Why Hyderabad and Bengaluru are Seeing a Real Estate Boom: The Rise of Micro Markets Explained by Anuj Puri
In recent years, Hyderabad and Bengaluru have witnessed an unprecedented surge in their real estate markets. This boom has been fueled by several factors, ranging from infrastructure development to the rise of micro markets. Anuj Puri, a well-known name in the real estate industry, provides insight into the reasons behind this surge and what it means for investors and homebuyers alike.
The IT and Startup Revolution
Both Hyderabad and Bengaluru are known as IT hubs of India. The exponential growth of IT companies, tech parks, and startups has led to increased demand for commercial spaces, followed by a rising demand for residential properties. The influx of professionals into these cities has driven the need for housing, making real estate a lucrative investment option.
Infrastructure Development
The rapid development of infrastructure, such as metro lines, expressways, and flyovers, has played a significant role in boosting real estate in these cities. Enhanced connectivity to major business districts and neighboring regions has made these cities more attractive to potential homebuyers and investors. Areas once considered peripheral are now prime locations, thanks to improved infrastructure.
The Growth of Micro Markets
One of the most interesting aspects of this boom is the rise of micro markets. Anuj Puri explains that micro markets are smaller, self-sustained regions within larger cities that have become real estate hotspots. These micro markets are characterized by their proximity to IT parks, availability of affordable housing, and excellent infrastructure. In Hyderabad, areas like Gachibowli and Kondapur have emerged as thriving micro markets. Similarly, in Bengaluru, Whitefield and Sarjapur Road have seen significant growth.
Government Initiatives
Government policies and initiatives have also contributed to the real estate boom in these cities. The introduction of RERA (Real Estate Regulatory Authority) has increased transparency and trust in the market, encouraging more people to invest in real estate. Additionally, incentives for first-time homebuyers, tax benefits, and low-interest rates on home loans have made property investment more accessible.
Rise of Co-Living and Co-Working Spaces
The millennial workforce prefers flexibility and affordability, leading to the rise of co-living and co-working spaces in Hyderabad and Bengaluru. These spaces cater to the young professionals who flock to these cities for better job opportunities. The demand for such spaces has, in turn, spurred the growth of residential and commercial real estate.
Investment from NRIs
Non-Resident Indians (NRIs) see Hyderabad and Bengaluru as attractive investment destinations due to the high returns on real estate. The stable political environment, coupled with robust economic growth, has made these cities a preferred choice for NRIs looking to invest in Indian real estate.
Why Now is the Time to Invest
The real estate boom in Hyderabad and Bengaluru is far from over. With ongoing infrastructure projects, a steady influx of professionals, and government support, the demand for real estate in these cities is expected to continue growing. If you’re looking to invest in these thriving markets, now is the time to do so.
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