Madh-Marve in Mumbai has emerged as the top destination for residential real estate investments with an expected price appreciation of 94 per cent in next five years, property consultant Knight Frank said today.
"In Mumbai, Madh-Marve is identified as the top destination, with an expected price appreciation of 94 per cent, thereby emerging as a promising asset class for the next five years," the company said in a statement.
Knight Frank India launched the second edition of 'Residential Investment Advisory Report 2016', wherein the top residential destinations across five major cities are evaluated.
"Ulwe, the top destination of the MMR in the first edition of the report in 2012, scores second this time, with a 70 per cent price appreciation by 2020," it added.
New Airport Road, in Viman Nagar, Pune ranks third in the list, with an expected price appreciation of 63 per cent.
In Delhi-NCR, the New Gurgaon has emerged as another potential destination, with the expectation of a price appreciation of 47 per cent.
Golf Course Extension Road is expected to witness a price appreciation of 42 per cent by 2020.
Delhi will continue to be a favourite among office occupiers; however, with limited scope for new supply, prices in the area will remain unaffordable.
"Gurgaon, which accounts for 53 per cent of the total office stock in NCR, will witness approximately 13 million sq ft of incremental office space by 2018, which will translate into more than 100,000 jobs, giving it an edge over Noida," the statement said.
