Real Estate is one of the globally recognized sectors and comprises four major sub-sectors, namely retail, housing, commercial and hospitality. India has witnessed tremendous popularity in its real estate segment and as a result, there is a tremendous demand in both its urban and suburban properties. The Indian construction industry is one of the major sectors that drive the economy of the country, and it is well expected that this sector will also attract NRI investments tremendously.
Also, the SEBI (Securities and Exchange Board of India) has given its approval over real estate investments trust platform, which will help in granting all types of investors to invest in the real estate market of the country. This is expected to create an opportunity that is worth Rs. 1.25 trillion over the years. To grasp the opportunity perfectly, the real estate developers in the country are managing different projects across the Indian cities and are investing in centralized processes for efficient project management.
Real estate trends between the Northern and Southern part of India:
For a long time after Independence, the country was still under the prejudice of waiting for the government to sanction homes. It was only in the early 90s and 2000s that the trend towards owning one’s own home was created. Thanks to the billboard advertisements that offer houses with no MEI until possession and gave considerable discounts on villas and luxurious apartments.
The RBI house price index states that home prices have increased steadily over the past few years and property prices have appreciated over longer terms. The all India index for real estate is the average of city indices based on their house price index and shows that Delhi, Lucknow, Mumbai, Kochi, and Kanpur have outperformed the other Indian states in terms of real estate development.
- Kochi witnessed the maximum price rise up to 8.5% and this city also witnessed the highest annual price appreciation.
- Realty prices in Mumbai rose in the third quarter of 2018-2019 compared with the past years
- Lucknow also witnessed a steady growth in its real estate sector in recent years compared to its real estate costs before a decade.
In recent years the contract between the real estate statistics between North India and South India is as sharp as a shark. It has been proposed in an independent report by the Business standard that the real estate market in the Northern parts of the country are driven by throwaway land process and disregard for the law. The real estate in the southern market, however, was driven by job creation, economic growth, security, and strong sentiments. For the past fifteen years, the booming IT sector and the burgeoning e-commerce sector has helped the south in generating a steady stream of the housing sector for the end-users.
Let us compare two major real estate markets in the North and the South and learn the differences in the real estate segment in both these cities in detail.
Real estate and housing in Lucknow:
Lucknow is one of the largest cities and the capital of Uttar Pradesh that extends along the banks of the river Gomti. It is generally referred to as the city of Nawabs and is a historic city in India. The charisma of its rich traditional and modern growth in the city will never fail to fantasize about its people, the tourists and also the investors who look for a house for sale in Lucknow.
Lucknow is one of the important and popular cities in India and has secured itself a strong place in the smart cities of the country. It is well developed in different sectors such as manufacturing, retailing and commercial. Its modern infrastructure has risen to many folds, attracting a large number of home buyers and investors. Some major advancements in the city that attracts investors are,
- The Lucknow metro line
- The Gomti Riverfront
- Agra- Lucknow Expressway
- Flourishing MNCs and IT companies
- Flourishing hospitals and the health care industry.
Many investors, both Indians and NRIs wish to book a house for sale in Lucknow either to enjoy an excellent return on investment or to enjoy the best rental income from the property.
Housing and real estate in Madurai:
Many investors who wish to invest in real estate projects in South India prefer Madurai as their investing destination. Madurai is also known as the Athens of the east and is the cultural hub of Tamilnadu. The city dwells on the banks of the River Vaigai and is home for a number of educational institutions, industries, and monuments as well. The real estate market has also developed in this city pretty well and people wish to look for houses for sale in Madurai to lead a peaceful and culturally rich life.
Madurai is a flourishing real estate market in South India and some of its areas such as the TVS Nagar in Central Madurai, Madakkulam, Vilangudi, etc are witnessing excellent demand for residential properties. People are interested in the luxury villas and the independent houses for sale in Madurai , especially in areas like Andalpuram, KK Nagar, and Moondrumavadi. Though the real estate market was dominated by independent houses and plots previously, it is being crowded by apartment complexes lately. Some of the areas in Madurai such as the AzhagarKoil Road, Karupayurani and Oththakadai are experiencing tremendous infrastructural development and rapid real estate growth lately.
Wrapping up,
There is not much difference in the real estate segments between the northern and southern cities of India. With the boom of the IT and the ITES industries, and alternations in the Government policies, almost all cities of the country, be it a state capital like Lucknow or a small district in Tamilnadu experience equal growth and is flourishing in real estate economy.
Investors can easily locate the different properties in different cities of India at housing.com. This is one of the most promising online real estate portals that helps people with their real estate online property search. It lists thousands of properties in every nook and corner of the country and enlists verified information pertaining to the properties. Browsing and booking a property through housing.com is simple and hassle-free.
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