A recent study has found that Bengaluru tops the list of 14 real estate destinations in India for housing segment. The rankings to the cities in this latest study on Real Estate Market in India are given on various parameters that include supply, sales, price appreciation, unsold inventories, delays in project completion and size of the market. Bengaluru has left the other cities behind in most of the parameters used to evaluate the best real estate destination in India. Pune got the number two ranking in the list followed by Chennai, Hyderabad and Ahmedabad. The city of dreams Mumbai, which tops the list five years ago, has now slipped to the 8th position. Surprisingly, Gurgaon has slipped to 10th position as the region is marred by project delays, high price properties and a mismatch in demand and supply.
The other cities of NCR, including Noida, Greater Noida and Faridabad are ranked respectively 11th, 12th, 13th and 14th in the list. The primary reason behind the low ranking of the NCR cities is a flight of investors. Almost 50% of the sales in NCR have been investor driven sine last 5-7 years. The other reasons behind the decreasing popularity of these cities are delay in completion of projects, high property prices and oversupply. In addition, the sales of Real Estate Property in Bangalore and other cities of NCR have dropped by 50% in the year 2014 as compared to the previous year. This recent study has also found that the prices of the newly launched units continued to rise by 5-16 percent in last four years despite of slowdown in the real estate market.
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