Micro markets in Bengaluru, Mumbai, Chennai buck the slowdown

BENGALURU: Some micro markets of Mumbai, Bengaluru, Chennai and Pune bucked the residential real estate slowdown and saw greater demand from buyers this year, resulting in healthy price appreciation, a report by NoBroker, a brokerage free property platform, said.
Bengaluru’s Mahadevapura, Mumbai’s Andheri East, Chennai’s Perambur and Pune’s Dhankawadi have seen the highest price increases, at 11.5%, 16%, 17% and 16% respectively.In absolute terms, the price rise in Mumbai is the highest as it is the costliest real estate market in the country. No area in New Delhi-NCR features in the list, showing that the country’s capital continues to suffer the most from the prolonged slowdown.
Other areas such as HSR Layout and Hebbal in Bengaluru have shown good capital appreciation of over 7%. So too Andheri West in Mumbai and Aundh in Pune. “However, across cities, prices of properties have not gone up considerably over the past five years,” said Saurabh Garg, co-founder and chief business officer of NoBroker. The report was based on a survey conducted across the six metros and data generated through tenants, buyers, listings and closures on the company’s platform.
The localities that people are most interested to buy a property in are Whitefield in Bengaluru, Wakad in Pune, Velachery in Chennai, Mayur Vihar Phase 1 in NCR, Thane West in Mumbai, and Kukatpally in Hyderabad. These areas are also the top ones for renting apartments, helped by shorter commute to office, better quality of life and a happening night life.
Pune, this year, registered the maximum rent inflation of about 13%. This is quite a surge since last year’s 7%. Rent inflation in Bengaluru and Mumbai was about 8%, lower than 18% and 15% respectively last year. Chennai lagged far behind at just 1%.