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Economies world over are grappling with the ever-changing geopolitical turbulence, loss of jobs, and the myriad repercussions of the global pandemic. The real estate market is no exception either, but for a few bright spots in the Indian context, that is the South Indian cities. The revised policies have brought about dynamic transformations; reforms like demonetization, the inclusion of GST, and RERA have changed the landscape of Real Estate in the country. Cities like Hyderabad, Chennai, and Bangalore in South India did not lose their growth momentum and have now found a place on the global real estate map.
In markets like Mumbai and Delhi NCR, developers are facing a challenge of large inventory pile-ups, as opposed to the situation in the South. Curtailing new launches while the focus remains on completion of delayed projects has been the plan of action for Southern Indian cities like Hyderabad, Chennai, and Bangalore. As per recent statistics, Hyderabad and Bangalore have been listed as Asia’s fastest-growing cities, over 2020-24.
South Indian cities like Bangalore, Chennai, and Hyderabad have seen enormous growth in the information technology industry, public sector industries, and multinational companies. In the last two decades, we’ve seen more foreign businesses establishing their back-end IT offices in prime locations within these cities – hence the increase in corporate real estate demand. Bangalore is considered to be the start-up capital of India. Along with Chennai and Hyderabad, these three cities are among the top 10 for start-ups in the country, now hosting over 20,000 registered start-ups.
South India offers a larger variety of housing options that range from small-scale apartments to boutique condos to large high-rise projects and luxury townships. The projects offer a diverse set of amenities based on neighborhood and price points. New developments take into consideration demand ratios and cater to people’s needs judiciously while continuously transforming city skylines. Niche variants arriving on the horizon include villa properties at city outskirts and co-living budget offerings for younger buyers.
Townships offer a broad range of amenities such as gymnasiums, parks, swimming pools, yoga training facilities, supermarkets, etc. Some even have dedicated play areas and cafes. If you also like to be physically active, this township lifestyle is perfect for you. They often include jogging tracks and tennis courts. From schools to hospitals; everything is usually available at proximity itself. Living in a township greatly enhances your lifestyle as everything is available at your doorstep.
As opposed to Mumbai and Delhi, southern cities are less saturated and hence can offer ample availability of land at reasonable prices across various growth zones. Greater job opportunities in technology, fashion, and other new sectors result in a higher count of urban professionals – all seeking better opportunities. With better-paying jobs comes the capability to invest early with the support of friendly loans.
The combination of robust infrastructure, on-time completion of projects, and highly regarded developer brands makes South Indian cities a hotspot for NRIs. India’s overall NRI investment in the primary real estate market is estimated to grow to nearly $25 billion by 2022 with a considerable portion expected in South India. High capital appreciation and lower land prices make this region attractive for offshore investments.
Connectivity and public transport are given great importance in southern cities due to constant work on city infrastructure. Urban planning and smart design are aspects prioritized by technologically advanced cities. Metro connectivity is transforming how people travel – reducing commute times significantly – thus positively impacting real estate demand. A three-deck elevated corridor is set to give Chennai’s Old Mahabalipuram Road (OMR) a makeover, compelling residents to relocate from older residential zones to hotspots like OMR and ECR.
South Indian cities are consistently more technologically advanced while being at the forefront of education and health services. The vast choice in schools, colleges, and medical facilities has made Hyderabad, Chennai, and Bangalore hotspots for relocation or retirement.
Metro cities in South India have seen a sharp rise in retail growth over recent years with shopping malls, supermarkets, and leading retail chains catering to millennials' growing demands. For example, IKEA in Hyderabad has become one of India's most sought-after shopping destinations due to larger disposable incomes driving aspirations for international brands.
South India strongly continues to be a promising market for the Real Estate industry – turning people’s dreams into reality while transforming investments into wealth.
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