A large number of India’s mega cities have become a safe place to invest in Airbnb Rental Property. These cities have excellent infrastructure, cultural and social values with low levels of environmental pollution. Here are the best-ranked cities in India where you can invest in Airbnb rental property.
Best Cities in India to Invest in Airbnb Rental Property
Pune has been dubbed the second best Indian city to live in and is regarded the cultural capital of Maharashtra. Its propinquity to Mumbai with a thriving IT scene has encouraged real estate growth in this once dormant city. Thanks to the Mumbai-Pune Expressway, the city is more accessible and hence is a viable investment location for foreign investors. With pleasant weather all year round, it is one of the best places to invest in a property.
The capital city of Tamil Nadu and India’s biggest educational and cultural hub in South India, Chennai is known as Detroit of South Asia. This is one of the most popular Indian cities for foreign tourists. Western and southern regions of Chennai were previously predominantly residential areas but have now transformed into commercial zones and host a large number of financial services and IT companies.
In terms of population and area, Visakhapatnam is the largest city in Andhra Pradesh. It is also one of the largest harbors in India and the state’s undisputed commercial hub. The city is blooming as the IT industry continues to flourish. It boasts good infrastructure and has been gaining a lot of attraction from the real estate perspective. The city has seen good demand for apartments and properties since 2010.
Kochi is not just the commercial hub of Kerala, it has witnessed developments, such as up gradation of the sea port and privatization of the international airport. These developments have brightened the real estate prospects in the city. Residential real estate in Kochi has conventionally been driven by NRIs, as end users comprise of only 30% locals. The housing demand continues to thrive, although investment by foreign-based locals has decreased recently.
Ahmedabad has emerged as a crucial industrial and economic hub in India. The area around Ahmedabad and the banks of the Sabarmati River is famous for its transport and excellent infrastructure. A boost in employment opportunities has attracted talent from all across India to pool in Ahmedabad. This has driven the real estate market in Ahmedabad where major infrastructure projects have opened up marginal locations.
Indore is a rapidly growing city in Madhya Pradesh. The city has an influential auto industry and pharma presence. This has influenced the real estate market and has pushed investors to buy properties in the city. The investor demand is influencing the prices, as there is an oversupply of properties. Indore witnessed a building boom from 2010 to 2013, particularly in the outer fringes. Due to the presence of IT industries in the vicinity, plenty of land is available in the Super Corridor, which is an upcoming area.
Worst Cities to Invest in Airbnb Rental Property
Due to the recent events related to rape and murder in India, it is not uncommon for people to feel threatened to live in India. Delhi is infamously dubbed as the rape capital of India and among other states, Madhya Pradesh has recorded the highest number of rapes. Delhi has observed the highest number of murders in India despite claiming to have the most sophisticated police in the country. In 2015, there were 464 cases registered in just New Delhi.
Patna, which is Bihar’s capital, stood second registering 232 murder cases while Bengaluru had the third highest number with 188 counts. Therefore, the abovementioned cities may not be the ideal cities to make any rental Airbnb investments.
About the Author:
A native of Kiev, Ukraine. Elena has also lived in New Delhi, India; Bucharest, Romania; Nijmegen, the Netherlands; Kobe, Japan and Jakarta, Indonesia. Elena’s interest in India comes from her immigrant parents and her experience living in India for about ten years. She loves to travel, meet new friends and try different cuisines around the world. She’s currently working as real estate financial advisor at Karkanja Malta Real Estate.