Buyers across India looking at realty for pure investment reasons should consider Mumbai as the top pick, says real-estate consultant Knight Frank. According to Knight Frank’s investment advisory report released last week the top three investment destinations from across India where prices have risen more than 125 per cent are from Mumbai – Ulwe, Chembur and Wadala.
Ulwe topped the list of 13 destinations where prices may rise between 91 per cent and 145 per cent over the next five years. Prices in the area are expected to jump from an average of Rs 4,000 a sq. ft in 2012 to a forecasted average price of Rs 9,800.
The consultant rated Ulwe as the top pick, as Ulwe will immensely benefit by the upcoming Seawood urban-suburban rail network, which shall connect it to prominent office hubs through a mass rapid-transport system.
With property options ranging from Rs 3,200 a sq. ft to Rs 15,000 a sq. ft and investor returns in the range of 18.6 per cent to 29 per cent a year, residential real estate will emerge as a promising asset class for the next five years, said Gulam Zia, Executive Director (Retail, Advisory And Hospitality), Knight Frank.
From Mumbai, Delhi-NCR, Bangalore, Chennai and Pune, 13 destinations were identified from over 100 urban centres in the country based on assessment of real-estate drivers including employment, physical infrastructure, connectivity to important locations, access to social infrastructure, planned development, proximity to premium office spaces and land availability.
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