Top Smart Indian Cities To Buy Homes in This Diwali

The most important aspect of being an Indian is the cultural diversity of this country. Despite the differences, and being a country that is torn by many demographics the people are united largest populations in the World. This could only happen because of the people who have shown time and again that tolerance has been the way of life and Diwali is a celebration of such goodwill. Whether Hindu or not, it is the time of the year when everyone comes together to celebrate the festival of lights. It is no secret that people are also spending a lot of money on various investments, remittances, gifts at this time since it is an auspicious time to make purchases, especially purchases for a family.

Housing is one of those very vital spends that are often seen as a trend at this time. But if one invests in housing in these times in Diwali, they have to be sure that they are investing in the right property. To start with, one should look at the smart cities in India because not only are they developing at a phenomenal rate, but they also are cheaper than investing in a metropolitan city property which, in a few years will have the economic strength as the smart cities.

Why Invest in Buying a Home in Diwali?

Diwali is definitely an auspicious time to make purchases such as housing or a vehicle but that does not mean anything from a practical point of view for some. However, there are five reasons in 2016 to believe and prove that Diwali, is definitely one of the best times of the year due to the following reasons:

• Most builders and construction companies are dotting this time with promotional offers to sell their properties. As a buyer you gain from this as you either are subject to a big discount or some exclusive freebies such as electronics and appliances for the apartment. There are also exclusive offers on home loans at this time.
• Speaking of home loans, a fixed rate of interest, at this time in the current real estate market is the way to go, since the fixed rate itself might get higher in the future, which on top if you are using a fixed rate instead will turn out to be more expensive.
• The demand of housing has been low until Diwali which means that there are also unoccupied apartments and housing to be bought in Diwali, even in the smart cities which will read more about. These housing units will naturally be offered in lower prices automatically.
• Interest rates in some of these smart cities have not risen drastically for home loans despite the pace of development experienced in these cities.
• At this time of the year most large companies offer people bonus salaries. This makes it easier for people to provide with the down payment or booking amount for the housing unit at least more easily.

What are The Prerequisites of a Smart City?

The major prerequisites for a smart city are the following distinguishing features that a city must have:

1. A full-fledged connectivity to digitization and Information technology.
2. Governance through e-governance and citizen participation.
3. Robust transport infrastructure with quick urban mobility.
4. Solid waste management practices and good sanitary system.
5. Sustainable electricity supply in the city.
6. Sustainable water supply in the city.
7. Security and safety measures along with particular emphasis on women, children and elderly communities.
8. Amenities for proper health and education of the population.
9. Environment with sustainability for the future. This means not only good environmental practices in the perspective of the infrastructure but also how people’s general tendencies civically are in the city.
10. Affordability of housing, especially for the economically weaker sections and the Low Income Groups.

You are absolutely right if you say that the above requisites can never be perfect because the best cities in the World such as New York reported 500 murders in the city this year. But the importance lies in the fact that how happy the citizens of that particular city? The city may also be in a developmental phase to be called a smart city.

Top 5 Smart Cities to Buy Homes in This Diwali:

The Top 5 Smart Cities It Is A Good Idea To Invest In Housing Are:

Ahmedabad: This city situated in Gujarat has shown phenomenal industrial growth in the fields of textile, engineering, chemical and automobile industries already. However, this is not all. A lot of power plants which include sustainable energy such as wind energy is also well established around the city. Infact on road, if you are traveling from the Kutch area to Ahmedabad, you will be rewarded with a magnificent vision of multiple windmills on either sides. It is also home to the GIFT city or The Gujarat International Finance Tec-City, which is currently under construction. It is first of it’s kind at such a large scale and is located only 12 kms away from the city airport. Both infrastructure of this world-class facility and the very prosperous location adds more value to Ahmedabad as a smart city. All the main locations in Ahmedabad are connected through the Sardar Patel Outer Ring Road and Metro rail is also on its way. As for the property prices, most locations will give you ample opportunity for investments within Rs. 75 lakhs in housing leaving out the premium areas where your budget should be around a crore - Shahibaug, Nehru Nagar, Navrangpura and Ambawdi. Diwali and Navratri are two gigantic festivals in Gujarat spread around the same time, making it an auspicious season to buy housing as well.

Pune: According to Knight Frank India, Director-Pune, Shantanu Mazumdar, the city is said to have become one of the best when it comes to real estate, whereas 5 years ago it was considered average in the same. There are more than one reasons to invest in this part of the country, mainly because of its close proximity with Mumbai which can be arguably called the heart of India. Also You have the Pune-Mumbai Expressway highway which has made it easier for many Pune residents to enjoy Mumbai’s hustles over the weekend. However, Pune has what other cities lack which is variety in real estate prices such as Rs. 15 a square feet to Rs. 30 lakhs a square feet making it one of the most versatile real estate grounds in the country. The city also has phenomenally efficient bus service and the Metro Railway in this city is also being built. The international airport is also going to support the already developed IT city that Pune already is with large multi-national biggies already investing in the city.

Bhubaneshwar: Sadly, in the East for the past multiple decades, Kolkata was the only large city with a plausible infrastructure that existed, until this city started developing at a majestic rate in the last decade. The city is also considered one of the fastest growing IT and educational hubs in India when considered with the twin city Cuttack. A solid real estate housing in places such as Patrapada and Uttara will cost approximately Rs. 50 lakhs while premium areas such as Kharavela Nagar and Navapalli may go upto a crore. Some of the major reasons for the growth of real estate in this city are The DLF Cyber City and Unitech One projects along with the laning of the National Highway No. 5. There is also the Kalinga Nagar Industrial Complex which spreads over 13,000 acres of land. Paradip SEZ at Kalinga Nagar has received foreign funding from Japan's Official Development Assistance to help them in infrastructure development. There is also a Pharma SEZ that is also going to brighten the real estate landmark in the region.

Visakhapatnam: Sure there is a metro railway proposed for the city whose first phase should be completed by end of December 2018 but that is not even close to the main reason for you to thinking of owning a house here. The city’s close proximities with Chennai has made this large area between the two cities’ ambitious project for the current Government of the state. With Hyderabad in Telangana, Vishakhapatnam is the ultimate place for Andhra Pradesh developmental potential in NH-16. Rising IT companies and more job opportunities in the city are expected to boost the city’s real estate market as well.

Indore: The IIT and IIM located in the city already gives it the status of being an educational hub. It is also the fastest developing city in MP and has strong presence of auto and pharma industries which are capable of influencing the real estate market. A 4 BHK in Indore would cost only Rs. 65 lakhs, while a villa could cost around Rs. 55 lakhs. But the prices are expected to take off in the near future. One of the biggest drivers of the Indore real estate landscape is the Indore Bus Rapid Transit System also known as the Ahilya Path Project. Companies such as TCS and Infosys are also setting up their properties there which Bhopal is very close to this city. Neemuch, Ratlam, Mandsaur, Dhar and Jhabua are areas which are influenced by the DMIC or the Delhi-Mumbai Industrial Corridor, therefore making it a good opportunity for real estate and housing investors.

Here is tabular representation of all the 5 cities and their areas in housing based on pricing (two areas for each category have chosen):

Affordable:

Mid segment:

Premium:

The main ideology behind an investment on Diwali is to start something new and a new home is something that every family wishes for, whether it is an investment or for purely residential purposes. These cities show a lot of potential for a future in terms of a smart city with growth.