Real Estate Trends in Trivandrum

Kerala is one of the most developed states when it comes to education, health care and social customs and practice. The important cities of the state are Kochi and Thiruvananthapuram or Trivandrum. Trivandrum is a well developed city which has a lot of job avenues and the earning of people are quite high compared to other areas. The realty sector of Trivandrum is quite thriving although people in the city still prefer living in houses and flats in the centre of the city rather than along the periphery. Another significant change that has come about in the real estate of Trivandrum is that most people want to stay in apartments rather than flats. Property developers have demolished quite a few houses to make way for apartments. Many of the older apartment complexes have been redesigned by builders through reduction in floor ratio for providing them at affordable prices to the mid income group.

Compared to other cities of Kerala, real estate in Trivandrum is quite steady. Most of the realty investments are in areas near the city centre rather than periphery as people prefer to live here. Because the cost of land in Trivandrum is quite high, more people are attracted towards apartments for sale rather than house for sale in Trivandrum. Because of absence of proper infrastructure, builders and buyers are hesitant to move to the peripheral areas. There is much need to improve basic amenities in the peripheral areas of the city for attracting more buyers. Pure drinking water, good roads that have proper transport facilities shall help in the development of rural areas on the outskirts.

The supply and demand of properties in Trivandrum is quite stable which lends a stable growth to the realty sector. Prices have not skyrocketed in the past years although a slight increase has been there which has further fuelled growth of the real estate market. For properties in the heart of the city, prices are between Rs 4000 and Rs 5000 for a square foot while it is Rs 3000 to Rs 4000 for a square foot in the outskirts. In the past years, almost 80 percent buyers belonged to the investors category (mostly NRIs) while they now number 50 percent. Nowadays, end users constitute almost 50 percent of the market. A lot of property developers have begun identifying centres of growth in the districts for starting newer projects. Some of the places that have been identified are Kovalam, Nedumangad, Vattiyoorkavu, Balarampuram, Peroorkada, Attingal and Kazhakkoottam. Once the peripheral areas become developed, the craze among people for house for sale in Trivandrum city centre would diminish. For instance, there is an oversupply of property in Kazhakkoottam locality as they have not received good response from the IT crowd, whom the builders were targeting.

The demand for house for sale in Trivandrum however has reduced. Many retired professionals nowadays prefer to stay in flats. Thiruvananthapuram is among the cleanest cities of the country and basic amenities are available quite easily which makes it preferred among senior citizens for spending their retired life. The trend of buying apartments with large area has now been turned over as builders are constructing affordable flats that may be sold for under Rs 35 lakhs. Roughly 50 percent of buyers want budget flats whereas thirty to forty percent of them can go for flats which are priced between Rs 50 and Rs 70 lakhs while only 10 percent buyers can opt for premium apartments which cost more than Rs 1 crore.

The lowest preferred projects in the city are the villa ones because of the high cost of construction and living within the city limits. A few of the villa and house for sale in Trivandrum projects are coming up along the periphery. However, they too are quite costly because land prices are quite high in the outskirts too.

Real estate development in Trivandrum is mostly happening in the localities of Vellayambalam, Vazhuthacaud, Technopark and Vattiyoorkavu etc. The inflow of IT professionals in Trivandrum for working in Technopark has given a strong push to realty development in Trivandrum.

The city is also eagerly awaiting the development of the monorail for augmenting the micro markets’ growth that is located far from the IT hub and CBD. The international stadiums development at Vattiyoorkavu and Kazhakootam has increased interest in real estate of the area. Some of the biggest industrial project in this region is the Engine Assembly Unit of German car maker Volkswagen at a cost estimated at Rs 2000 crores. A project worth Rs 1000 crores for making a world class convention centre in Trivandrum may also be implemented by RP Group.

To buy house for sale in Trivandrum, you can look up the various property sites online to know the properties listed in Trivandrum. From apartments to villas, all housing options are listed on the website. You can read up more about the locality, facilities offered and other details of the property. Most builders upload the floor plans of properties that they are developing for buyers to have a look. Even if you do not choose a property in the heart of Thiruvananthapuram, you should opt for peripheral areas which would benefit from the construction of the monorail or metro railway. Whenever you purchase property, you should always consider the capital appreciation prospects of the property. In case you need to sell the property for some purpose, you should be able to realize a good deal on it.

Prior to contacting a builder, you should look up the reputation of the builder along with the past projects that has been delivered by him. Property forums usually have these kinds of information listed and you can go through them to know more. A lot of websites also have live chat services that you can make use of for getting your personal queries answered.

Before you set out to buy property, make sure you have arranged for the finances as it may take up to 6 months to get an optimal loan.

Why Should You Invest in Pune’s Suburbs?

