Hey guys, today we will explore the major trending real estate micro markets of India in 2023 and what makes them so coveted.
A Real Estate micro market is a smaller locale within a much bigger real estate hub, which may or may not contribute to the overall valuation of the hub; at the same time, it has its own price trends and variations.
For example, in a metro city famous for its industrial range, the real estate hubs would be sub-urban residential regions that provide connectivity to the factories at the same time, a quieter and calm ambiance.
These regions largely depend upon various factors, including commercial centers, parks, recreational areas, nearby religious institutions, schools, colleges, markets, metro, natural features, and many more. Thus with a diversity of factors influencing property appraisals and crashes, these micro-markets have a soul of their own irrespective of the general trends.
So which are the Indian micro markets that are trending in 2023?
1) Sarjapur Road
2) Bangalore North
Let's explore this in detail.
Perhaps the most famous real estate micro market in South India. Bangalore's very own IT Corridor, Sarjapur Road, in its East sector. A Lionshare of the area comes under the BBMP limits and is home to various IT and Tech companies, including international conglomerates. Sarjapur Road has been one of the prominent realty and housing markets of Bangalore, with a huge inventory of residential options, including apartments, studio flats, villas, and also gated community plots. There are a handful of independent homes and structures too in this area; however, most of the consumer base is IT professionals who prefer gated community apartments. The road stretch is indeed a great place to settle.
Moggapair in Chennai is now emerging as a micro market with a huge potential for premium properties. The area is sprawling with renowned educational institutions, from schools to colleges, which makes it a highly coveted living space. The social infrastructure of the predominantly industrial area is also now changing to adapt to newer levels of infrastructural growth. Experts claim that Mogappair in the next decade will be unrecognizable with a rapid influx of apartments and villas. The pincode of Mogappair is 600 037
As the Sohna - Dausa roadway and the elevated corridor have come up rapidly, changing the infrastructure of the region, Sohna has now become an important micro market in Gurgaon. The area was already famous for Sohna hotsprings, with beautiful landscape, and the masterplan for the city was already laid back in 2012. The region is also rich in social infrastructure, with medical, educational, and commercial centers.
Puppalaguda, the quiet and tranquil neighborhood in Hyderabad, is predicted by real estate pundits to be the next biggest micro market to emerge within the city. Already trending throughout realty markets and a favorite choice amongst the home buyers of the city. The area is near HITEC City and Manikonda, which, as you might be aware, are the key employment hubs of the city. There are various transit options in the locale; also, it is easily accessible through a railway station, and the airport is 31 km away. Puppalaguda pincode is 500089
Famous for being one of the top pilgrimage and temple destinations of India, ever since the TUDA rolled out its new masterplan for the city, Tirupati has become the eye candy for realtors as well. The city of Tirupati is complete with rail and flight access and sees a whopping number of pilgrims every year. It has also been reputed to be one of the cleanest cities in India and also one with the lowest crime rates. Mostly Tirupati's real estate sector is sprawling with independent houses, but lately, the number of low rise apartments has been on the rise. Many real estate investors prefer these apartments and flats with a high scope of rental yield.
We will now explore a few underrate micro markets as well.
According to various reports from India's top-ranking real estate websites, including Homes247.in, since 2020, there has been a rapid increase in online searches for Pimpri Chinchwad properties in the country. The industrial township has been reputed for being a parallel economic powerhouse alongside Mumbai. PCMC is also home to many major manufacturers, both Indian and Global. The region also has a well developed IT infrastructure as well.
Tellapur in Hyderabad is one of the top-rated real estate micro markets in South India. The region's proximity to the other major sectors within the city and the green cover makes it an idyllic haven for homebuyers. Once sprawling with independent homes, Tellapur, in the last few years, has seen a rise in apartment complexes and gated community homes. Another major advantage is its connectivity to Mumbai; thus, nestled between these two titans, Tellapur surely becomes the micro market with the most potential in the year 2023.
Another major micro market in Chennai, however, compared to Mogappair, Medavakkam, has been trending for quite a while. Situated in the South of Chennai, the region is quite easy to access from the city. Closer to the railway network and metro connectivity from the Chennai Metro Phase 2 makes it quite a catch for investors. The Chennai Airport is just 13km away, and thus Medavakkam covers all the basics of transit. Already housing many major real estate developments as well as gated communities. Pincode of Medavakkam is 600100.
Since the advent of the 2020s and the subsequent pandemic lockdowns, the realty market has faced a minor slump in Bangalore. However, more and more people realized that owning a home is far better than renting one, and the market started booming. As the East and South Zones of Bangalore were the famous real estate markets, the demand for budget-friendly as well as different types of properties made the home seekers look for newer pastures. Enter Bangalore North and its major region Devanahalli, both near one of the prominent landmarks of the Silicon Valley, the Kempe Gowda International Airport. The region has multiple types of properties, but the most in-demand category is the gated community plots, which gives the investors an opportunity to build their homes as per their desires.
Prabhadevi in Mumbai is a notable residential hub and is near Parel as well. Known for its 300 year old Prabhavati temple and also as handpicked housing area, especially by celebrities, you can find many residential high rises and apartments in this region.
So to conclude, these are some of the finest and trending real estate micro markets in India 2023. So guys, what do you think, do share your views in the comments section below.
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