What Drives Real Estate in Kanpur?
Added: (Thu Mar 07 2019)
Pressbox (Press Release) -
Real estate is one of those rare sectors that marginally get affected by Inflation. The obvious reason is that shelter is one of the basic human requirements. India has witnessed a mammoth rise in the real estate sector. Earlier, real estate business was restricted to people having an influential political connection or mostly land mafias were ruling the chart. But, this scenario has changed drastically after the introduction of RERA (Regulation and Development) Act (RERA) 2016. The main purpose of this Act is to safeguard property investment by bringing in more transparency in the sector.
India is a booming economy with ceaseless population growth. It is one of the most significant factors behind the growing real estate demand in India for both commercial and residential projects. Mumbai tops the chart for both real estate supply and demand having the highest number of high-rises in India followed by New Delhi, Bangalore and Hyderabad. Uttar Pradesh, being the fifth most populous state in India has also become a hotspot for real estate. Noida tops the chart in Uttar Pradesh followed by Lucknow and Kanpur taking up the third spot.
Kanpur is going through a major facelift when it comes to real estate and especially residential projects. People are opting for a modern lifestyle over the traditional way of living. Real estate in Kanpur is on an all-time high making it a prime location for both investors and end users. Some of the recently developed real estate projects in Kanpur are of international standard.
Let’s take a quick look at some of the reasons for this phenomenon:
• Kanpur is one of the most populous cities in India with most of its population under the age of 35 years, which means more and more construction to meet the growing demand of real estate in Kanpur.
• Kanpur has been a major player of the rich Indian Leather industry both culturally and economically. It is also known as the ‘Leather City of the World’, which means people have the purchasing power to choose an improved lifestyle.
• The spending habit of people and taste is becoming more urban, which is evident from a large number of shopping malls opened in the last decade, which acts as a catalyst for builders and developers to construct new and modern real estate projects in Kanpur.
• Uber connectivity is another important factor behind the growing demand for Kanpur real estate. Yamuna Expressway has added fuel to this wildfire by making travel much easier. Kanpur is efficiently connected by road and rail to all the major cities of India.
• The development of Kanpur and Uttar Pradesh as a whole is growing a phenomenal speed. There are many under construction and proposed civic infrastructure making Kanpur a new hub of real estate in India.
• Kanpur is surrounded by some significant religious and tourist spots and people from all over the country and world swarm the place more often than not. This calls for better infrastructure and more construction in and around that belt.
To sum it up, Kanpur is moving at a fast pace and all the stars are also aligning to make it the next Noida. This is quite evident from the fact that most of the big real estate companies in India have already marked their territory and the rest are at least doing a retrospective of their future possibilities.