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These Are India's Top 20 Residential Locations: Report

wning a house in a swanky, upscale neighbourhood is the dream of every individual. A property in one of the country's prime locations is likely to cost a fortune, but a sought-after address is the surest sign of success and famedom. Property consultant JLL India has come out with a list of India's "top 20" residential neighbourhoods.

Here's the list of 20 coveted neighbourhoods as listed out by JLL:

1. Palm Beach Road, Navi Mumbai: JLL says this is the only area in Navi Mumbai where high-rises offer a sea view. Current property prices here range between Rs.14,000 per square foot and 18,500 per square foot.

2. Worli, Mumbai:

The upmarket neighbourhood now holds premium positioning with steadily appreciating property prices. (Estimated prices Rs.35,000 - Rs.60,000 per square foot)

3. Bandra, Mumbai:

Bandra has a high level of shopping, education, healthcare and recreation facilities, which makes it a preferred destination for prime property seekers. Estimated luxury home prices - Rs.30,000/sq. ft. - 55,000/square foot depending on the exact location and type of project)

4. Lower Parel, Mumbai:

Lower Parel is contributing most to Mumbai's changing skyline and good connectivity with other parts of Mumbai and improved infrastructure add value to one's investment here. (Estimated prices - Rs.25,000 - 40,000 per square foot)

5. Vashi, Navi Mumbai:

Well connected with the key business districts of the city, Mumbai and Pune, Vashi ranks high on social and civic infrastructure. (Estimated prices - Rs.11,000 per square foot - Rs. 17,000 per square foot)

6. Lutyens' Delhi:

Lutyens' Delhi - which includes Aurangzeb Road, Mansingh Road, Prithviraj Road and Shahjahan Road, and neighbouring areas - has long been among the most preferred locations for the country's rich and powerful. Owning a house here means announcing to the world that one has arrived in India's power circle. (Estimated prices - Not given)

7. Greater Kailash, Delhi:

The upmarket residential neighbourhood in South Delhi is home to some of the most affluent families in Delhi. (Estimated prices - Rs.17,000-Rs. 22,000/square foot)

8. DLF City Phase-5, Gurgaon:

DLF City Phase-5 offers close proximity to the domestic and international airports and good social infrastructure, rapidly developing physical infrastructure, making it a highly desirable property destination. (Estimated prices- Not given)

9. Golf Course Road, Gurgaon:

The area around Golf Course Road offers a mix of residential and commercial establishments. (Estimated prices of residential condos - Rs.13,000-Rs. 19,000/square foot)

10. Boat Club Road, Chennai:

A calm locality situated away from the city, Boat Club Road homes carry an exclusive affluence tag. (Estimated price Rs.27,000/square foot)

11. Poes Garden, Chennai:

Home to many top notch business tycoons and politicians, Poes Garden is surrounded by lush green trees and considered to be one of the cleanest patches of the city. The area also has actor Rajinikanth's residence to its credit. (Estimated price range - Rs.33,000-35,000/square foot)

12. Sadashivanagar, Bengaluru:

This is one of the traditional luxury destinations in Bengalure. Estimated prices for under construction property here are around Rs. 30,000/square foot - the highest residential presales capital value recorded in the city's history.

13. Indiranagar, Bengaluru:

Indiranagar is well-connected with other parts of the city via Namma Metro, Purple Line and the BMTC bus line. (Estimated prices - Rs.12,000-18,000/square foot)

14. Koregaon Park, Pune:

The upmarket area offers top notch high-end luxurious apartments and bungalows. (Estimated residential property prices - Rs.13000-Rs. 16000/square foot, depending on exact location and building type)

15. Kalyani Nagar, Pune:

Kalyani Nagar benefits from proximity to the airport and the railway station, making it an ideal destination for IT/ITeS companies. (Estimated residential property prices - Rs.9000-13000/square foot)

16. Boat Club Road, Pune:

Situated along the M***a River, Boat Club Road offers close proximity to the airport, railway station and the city's primary business districts such as Dhole Patil Road and Bund Garden Road. (Average prices - Rs.13,500 - Rs.15,500/square foot)

17. Banjara Hills, Hyderabad:

The profile of buyers here is largely skewed towards the senior management of corporates, software professionals, doctors, advocates, chartered accountants and businessmen. (Estimated prices - Rs.7,500-14,000/square foot)

18. Jubilee Hills, Hyderabad:

Home to business tycoons, industrialists, film personalities and other high net worth individuals, Jubilee Hills is one of the most expensive commercial and residential locations in India. (Estimated prime land prices around Rs.200,000/square yard)

19. Alipore, Kolkata:

Many reputed business families such as the Singhanias, the Jalans, the Goenkas and the Mittals share this pin code. (Estimated prices - Rs.15,000-Rs. 22,000/square feet)

20. Ballygunge, Kolkata:

Convenience, quality lifestyle and connectivity are the main factors that make Ballygunge one of the best living areas in the southern Kolkata. (Estimated prices - Rs.10,000-Rs. 12,500/square foot)

Property market to improve by March 2016, help developers, says Fitch

Fitch, the global rating agency, on Monday said the likely upturn in the country's investment climate and reduction in interest rates will improve the property market by the end of March 2016 and provide relief to the debt-ridden developers.
"The property development sector (will) be a key beneficiary of reductions in housing loan interest rates by several domestic banks in April 2015," the agency said, adding that they would also boost credit growth.
Besides, the Reserve Bank of India (RBI) has reduced the key policy rate by 0.50 per cent since January, prompting commercial banks to cut interest rates for home loan and other borrowers.
"We expect property developers with a greater exposure to the middle and lower income segments to benefit more from lower domestic interest rates," it said, adding that developers with a greater mix of high-income customers, such as Lodha Developers and Indiabulls, will be less impacted because their customers are less sensitive to market interest rates.
Both the companies, it said, would meaningfully reduce the portion of debts by end-2016.
The rating agency observed that "the process of reducing leverage (debts) stalled in 2014 due to weak sales and slower cash collections on properties that were sold towards the end of 2014 and in early 2015, as developers introduced easy payment schemes to stoke demand."
Earlier in the month, Fitch raised its forecasts for India's GDP growth to 8 per cent for the current fiscal, up from 7.4 in per cent in 2014-15, and 8.3 per cent for 2016-17.
Domestic property purchases remained weak in 2014 due to high interest rates and some political and policy uncertainty in an election year, it said, adding that several buyers postponed their purchases, which drove up inventory levels steadily during the last 12 months.
Most developers, Fitch said, "responded by introducing easy payment plans for certain products. These payment plans typically require 20 per cent of the property price to be paid upfront and the remainder at the end of construction, usually several years later. This has lengthened cash collection cycles and contributed to higher leverage".
Fitch estimates that around 20 per cent of the sector's sales over the last two fiscal quarters were financed by easy payment plans and observed "the longer cash collection cycle will continue to weigh on developers' balance sheets in the near term."