Zeroing down on a property is a task. However, the process of going through one property after another before a purchase explains your passion of aspiring towards a certain lifestyle. In this context, space is something that defines your choice of lifestyle. Do Indian cities do justice to your idea of space? Can money buy you all? Nevertheless, over time the property market has self-defined this idea of space in terms of money and unconsciously we have accepted this logic!
Here’s what your money can buy across India:
Bengaluru, a city that has created waves when it comes to the property market is known for its rational pricing and yet no compromise when it comes to return on your investments. Sounds like a good deal? Interestingly, the new growth corridors have shown the fastest growth within the city. Take the simple case of Whitefield, Sarjapura, and Electronic City. Housing demand is almost like a fad here. There are takers in big number. This is exactly why despite a sluggish market over the last year and a half when new launches were reduced to a half, prospective buyers did not curtail the ‘charcha’ over these localities. A live example is Open House, a Q&A forum by Magicbricks that is teeming with queries on these new localities. Your suitcase with Rs 70- 80 lakh will fetch you a 2 or a 3BHK (1000-1550 sq ft) in the choicest of destinations- Whitefield, Sarjapur Road, Electronic City, HSR Layout and Bannerghatta- the top five in Bengaluru today! Capital values? A treat to anybody who opts to buy in the city of fat pay packages!
Delhiites are looking beyond Dilli. With the traditional settlers occupying space in the city, the young, travelling, professional crowd has opted for the National Capital Region (NCR), primarily Gurgaon and Noida. The former boasts of suave lifestyle, developing infrastructure and a truly global feel with big malls, cosmo culture and a score of new investments. Noida on the other hand, boasts affordability, infrastructure planning and options in property types. In Delhi, peripheral areas can give you the luxury of space. However, the liveability quotient may not define the benchmark that a standard Delhi home located in a convenient set up may boast. Also, with Rs 80 lakh, you may just be able to grab a 1BHK in a locality such as Vasant Kunj and not more than 800 sq ft. Go beyond, into NCR and the same amount can fetch you homes up to 1200 sq ft.
Tinsel town Mumbai is a destination that equals the charm of a Paris or a Manhattan when it comes to realty. The city boasts of Bollywood, finance and centres of economics right from the up-market Cuffe Parade surroundings down to the fast growing pockets where shanties have huddled together. If you could sell a standard 2BHK spread over 1000 sq ft within Rs 80 lakh, it would be sold before you get to advertise it because that is how ‘affordable’ this sum of money is looked upon as. Yet, the craze of owning a house in a Mumbai pin code never goes out of fashion. Lack of space within the city has pushed Mumbai outwards and while you may have to pay Rs 2 crore for a 400 sq ft Bandra flat, you could opt for Thane or developing pockets of Navi Mumbai or extended corridors of Eastern and Western suburbs with Rs 80 lakh. How long will real estate prices in these areas remain ‘affordable’ is another question altogether.
Chennai has cropped up in global researches as one of the promising real estate centres. Trend watchers attribute this development to the cultural diversity and presence of land bank that is yet to be tapped and at relatively reasonable prices. Jobs have been a major driver of realty. Wherever IT/ITes has made an impression, realty has picked up. Take the case of Old Mahabalipuram Road or an East Coast Road. Housing demand has sprung up with options available in the space range of 800-2500 sq ft within the aforementioned budget. However, where spaces are larger, infrastructure may or may not be befitting your lifestyle. This is exactly why an Adyar or an Anna Nagar or for that matter a South Chennai locality is way up on the preference meter than its counterparts in the North. If South Chennai has lent you a living space within Rs 80 lakh, you have made a good deal.
Mumbai’s loss could have been Pune’s gain, say most trend watchers. One, the shared Marathi culture and second an absolute definition of ‘heavenly’ when it comes to capital values. When back offices of firms decided to set up their seats in Mumbai, cost cutting was the real objective. Although capital values have soared tremendously in Pune over the last 5-7 years even in areas such as Wagholi, you can still get an 800-1200 sq ft home within Rs 80 lakh. Could Pune replicate Mumbai’s pattern when it comes to space? Let’s assume, No! At least not for the time being. Pune boasts exclusive addresses and space but does not underestimate what sizes could run up to. Pay Rs 10 crore or more, you could get an entire 4000 sq ft home with packed, exquisite furnishings or international brandings- more than what a Mumbai could have given you!
Hyderabad is known for its ‘tehzeeb’ even in the real estate circles. Modest pricing, lavish spaces, rich culture and the boom of IT are some aspects of the realty industry. So if you have Rs 80 lakh, you may get homes in the range of 1200-2200 sq ft. If you move out into the peripheries that are swiftly catching up on infrastructure, you may even be in for a 3000 sq ft home. However, returns on these may be only a thing of future. NRIs with Hyderabad base are keen on a home here and while luxury buyers are a league of their own opting for a Banjara Hills or Gachibowli, the city gives you a range of options at sensible prices. For a real estate buyer, this city is the lightest on the pocket when compared to other active markets.
Have an appetite for space, you know where to get it!