India is the fastest growing country in the world. Not only in terms of population but also in terms of economic performance. In 2023, the GDP growth for the republic was at 6.5%. Indian megacities are densely populated. Outsourcing of global IT services flourishes there, and thousands of tourists come to the coast every year. Therefore, buying Indian real estate can be a profitable investment.
Mumbai
Mumbai is the most populous city in India. The metropolis is spread over seven islands, which were artificially connected to the mainland in several stages. Its favorable location on the coast of the Arabian Sea allowed the city to become the most important transport hub and economic capital of the country. Prestigious wealthy areas in Mumbai are adjacent to slums with dense buildings.
Mumbai attracts many tourists who want to visit the sights and experience the amazing local traditions. People from all over the country come here to work, so the real estate market is well developed. Even in the difficult 2020, it showed good performance in terms of the number of transactions – 3% growth year on year. This is the best value over the previous seven years. In September 2023, the number of real estate registrations in the metropolis exceeded 10,000. This is 24% more than the September 2022 result and a record for the last 10 years.
The demand for real estate in Mumbai is caused not only by the constant flow of tourists, but also by good transport organization. The city is planned to have 14 metro lines, including those under construction (only three are fully operational so far), a huge bus network, S-Bahn lines and a port from which ferries run to the islands. Mumbai is an international transport hub. That makes the metropolis important for large businesses.
Housing prices in Mumbai are high. The average cost per square meter in the city center is at least $7,000; an office square meter costs $2,000 or more. And this is not the limit. Real estate prices in the metropolis are growing by an average of 5% per year. This brings Mumbai closer to the most expensive cities in the world. On the other hand, the market is very heterogeneous, which gives rise to a huge range of prices. Much depends on the area of the city, the proximity of the property to business centers and attractions. It is believed that for successful investment in Mumbai, an investor needs to have a good knowledge of at least one of its micro-markets.
Interest from local and foreign investors is high in several areas: business Adheri, coastal Juhu, rapidly developing Wadala, remote and accessible Virar and others. In search of lower prices for housing and offices, you should pay attention to the satellite city of Navi Mumbai.
Navi Mumbai
Navi Mumbai is the largest artificial city in the world. It was planned by the authorities in 1971 to decongest overcrowded Mumbai. In 1990–1991, a railway and a wholesale agricultural market appeared here, this served as the basis for rapid development.
Now the satellite city is part of the country’s unified financial center. Mumbai Trans Harbor Link, the longest bridge in India, connects Navi Mumbai to Mumbai. By 2024, the first stage of construction of an international airport will be completed here, which will increase transport accessibility of the region and further increase the demand for housing. Buying real estate here is a profitable investment.
The average cost of housing in the metropolis is $1,500 per square meter. An office in Navi Mumbai can be purchased at a price starting from $100,000. The most interesting area for investment is the rapidly developing Panvel with its good infrastructure, institutes and hospitals
Pune
Pune is another million-plus city in the province of Maharashtra. The region has well-developed industry, transport and communications, and Pune’s export of IT developments ranks third in India. The city provides 13% of the country’s GDP.
Infrastructure in the region is gradually gaining momentum: by the end of 2023, a new international airport with an area of 2.4 thousand hectares should be built in Pune. Pune has also attracted significant investments for the construction of an industrial park, the opening of a metro line and the modernization of the expressway connecting the metropolis with Mumbai.
Pune is rightfully recognized as one of the best cities to live in India along with Bangalore. The cost of housing in the city is lower than in other megacities – from $1000 per square meter, prices for offices start from the same figure. The most interesting areas are Wakad, located next to the IT park, the commercial center of the city of Vadgaon Sheri and the heart of Pune Kothrud.
Bangalore
Bangalore tops the list of the best Indian cities to live in and hence the demand for property here is high. Investors’ interest in local housing is associated with the rapid development of the IT sector, thanks to which thousands of expats and specialists from all over the country are flocking to the metropolis. Large international IT companies have located their offices in Bangalore.
Along with this technological boom, there has been a noticeable increase in online activities, including online gambling. For those interested in this growing trend, https://nationalcasino.com/ offers a gateway to exploring online casino games, reflecting the city’s embrace of digital entertainment and e-commerce.
Bangalore differs from many other Indian cities in its high level of safety, high-quality medicine and education, and an abundance of places to relax both during the day and at night.
The metropolis has a convenient transport system: there is a four-lane expressway that connects it with other major cities in the region, and there are also plans to build a metro line leading to Bangalore International Airport.
The real estate market in Bangalore is diverse. There are studios, apartments, townhouses, bungalows, and cottages for sale. Housing is affordable, but prices are rising along with the popularity of the metropolis: the starting price per square meter for housing is $1,500, for an office — $1,000.
Bangalore authorities plan to expand the city’s borders in the coming years. Five new villages are going to be built on the outskirts, as well as more than 1,000 villas from the private sector. The decision is related to the growing population of the city, which means that investors have the widest opportunities here.
