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Some zones may defy realty slump

india Updated: Nov 20, 2012 22:50 IST
HT Correspondent

At a time when the real estate properties in metros are witnessing a decline in sales and downward pressure on prices, some areas in Mumbai, National Capital Region (NCR) and other cities are expected to see a jump between 90% and 150% in the next five years.

According to a report by Knight Frank India around 13 places including those in outskirts of Mumbai, NCR, Chennai, Pune and Bangalore would witness a jump of 91% to 145% from 2013 to 2017.

The top three destinations that are expected to witness highest increase in prices are in and around Mumbai.

Ulwe, Wadala and Chembur would see a jump of 145%, 133% and 125% in prices respectively by 2017, the firm's Investment Advisory Report said.

Noida Extention and Dwarka Expressway would witness 111% and 108% appreciation respectively in prices, the report said.

"The study involved extensive research and has identified these destinations from over 100 urban centres in the country" said Samantak Das, director, research & advisory services, Knight Frank India.

"It is based on assessment of the real estate drivers namely employment, physical infrastructure, connectivity to important locations, access to social infrastructure, planned development, proximity to premium office spaces and land availability."

The report also predicts that Medavakkam in Chennai, Hinjewadi in Pune, Hebbal in Bangalore are expected to witness a jump in prices by 103%, 100% and 94% respectively.