Introduction
People dream of owning a house to secure their future and that of their families. Wisely investing in real estate in India has the potential of giving massive returns and the sense of security of having a home. The location of a house is one of the most crucial factors a homebuyer considers when purchasing a home. This article will shed light on the best places to buy property in India in 2022.
Real estate returns in India
Real estate returns in the last 10 years in India have been, on average, 10.6% per year on residential properties and 9.5% per year on commercial real estate. Based on the House Price Index of the Reserve Bank of India (RBI), real estate in Lucknow has given returns of 16.1% per year, while in Jaipur, it has given returns of 6.1% per year.
Real estate returns in the last 20 years in India saw a massive 52% increase in the 2000-2009 decade. Investing in real estate in India has always seemed like a safe option for investors. However, investors must be mindful that real estate returns depend on the location and that in some areas, the growth is more exponential than in others. Therefore, they must explore such places to make strategic investments for the best real estate returns in India.
Additional Read: Home Loan in Hyderabad
12 best places to invest in property in India in 2022
Here is a list of the best places to buy property in India in 2022 based on their history and the development of the city.
1. Sector 75 – Noida
Being one of the fastest developing locations, Noida definitely is one of the best cities to buy property in India. Property values in Sector 75 have increased by 20% in the past year. Currently standing at Rs. 6,800 per square foot, this area has plenty of residential properties. Its proximity to various retail stores, other sectors, commercial hubs and the Film City makes it a very well-connected location to purchase a home. Rental yields in this location fetch around 3% every year. The area also has schools and hospitals and easy accessibility to the city's major expressways.
2. Sector 129 – Noida
Considered to be one of the affordable localities of Noida, Sector 129 has plenty of 2 BHK and 3 BHK homes with a value of Rs. 4,200 per square foot at the moment. Its close proximity to corporate hubs like ETT, Advant Navis Business Park, and Logix Technova makes it a lucrative investment. The rental yield is around 3% per annum, and the rent increases by roughly 8% every year. What makes this location one of thebest places to buy property in India in 2022 is the upcoming Noida International Airport which could positively impact the prices of the properties in the locality. The metro station is also 3 kilometres from Sector 129, ensuring smooth connectivity.
Additional Read: Home Loan in Mumbai
3. Wakad – Pune
As a result of its excellent connectivity and industrial expansion, Pune has emerged as one of the best cities to buy property in India. 18,042 real-estate projects were launched in the first quarter of 2021 in this area alone, each of them promising a good return on investment and a stable rental yield. Furthermore, Pune has seen a 75% increase in real estate sales in the past year.
The upcoming Pune International Airport in Purandar Tehsil will give a further boost to the property rates. It is estimated that this 2400-hectare project will be completed by 2023. A 350-crore industrial park is also under development in Chakan, which will accommodate various factories. Additionally, the Mumbai-Pune Expressway is one of the most well-maintained expressways in India. It allows easy access in and out of the two major cities of Maharashtra - Pune and Mumbai.
Due to its proximity to the Rajiv Gandhi Infotech Park of Hinjewadi and several major offices like TCS, Tech Mahindra, Wipro, etc., Wakad is an attractive investment location within Pune.
4. Dhankawadi – Pune
Other localities in Pune, like Dhankawadi, have shown a 16.19% increase in value in 2022 compared to the previous year. The average price of houses in the Dhankawadi region is currently Rs. 5,332 per square foot. A developing suburb, Dhankawadi is also well connected to the Pune-Bangalore highway and to the southern part of Pune.
5. Panvel - Navi Mumbai
Ranking third on the quality of life index in India, Navi Mumbai must be on the list of the best cities to buy a property in India. From 2014 to 2021, the property prices in Navi Mumbai increased by around 4% to 7% year on year. The upcoming Navi Mumbai International Airport will positively impact real estate prices in this location. The perfect balance of residential and commercial properties in the area makes Panvel one of the best places to invest in a property in India in 2022.
6. Mahadevpura – Bangalore
Mahadevapura leads the charts in Bangalore with an increase of around 11.39% between 2020 to 2021, owing to its developed locality, proximity to popular IT hubs and high rental demand. Mahadevpura is also slightly more affordable than its surrounding areas, which makes it a popular choice. This area even gave higher returns than the average real estate returns in all of India.
7. Hebbal – Bangalore
Due to the immense volume of commercial spaces and its proximity to the airport, Hebbal saw a 9.52% increase in the value of properties last year. Bangalore is a start-up hub so naturally, having commercial spaces around the residential properties is a big boon for the people residing in the city.
8. Lucknow
Considering the massive commercial and residential real estate projects coming up in Lucknow, this would be a wonderful place to buy a new home in 2022. Projects like Valencia County by ANS Developers Private Ltd (which is worth Rs. 405 crores and will also create 800 jobs) are attracting many people to consider purchasing property in Lucknow.
9. Hyderabad
Almost 6,301 properties were sold in Hyderabad in May 2022, which marked a 152% increase since last year. The value of the properties was up by 7% in Hyderabad since last year, making it an excellent place to invest in real estate. Furthermore, Hyderabad is an industrial hub that supports innovation, making it a great investment destination.
10. Ahmedabad
With a projected increase of around Rs. 400 to Rs. 500 per square foot within 6 months, the real estate rates in Ahmedabad show true promise. Ahmedabad has massive investments pouring into the city, like the creation of GIFT city. Its rapidly increasing infrastructure supported by government initiatives also contributes to its growth. These factors make Ahmedabad a promising contender for investing in real estate in India.
11. Mira Road East – Mumbai
Even though the real estate rates in Mumbai are already sky-high, Mumbai remains a popular spot for home buyers. Mira Road East is one of the best residential localities in Mumbai, with seamless connectivity and picturesque surroundings.
12. Andheri West – Mumbai
Andheri West, one of Mumbai's most modernised residential localities, is a hotspot because of its outstanding infrastructure and connectivity. Mumbai is the financial capital of India. Therefore, investing in a property here is said to be a logical and wise choice as a long-term investment as well.
Conclusion:
These are some of the best places to invest in a property in India this year Buying a home is a significant investment. One should always consider various factors before closing a deal on a new home. Tata Capital makes millions of dreams come true with attractive rates on home loans and a seamless application process. Get in touch with a representative and understand the best options for you to fund your dream home today.
27 July 2022
7 mins read
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