Tuesday, January 02, 2007
Hot property destinations in 2007
A booming economy, easy availability of loans and plenty of projects to choose from are perhaps some of the reasons for the property market shining bright. Year 2006 has come to an end and if you're waiting for the right time to buy some nice cozy place under the sun, Moneycontrol gives you a lowdown on the areas across the country that hold the most promise and the reasons as to why they hold high growth potential.
According to Sajeet Narain, Managing Director, 'Narains Corp' International Properties, all Tier I cities will continue to remain a hot favourite in 2007 too thanks to the influx of foreign fund, multinational companies, FDI, better infrastructure among others.
But then if Tier I cities are out of your reach you could consider investing in the surrounding locations. Adds Narain, "A good place to invest in any Tier I city, is the location surrounding the city and the suburbs, as these areas historically have been in demand in most developing international
Tier II cities
Potential destinations for the future development
(NH 47 by-pass road along NH 47 at Edappally, Seaport Airport Road, Kaloor-Kadavanthara road, Vytilla, Kakkanad)
Dream City project (a 140-acre project with nature park, amusement park, culture park etc.) coming up, the S.M. Street Heritage Project on 270 acres of land
(Indira Gandhi Road, Mavoor Road, Cherooty Road, several locations of Indira Gandhi Road, Mavoor Road, Cherooty Road, Beach Road)
Proposed expansion for phase 2 and 3 of techno park
(Techno Park - (1.5 million square feet in 1995) housing global majors like Infosys, TCS, Ernst and Young, McKinsey and Company)