9 smart Indian cities

Home buyers have found solace with this year’s Budget and Government’s initiative of Smart Cities. A list of 20 smart cities was released this January and considering the future escalation in their prices as well as their development, these are the 9 smart cities with real estate market perspective.

  1. Bhubaneswar and Cuttack (Twin Cities)

Two of the fast developing IT educational hubs in east India are Bhubaneswar and Cuttack. The government owns most of the land here, so these cities have a well-regulated real estate market. Private players have started coming in.

Hanspal, Kanan Vihar, Patrapada and Uttara will fetch Rs.50 lakhs while Kharavela Nagar, Saheed Nagar and Nayapalli will cost around Rs.1 crore.

Growth Factors:

  • Generation of employment by DLF Cybercity and Unitech One projects
  • Coming up projects – Six lane NH-5, Kalinga Nagar Industrial Complex, Paradip SEZ and Pharma SEZ
  1. Visakhapatnam

Vizag or Visakhapatnam is the biggest city in Andhra Pradesh both in terms of population as well as the area. It is a commercial hub with one of the largest harbours in India. It is a city with booming real estate as it has good infrastructure and is also has rapidly growing IT industry.

Gajuwada, Pendurthi Road and Murli Nagar are expected to fetch around Rs.50 lakh. Seethanadhara, MVP Colony, Madhurwada, Lawson’s Bay Colony, Packer layout and Rishikonda are expected to observe capital appreciation and will cost around Rs.75 lakh to Rs.1 crore.

Growth Factors:

  • Upcoming Projects- Visakhapatnam – Chennai Industrial Corridor, Visakhapatnam Metro Rail
  1. Chennai

North Chennai is dominated by industries, central Chennai is developed with residential and
commercial markets while south and west Chennai are residential areas which are turning into commercial markets with many upcoming Financial and IT services companies.

Growth Factors:

  • The six-lane highway will be connecting NH-205 to NH-5 and TPP Road.
  • Upcoming Projects – Chennai Metro, Mass Rapid Transport System (MRTS) and Chennai Monorail
  1. Coimbatore

The second biggest city in Tamil Nadu and the ‘Manchester of South India’ is Coimbatore with growing real estate markets because of the emergence of IT sector. This has paved the way out for the local and national developers.

Trichy Road, Vadavalli and Saravanampatty will cost up to Rs.50 lakh. While locations like Avinashi Road, Race Course and Ganapathy will also face capital appreciation

Growth Factors:

  • Upcoming Projects – Gandhipuram Flyover, Ring Road, Western Bypass, Eastern Bypass, Airport Extension and Bus Rapid Transit System
  1. Kochi

The commercial hub of Kerala with the privatisation of the airport and upgrading of the seaport has heightened the real estate prospects of Kochi. The city is also witnessing many infrastructural developments.

Kakkanad, Maradu, Thripunithra and Aluva will cost Rs.50 lakh while Marine Drive, Kadavanthra and Panampally Nagar can cost Rs.1 crore.

Growth Factors:

  • Upcoming Projects – Vallarpadam International Container Trans-shipment Terminal, Kochi Metro, Kochi-Coimbatore and Kochi-Kasargod Industrial Corridors, IT SEZ and Oceanarium
  1. Pune

A thriving automobile, education, IT and engineering environment and Mumbai being near, Pune is a sought after residential destination for the home buyers.

Prices start from Rs.15 to 30 lakh in the affordable area while starting from Rs.1.3 to 2.5 crores for luxurious areas. Vishrantwadi, Kharadi, Dhanori, Whagoli, Wakad, Ravet, Hinjewadi and Tathewade are upcoming real estate locations.

Growth Factors:

  • Upcoming Projects – Metro rail, Bus Rapid Transit System and International Airport
  1. Ahmedabad

Gujarat’s biggest business, as well as trading centre, is Ahmedabad with a rise in employment opportunities and the real estate market. There is an oversupply of real estate in Ahmedabad.

Most locations are available in Rs.75 lakh in west Ahmedabad while Ambavadi, Shahibaug, Navrangpura and Nehru Nagar can cost up to Rs.1 crore.

Growth factors:

  • The Sardar Patel Outer Ring Road connects the peripheral locations of the city
  • Upcoming Projects – The Gujarat International Finance Tec-city (GIFT City) and Metro rail Project
  1. Indore

Indore is an educational hub and one of the fast growing cities of Madhya Pradesh. The real estate market is influenced by the strong Pharmaceutical and Automobile industry presence.

The luxury projects are offering the properties worth Rs.32 to 65 lakh while the plots and villas are available at Rs.15 to 55 lakh price.

Growth factors:

  • The Indore Bus Rapid Transit System, the Super Corridor and the Delhi-Mumbai Industrial Corridor are helping grow the real estate market.
  • Upcoming Project – Major Road (MR) 12