The reviving market of Ranchi lures many home buyers
The capital city of Jharkhand is soon carving its niche for itself by not only being home to the captain of the Indian cricket team MS Dhoni but also emerging as an excellent realty destination. Ranchi is cited to be one of the fewer cities in the eastern part of India that provides the perfect blend of urban and traditional culture. The calm lakes, serene hills and bustling steel and iron industries have transformed the city from being a Tire II city into a modern city. With a number of reputed companies entering the market, the city has taken an extraordinary leap in terms of its real estate sector, it is not only showing its potential and growth but is also providing a number of employment opportunities to many skilled and unskilled professionals.
With many real estate developers entering the realty market, the unavailability of land in large parcels is limiting many builders to create smaller residential projects.
The slump in the real estate market after the scam seems to be dying out as properties in Ranchi are developing into becoming bankable investments.
Despite the landowners being reluctant to sell their land, local and national builders are entering into joint ventures to create affordable abodes. With the real estate scene stabilizing, the commercial market too is fast evolving. A number of international companies and retail establishments dealing with FMCG (Fast-Moving Consumer Goods) products are looking for properties for rent in Ranchi to cater to the growing needs of the localites. The developing social belt is pushing property prices to soar.
Connectivity is another element that has helped Ranchi blink on the reality radar. Its proximity to cities like Bhubaneshwar, Dhanbad, Allahabad, and Jamshedpur has flourished the commercial sector. Boasting great networking within the city, the proposed 86-km long Ring Road project connecting many arterial state and national highways throughout Jharkhand will help flourish the realty sector better. Another factor that is elevating capital values of properties for rent in Ranchi is the acquiring acts. The task has is now becoming odious and the limited purchasing power has led to higher rental yields. Real estate developers to are facing the brunt as the limited space has forced builders to create smaller homes that do not meet the growing demand. However, developing social infrastructure is roping in a lot of investment.
Despite the burgeoning demand and prevailing prices, the city is rising into becoming a rental hub. Many second-time home buyers and investors are cashing on the affordable housing units and are letting them out on rent to the migrants. The rental activity in the city has increased manifolds and the city is all set to cash in many realty transactions in the coming years. Active pockets that are generating formidable rentals are Doranda, Ashok Nagar and Lalpur. A flat for rent in Ranchi, especially in a locality like Ashok Nagar, generate an income of Rs 7 to 12 per square feet for a 2 BHK house.
One is definitely spoilt for choice every time they decide to buy a property or choose for a flat for rent in Ranchi. The appreciating capital values of properties and active rental activities within the city and its peripherals makes an investment here profitable.