These 9 smart Indian cities are best suited for your investment plans

Budget 2016 has made prospective home buyers happy because of two reasons; one, the construction completion deadline for getting tax breaks under Section 24 has been extended from 3 to 5 years and two, the FM has announced an additional tax benefit of Rs 50,000 under Section 80EE for buying a house on loan.

Therefore, if you are looking forward to investing in some property or buying a new home for the first time in a Tier-2 town, here is ET’s list of smart cities that you should put your money in.

Bhubaneswar and Cuttack

These twin cities are amongst the fastest growing IT and educational hubs in the eastern region of the country, which has resulted in a boost in the real estate. Not only this, the fact that most of the available land is government owned has made the real estate market well-regulated. North and south-west of Bhubaneswar is set for new developments, because of Infocity-1 and KIIT's deemed university.

Visakhapatnam

The largest city in Andhra Pradesh in terms of area and population also houses one of the largest harbours in India. In the last 5 years, Visakhapatnam has also drawn the attention of real estate investors, who have options of investing in several residential locations.

Chennai

One of the four metro cities in the country, the capital of Tamil Nadu offers both industrial and residential areas. While in North Chennai, industry dominates the circuit, central Chennai is more of a commercial and residential market. On the other hand, South and West Chennai offer residential areas.

Coimbatore

Known as the 'Manchester of South India,' for its burgeoning textile and spinning industry, this city has in the recent past diversified beyond textile to include general engineering, automobile parts manufacturing and IT/ITeS, resulting in a boom in the real estate. Gandhipuram flyover, Ring Road, Western and Eastern Bypasses, and airport expansion are also the reasons for the growing real estate scene.

Kochi

Counted in Indian government's smart city list, this city is also a favorite of many IT businesses. The commercial hub of Kerala also has the international airport and sea port as the factors responsible for its development in the real estate sector. Moreover, residential real estate in Kochi is also majorly owned by NRIs, with only 30% of end users being locals. Kakkanad, Thripunithura, Maradu and Aluva. Properties in Edapally, Kaloor and Vytilla are the places of one’s interest for real estate.

Pune

It’s not an unknown fact that Pune has been a favorite of the IT industry; moreover, its proximity to Mumbai is also a major driving factor, because of the Mumbai-Pune. While affordable options start from Rs 15 to Rs 30 lakh, the premium segment starts at Rs 1.3 crore and luxury projects can go up to Rs 2.5 crore.

Ahmedabad

One of Gujarat's largest business and trading hubs, the city offers a wide employment landscape driven by the textile, engineering, chemical and automobile industries. Not only this, it also attracts both talent and investors from across the country. East, south and north Ahmedabad offer good deals in property, while Ambawadi, Navrangpura, Shahibaug and Nehru Nagar come in the premium segment.

Indore

This city in Madhya Pradesh offers both an IIM and an IIT, which is why it is one of the fastest developing cities of the state. A strong pharma and auto industry presence has also influenced its real estate market. One can also find hot deals in the Super Corridor, which is an upcoming area, having IT industries like TCS and Infosys. Other than this, BRTS, Major Road (MR) 12, the Delhi-Mumbai Industrial Corridor are also the attractions of this city.

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