Investors want good returns from the properties in which they pump their money in. Rapidly developing cities like Pune have almost reached a point of saturation and the rate of return does not seem too attractive. Within the city limits, the returns on investment are quite limited and they have been exploited a lot already. Investors have started focusing on the suburbs that are emerging around Pune as they offer higher returns on the investment made. The residential property in Pune has shown sudden growth in the last couple of years because of the expansion of business opportunities that has led to an increase in the immigrants coming into the city. Lots of job opportunities are available in the service sector and the increasing levels of income have further fuelled the spender’s appetite in the area. As Pune is stretching the boundaries in every direction possible, the suburbs have emerged as newer realty hubs. Areas such as Wakad, Baner, Dhanori, Wagholi and Undri have started witnessing a lot of demand from house buyers.

Undri has been thought to be a good destination for residential property in Pune although it did not have the needful infrastructure for quite a few years. Several key areas of Pune are connected well with Undri via the interstate and local expressways and highways. However, despite being so strategically connected, Undri has maintained its serenity. Closeness to NIBM and Wanowrie has ensured that Undri residents have access to necessity amenities of everyday living. In terms of housing real estate, Undri is ideas. It is one of the localities which are close to the central areas of Pune that still offer normal and fulfilling lifestyles at affordable rates. Localities such as Undri are best for offering housing options to affordable segment buyers and for decongesting the central city areas. It is also very near Pune Camp which is also developing quite rapidly to become a hotspot of housing property investment. Investors along with house buyers are quite eager about this region which offers low cost housing options.

Here are a few reasons why you should invest in suburban areas of Pune
The widening of Solapur-Phursungi-Kondhwa-Katraj highway, the all-round connectivity of Undri shall increase rapidly. Also it would be completed soon and be included in the municipal limits of Pune. This would strengthen development of infrastructure further. 

The real estate expansion in Pune is being driven in all directions primarily because the city is an expanding one. With added infrastructure, localities which were once seem as outskirts and undesirable have emerged as well equipped suburbs. As a matter of fact, the inclusion of suburbs is at the heart of the growth story of the city. Because Pune is a small city, the suburbs continue to be well linked to the strategic employment hubs. There are a number of suburbs that have come up in Pune which have attracted both supply and demand of housing. Some of the most important examples are Dhanori, Wakad, Ambegaon and Undri where civic and social infrastructure is set up for accommodating increasing demand. Because of cost effectiveness of these properties their rates increase is more than the increase in demand. These suburbs are mostly preferred by mid income and budget house buyers along with investors.

Support Infrastructure
The development of infrastructure in Pune is going at break neck speed with a strong backing from the government. The city is one of the industrialized, populated and advanced cities of India and construction of commercial and residential complexes, colleges, schools and other campuses is going on at a quick pace on a fast and wide scale in Pune.
There has been improvement in supporting infrastructure steadily and slowly and most people are hopeful that the infrastructure building shall gather more pace after a new government has been instated. The Mumbai-Pune Expressway offers good connectivity between these two cities and a strong network of railways; airways and roads connect it with the rest of the country. The upcoming metro project shall further improve interconnectivity and also connectivity with metropolitan areas surrounding it. The faster pace of economic development and industrial growth along with improved income opportunities in Pune are meant for spatial planning strategically along with planning and regularization for improving sustainable urbanization. The development of slums is one of the problems that growing cities such as Pune have to deal with along with informal housings which are occupied by low income urban dwellers that live in deplorable conditions.

Improved Growth Prospects
The suburbs have better prospects of growth as the areas are widely open and the facilities are enhanced and the supporting infrastructure is better every day. Being a thriving city, Pune manages to offer every aspect of modern life to citizens. The IT revolution has not only profited the economy of the city but it has also brought in awareness regarding holistic and healthy lifestyles compared to existence in crowded cities. This has caused an outward exodus in the city as the suburbs are emerging as residential locations. One of the important reasons is infrastructure because traffic signals are in place and roads are well-maintained. The area is covered with a lot of greenery.

Opportunities available in Suburban Pune
Pashan, Baner, Bavdhan and Balewadi are some of the most prominent areas of Pune. These areas have different options of properties along with high infrastructural facilities. One can quickly assess after reviewing suburban property in Pune that that properties are available for all classes of people. Community living is another advantage why people prefer staying here because it is not very burdening for a buyer or builder.
It has been seen that the highly popular suburban areas have progressed fast when it comes to needed social infrastructure such as colleges, schools, malls and hospitals. There are numerous housing realty investment hotspots, retail zones and residences that are technology enabled within close quarters. Undoubtedly, the growth prospects of suburbs are great. The risks of investing in realty in the suburbs are the same as those in main cities. However, the return on investment in the suburbs is attractive. Therefore, even with more risk associated with the upcoming suburbs, investors shan’t mind grabbing increased returns.