Kailash Babar | ET Bureau | March 18, 2021
Mumbai Metropolitan Region (MMR), Pune and Bangalore have emerged as the top three property markets for investment in the backdrop of bottoming out of prices, decline in inventory levels and booming information technology sector amidst COVID19 pandemic, said an Anarock Property Consultants report.
Interestingly, Bengaluru and Pune have, respectively, also been declared the top two most liveable cities of India in the recent Ease of Living Index published by the Ministry of Housing and Urban Affairs (MoHUA).
The IT/ITeS sectors’ post-COVID boom seems to be working well for the IT-centric realty markets of Bangalore and Pune.
“Given the ongoing uncertainties in the stock market and financial sector, housing is currently being viewed as one of the safest long-term investment bets. While the stock market prices are at their peak, property prices have bottomed out and various offers and discounts result in further reductions in acquisition costs. Affordability of homes in top cities is also at its best – estimated to be 27% in FY21 as against 53% in FY12,” said Prashant Thakur, Director & Head – Research, ANAROCK Property Consultants.
According to data, these three cities remained the most active markets in 2020 – together accounting for a 67% share of the total housing sales (of around 1.38 lakh units) recorded in the top 7 cities, and 60% of all new launches (around 1.28 lakh units).