Bangalore: Real estate is one of the safest options for investment. Despite sluggish economic condition, investors are showing their interest to park their investments in the real estate market in India. According to a recent report released by global real estate consultancy Knight Frank, Mumbai, Delhi-NCR, Pune, Chennai and Bangalore have emerged as the top five cities in India for investment in residential segment.

“With property options ranging from 3,200 sq ft to 15,000 sq ft and investor returns in the range of 18.6-29 per cent per annum, residential real estate will emerge as a promising asset class for the next five years,” said Gulam Zia, Executive Director of Knight Frank. Below is the list of top 13 residential hotspots to invest in, as listed by Yahoo.

1) Ulwe

Where: Mumbai

The residential market, Ulwe is situated in the financial capital of India, Mumbai. Although, the area is in need of good social infrastructure, Ulwe has emerged as the hottest destination for real estate investment in India. Over the next five years, the housing prices in Ulwe are likely to increase by 145 percent, according to the Knight Franks’s report.

Moreover, the forthcoming international airport and the SEZ land are driving the realty growth of Ulwe. Since 2009, this area is witnessing growth in sales as well. For instance, around 4805 residential units are already sold in Ulwe, out of the total 6,606 units.

Investor returns: 29.0 percent per annum

2012 average price per square feet: 4000

Forecasted average price per square feet for 2017: 9800

Price appreciation during 2012-2017: 145 percent

Estimated price to double in years: 3.4 percent