With the fast growing economy of India, urbanization has also gained pace parallelly. Huge number of population is migrating from rural areas to cities. This shift from rural to urban areas can be realized through the rising expenses of households. Cities are the central hubs of political, commercial and recreational activities in India. With increasing migration from rural areas, major cities also have to deal with providing residences and as a result face space crisis.
Unsurprisingly living cost in this major and mega cities of India is quite high. Prices of Indian real estate are among the most expensive in the world. Here based on the parameters of current property prices, social infrastructure and connectivity, development and capital appreciation, the list reflects on the most expensive cities in India for real estate.
Delhi is the capital city of India. It is also the most expensive city in India for real estate. Large industries like telecom, construction and real estate, health services, and automobiles have their headquarters located in Delhi. Delhi is also the center of India’s political power.
Unquestionably Delhi as center is extensively connected with whole India in every transportation path possible. The Indira Gandhi International Airport performs as the aviation hub of Delhi. Delhi Transportation Corporation (DTC) buses connects Delhi to the other parts of the national capital region (NCR), at affordable fares. Also, famous Delhi Metro connects the city to NCR regions.
Former Bombay now Mumbai is the city of dreams, city of Bollywood and also is the second most expensive city in India. Mumbai is often said to be the financial capital of India. This city is also listed as one of the top 10 commercial centers across the world.
Major financial institutions such as the Reserve Bank of India, Bombay Stock Exchange, SEBI, National Stock Exchange of India and the corporate headquarters of many Indian companies and MNCs have their home in Mumbai city.
High rate of employment and the glamour of Bollywood helped this city to create a high real estate demand in the city, with rising demand for residential projects. The city is also extending into suburbs which are by themselves developing into metropolises. Despite being a high end metropolis of the country, Mumbai’s extensive transportation cost is one of the cheapest in the country. Almost anyone can make a living in this city one way or another.
The Silicon Valley of India, Bangalore is another most expensive real estate destination in India. For national or international major IT companies, Bangalore is the first choice. With the boom of IT companies, this city has experienced a quick development in infrastructure, accelerating the demand for property in Bangalore.
With many leading real estate developers launching their projects in various sectors demand for property for sale in Bangalore is also growing. Walk-to-work residential projects are also gaining more popularity in this city recently. The city with its well-developed infrastructure, and planned city is good in terms of connectivity.
Average Price of Property in Bangalore is Rs. 4,580/Sq.Ft.
Pune, the eighth largest metropolitan city of India. It is also the second largest city in the state of Maharashtra. With growing number of IT companies in the city, Pune is just behind Bangalore. The city has also developed in manufacturing sector.
Pune has also seen rapid growth in terms of real estate and infrastructure over the recent years. It is home to some of the country’s best higher education institutes.
Famously known as the City of Pearls, Hyderabad’s IT/ITeS, automobile and the manufacturing corridors make the city expensive and potential for future. Since the 1990’s, the economic scenery of the city has changed from being a mere service city to one with a varied scope. At present, the city deals in all large sectors, including IT, pharmaceuticals and communications.
Hyderabad is also home to some of the country’s pioneer educational institutes like IIT-Hyderabad, BITS Pilani-Hyderabad, etc. Hyderabad Metro, have further opened up future regional development opportunity for Hyderabad and its locality. Average Price for Property In Hyderabad is Rs. 3,760/Sq.Ft.