Nigeria Real Estate Hub Latest news in Nigeria real estate, commercial real estate and investment advice
In 2009, at least five cities were ahead of Bengaluru—India’s technology heartland—on the list of the country’s top real estate markets.
Not anymore.
A survey by property data company, PropEquity, has found that the southern Indian city is now the country’s leading real estate destination, beating Mumbai, Pune, Thane, Noida and Chennai, which were ahead of it six years ago.
The lists are based on PropEquity’s study of the cost, sale and delivery of 21,000 projects across 14 cities. Delhi was excluded because its supply of new homes has been both “sporadic and insignificant,” the report said.
Mumbai, which was ranked the most attractive market in 2009, saw a fall of seven notches, and now stands eighth. And Delhi’s suburbs—Gurgaon, Noida, Ghaziabad, Greater Noida and Faridabad—remain the worst for investing in new houses.
Here is a now-and-then comparison.
| City | Rank in 2015 | Rank in 2009 |
| Bengaluru | 1 | 6 |
| Pune | 2 | 2 |
| Chennai | 3 | 5 |
| Hyderabad | 4 | 10 |
| Ahmedabad | 5 | 8 |
| Thane | 6 | 3 |
| Kolkata | 7 | 9 |
| Mumbai | 8 | 1 |
| Navi Mumbai | 9 | 12 |
| Gurgaon | 10 | 7 |
| Noida | 11 | 4 |
| Ghaziabad | 12 | 11 |
| Greater Noida | 13 | 13 |
| Faridabad | 14 | 14 |
Bengaluru, for one, owes its top rank to its “professionalism,” according to the report. On the supply side, developers in the city launched smaller projects, are well capitalised, and aren’t entirely dependent on cash flow from sales to fund projects. On the demand side, buyers don’t lose confidence because they pay for completed projects.
Simultaneously, the city’s emergence as India’s information technology hub has strengthened demand for real estate.
In 2014 alone, Bengaluru saw 50% more completed projects, compared to 2013. And with almost 500 new projects in 2014, Bengaluru accounted for 20% of the total number of new projects launched in India’s top 14 cities.