Madh-Marve in Mumbai's western suburbs is the top residential investment destination in the country, where home prices are expected to grow 94% in in the next five years or 14.2% every year between 2015 to 2020, said a new study.
The average price in Madh Marve at Rs 13,500 per square foot in 2015 is expected to touch Rs 26,200 per sq ft by 2020, said Knight Frank's Residential Investment Advisory Report 2016, released today.
Ulwe, a locality close to upcoming Navi Mumbai airport, is the second top destination with a 70% price appreciation in the next five years.
In 2012, Knight Frank estimated that prices in Ulwe grow by 50% in three years but went up by 22% or 7% a year.
New Airport Road, Viman Nagar in Pune, Panathur-Varthur in Bengaluru and Majiwada-Kasarvadavali In Mumbai are the top third, fourth and fifth destinations with an expected growth of 63%, 61% and 59% respecticvely, Knight Frank said.
"Along with the upcoming Versova-Madh sea bridge, the planned Coastal Freeway would drastically reduce the road travel time from the selected destination to the premium office markets, such as BKC, Lower Parel, Worli and Nariman Point.
The scope for luxury lifestyle residential developments alongside the Arabian Sea, coupled with enhanced seamless access to the premium office markets, would drive housing demand in the Madh-Marve locality," Knight Frank said.
About Ulwe's potential, it said: "Incremental employment opportunities in Navi Mumbai and Thane, the upcoming Seawoods-Uran suburban train network and the ecosystem that will be created for the upcoming Navi Mumbai International Airport will drive demand.
"Incremental employment opportunities in Thane and Navi Mumbai and the upcoming Kasarvadavali metro rail would drive residential demand," it added.
Image: A highrise. Photograph: Rupak De Chowdhury/Reuters