The Rise of Real Estate Market in Kanpur

(MENAFN- Market Press) Real estate in Indian is one of the biggest and ever growing sectors of our country. As homes and offices are the basic constituents of human life, it is always directly proportional to the ever growing population. Since we are the second most populous country in the world; property business in India is growing by leaps and bounds contributing almost 11 percent to the GDP. Recently, India's rank in the Global House Price Index has jumped 13 points to reach an all-time high to reach the ninth position.

Since independence, the real estate sector has been growing only in the metropolitan cities or few major cities of economic importance. But, the last decade has witnessed an unprecedented change in the pattern of property businesses' growth. In the last decade alone, the real estate sector is booming in almost every part of the country. Some of the major contributors in this sector are Noida, Gurgaon, Lucknow, Pune, Kanpur, Ghaziabad, Navi Mumbai, etc.

Kanpur along with few other cities in Uttar Pradesh has grabbed the most attention when it comes to property business. The real estate market in Kanpur is going through a major change and is continually rising. Kanpur was always a surplus city which is evident from the sobriquets it has, such as 'Leather City of World', 'Economic Capital of Uttar Pradesh', 'Manchester of Eastern World' to name a few. But, what has changed in the last few years that Kanpur is on the verge of becoming the next hotspot of property investment?

The real estate market in Kanpur is growing because of the following reasons:

• The investment habit of people are changing and they are ready to invest more on the standard of living, which is evident from big shopping malls & multiplexes and international brands that have found their fair share in the Kanpur market. Hence, the people are opting for better lifestyle inkling more towards the contemporary way of living.

• The strategically placed Kanpur has rich cultural and economic importance which ensures more footfalls every year. From leather to textiles, Kanpur has always been the go-to-market for investors and with a boom in business, the real estate sector finds a new high.

• Better connectivity to major business transit is also adding fuel to the fire with more and more investors trying to make Kanpur their base. With Yamuna Expressway, Eastern Peripheral Expressway and more state roads and highways built in the last decade, the real estate in Kanpur is on the rise.

• Internationally acclaimed educational institutions are another important factor behind the growing real estate in Kanpur. With IIT Kanpur, Harcourt Butler Technological Institute (HBTI), GSVM Medical College to name a few, students and faculties are flooding in Kanpur and the need for more housing is growing every day.

• Property in Kanpur is moving upwards every day with both demand and supply matching each other. The vast open spaces in Kanpur is a perfect getaway for people living in cities, this is yet another important factor behind the growing real estate in Kanpur and all the major players
of the real estate sector are lining up to make their mark.

• Property in Kanpur was more of a hedge fund for political parties and land mafias but it has changed with the implementation of RERA. People from all walks of life are turning to real estate as an investment option.
For more information, visit: http://www.rituhousing.com/blog/real-estate-market-in-kanpur.html

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