure homes in their hometowns for an increased sense of stability. Consequently, Tier 2 cities have garnered attention as growing real estate hubs. These cities are witnessing a notable surge in investment activity, driving significant changes in their property landscapes. Bolstered by a thriving housing market, Tier 2 cities are experiencing rapid infrastructure expansion, presenting an array of residential and commercial prospects. In addition to this, the government’s push for smart cities is also helping the real-estate market growth. The Government has allowed FDI of up to 100% for townships and settlements development projects.

The real estate growth in tier 2 cities is catching up with that of tier 1 cities. For instance, Ahmedabad’s residential real estate market size of INR 83,390 crores has outshone some of the Tier 1 cities like Kolkata and Chennai with market sizes of INR 38,440 and INR 52,554 crore respectively at the end of fiscal year 2021-22 and this growth has resonated in the Tier II cities as well such as Nashik, Jaipur, Vadodra, Gndhingar etc

Keeping the recent demand for housing, the government has renewed its focus on affordable housing and developers have recalibrated their strategies to tap into this underserved segment. Affordable housing refers to housing that is priced at a level which is affordable to low and middle-income households. The Landmark Group is expected to deliver its affordable housing project, Landmark the Homes in sector 81 by December 2024. To buy affordable housing in India, one can explore government-funded programs designed specifically for low-income groups or home loan options from private lenders/NBFCs. In the Union Budget 2023-24, a commitment of Rs. 79,000 crore (US$ 9.64 billion) for PM Awas Yojana has been announced, which represents a 66% increase compared to the last year.

Government schemes like the Pradhan Mantri Awas Yojana and Rajiv Awas Yojana have incentivised developers to venture into affordable housing projects, fostering inclusivity and accessibility in the real estate market. With a population growing at a rate of 2.1% per year on average and the low purchasing power of a significant portion of our population, meeting the 40 million urban housing demands needs to be addressed.

India’s increasing urban population continues to fuel demand for residential spaces, transforming skylines and cityscapes.

Source - timesofindia.indiatimes.com

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