Indian real estate is making big waves in recent years. Investors are fortunate to make wealth in the past 5 years. The momentum in the real estate sector has attracted speculators and investors. Let us discuss the hot properties of Indian real estates. A big surprise is that cities like Amritsar have set a new benchmark when a prime commercial plot measuring 10, 000 square yards was auctioned for Rs 78, 500 per square yard. That was roughly four times the reserve price fixed by the city’s municipal corporation. Infrastructural developments of many domestic airports and coming up of international terminal have contributed to the rapid rise in real estates.

In Hyderabad, prices of properties in prime locations like Banjara hills have increased by 50-60 percent in the past one year, rising from Rs 10,000 per square feet in fiscal 2004 to Rs 15, 000 per square feet in 2005. The price goes on spiraling at Rs 18, 000 per square feet at present. In Shamsabad, prices have risen 200 percent in anticipation of the proposed international airport.

The Chennai real estate map shows a sharp rise to. Commercial prices have shot up in the past two years, after a three year lull. In 2003 the price was Rs 3, 700 per square feet in Egmore. Within two years it shows a sharp inclined at Rs 4000 in 2004 and Rs 4, 500 in 2005. Similarly, the property at Mount Road was Rs 2, 600 per square feet in 2003, but in 2005 it was Rs 3, 250 per square feet.

The real estate map of major Indian cities (in fiscal 2005) was given as below:

Mumbai
South Mumbai (Rs 15, 000 per square feet)
Andheri Kurla Road (Rs 4, 500 per square feet)
South Mumbai is the most expensive real estate in India.

Kolkata
Ballygunge (Rs 3, 600 per square feet)
Chowrunghee (Rs 2, 500 per square feet)

Delhi
Vasant Vihar (Rs 10, 000 per square feet)
Bhikaji Cama Place (Rs 7, 500 per square feet)
The forthcoming Commonwealth games in 2010 attract lot of investors to buy plots, both residential and commercial.

Delhi land rates

Te metro-powered Rohini to commercialized Indirapuram and proposed plan of linking the Delhi with NCR are responsible for property rates having doubled.

Apartment prices in Gurgaon and Noida are up 100-200 percent since 2003. Even land appreciation has been steeper from Rs 5, 000 – Rs 15, 000 per square yard to Rs 15, 000 – Rs 40, 000 per square yard, which is almost 200-300 percent rise. Apartment prices in many areas have also risen from Rs 900 per square feet to Rs 2, 500 square feet in the suburbs like Greater Noida, Manesar, Kaushambi, Faridabad, Sonepat, Loni Border and Rohtak.

Land rates in Delhi and NCR (January 2006):

Shanti Niketan - Rs 187, 500 per square yard
Prithiviraj Road – Rs 162, 500 per square yard
Vasant Vihar – Rs 152, 250 per square yard
Gurgaon – Rs 37, 500 per square yard
Noida – Rs 40, 000 per square yard
Greater Noida – Rs 85, 000 per square yard

Bangalore real estate map

The influx of white collar workers for IT, BPO and R&D is fuelling the real estate market of Bangalore. Apartment prices have increased by about 50 percent in fiscal 2005. Land prices along the Bangalore’s IT Corridor, stretching from Whitefield to Hosur Road and in new emerging areas like North Bangalore have seen 100-200 percent increased in last fiscal. The commercial rental value in the city has increased by 20 percent this year. Land prices of undeveloped land in Outer Ring road are Rs 3000 per square feet. The price is Rs 1000 per square feet in areas like Thanisandra and Banaswadi Road.

Mumbai apartment rates

The demand will keep rising as businesses expand and new sectors emerge in the dream city of India. Prices are also expected to escalate for another year at least. The upmarket residential building in Cuffe Parade was sold at Rs 40, 000 per square feet. Recently the Reliance Group has shelled out a record breaking Rs 1, 104 crore for an 18 acre plot in the Bandra-Kurla Complex. Retail business alone has huge demand too. There are 14 malls at present and 27 more in various stages of completion. At present, apartment rates in Bandra is Rs 11, 456 per square feet, Walkeshwar – Rs 28, 000 per square feet and Prabhadevi – Rs 15, 000 per square feet.

Kolkata real estate rates

The city that had stood still for over two decades has transformed into a hotbed of activity. Undoubtedly, the city’s resurgence is being etched in real estate. Approximately, one crore square feet of real estate space is under development in Kolkata., up from 100, 000 square feet two years ago. Over 20 lakh square feet of IT and BPO office space are under construction in the city. Apartment rates in areas like VIP Road costs Rs 1, 400 per square feet, EM Bypass – Rs 27 00 per square feet and Ballygunge – Rs 4, 500 per square feet.