The city of Raipur has witnessed rapid economic and infrastructural development in recent years. And its effect can easily be seen in its real estate market. The recent announcement by the central government of the country, about the development of major infrastructure projects in Naya Raipur and the increasing interest shown by mining, manufacturing, and retail companies has further led to momentum in the demand for properties for sale in Raipur.
An important determinant that drives the growth of the real estate market in Raipur is its direct connectivity with major cities in the country. It has direct rail and road connectivity to metropolitan cities like Kolkata, Mumbai, Visakhapatnam, and Sambalpur in Orissa. Being home to important educational institutions and industrial plants, the city is experiencing an increased migration of students and jobseekers which in turn leads to an increased demand for residential properties in Raipur. Since demand for residential properties increases, their prices also increase which therefore makes the city a good choice for investment in the long run. A future smart city, a developing ‘green city, and India’s fourth planned capital city, Raipur is the focal point of many developmental projects by the government. This again attracts investors since the advancements promise a higher rate of return on investment.
Another major factor that contributes to the increased demand for properties in Raipur is affordable and premium residential projects. As developed as Raipur is, Avinash Group provides a wide range of budget-friendly, luxurious houses which could hardly be affordable in any other metropolitan city of India. Avinash Group’s residential properties in Raipur are well versed with high-class amenities that don’t burn a hole in one’s pocket. However, due to the continuous industrial development and increased demand for properties, Raipur may soon see a hike in real estate prices.
- Upcoming projects by Avinash Group that will influence real estate demand.
- Naya Raipur will be developed in line with international standards as a smart city. Upcoming real estate projects include a township of 2,536 houses, a five-star hotel, a commercial centre, and SEZs, which will be located on 100 acres of beautifully planned and elegantly landscaped terrain, will have a direct impact on the demand for real estate properties.
- The government has planned various road projects to decongest the city through inner and outer ring roads. Expressway and traffic junctions will be improved along with a transport Nagar to assist warehousing and cargo facilities.
- Trends that push the demand for real estate properties towards increment
The success of the real estate market in Raipur is evident through the rise in property prices, which have almost doubled in the last five years. Such trends indicate that it is profitable to buy properties for sale as well as sell properties, in the current times.
You can easily find residential property in Raipur for sale at Avinash Group starting at an affordable price range. Moreover, nearly 16 localities in Raipur have seen an upward price trend in the real estate sector whereas 15 localities have experienced a downward trend. Seeing the bigger picture, overall Raipur’s real estate price trend is continuously moving upwards for the last six months.
Another noteworthy trend that analysts noticed is the fact that due to major economic growth in smaller towns, people have been moving back to their Tier II & III towns in the last 6-7 years. And the pandemic has only accelerated this trend.
With people losing their jobs in the cities, businesses suffering a major hit and uncertain educational plans have propelled people to move back to their towns again, increasing the demand for residential properties and office spaces in smaller towns. This argument is backed up by DLF’s senior executive director (sales and marketing), Aakash Ohri. According to him, “Pandemic has accelerated sales in smaller cities because some of these living spaces are available in developed and habituated townships. Demand for condos and integrated townships in Tier-II cities has also seen a surge, with an increased need for a safer environment and amenities within gated communities,” whereas, Chhattisgarh’s leading developer and chairman of real estate association Credai’s MSME wing, Mr. Anand Singhania said, “People, especially in-service sector, are looking at shifting back as they feel they can find work in the city, even though the salary is lesser than big cities. Raipur now has a well-established and growing base for service, education, and small industries. Naya Raipur, a smart city, is also here.”
Many analysts thus agree that this is the best time to invest in real estate properties in Raipur as the prices have been mitigated due to many unsold inventory and delays in approvals for new projects.
The real estate market in Raipur is flourishing with high demand for properties which was never seen before. And the slope of demand is only predicted to rise in the near future. These predictions are attracting investors to buy properties in Raipur. The development of Raipur as a city along with investments made by new industrialists can be considered major reasons for the rise in demand for properties in Raipur.