The increasing urban population over the last few years has resulted in the development of a number of key areas across the peripheral rim of metros. Factors such as improved connectivity, affordability, the development in social infrastructure and the growth in business districts outside of metros has further enhanced the appeal of these areas.
When buying a property ‘Location! Location! Location!’ remains the most important factor. With prime areas across metros being seemingly unaffordable at times, most new purchasers tend to look for newer/upcoming areas. The newer/upcoming neighbourhoods closer to the peripheral rim give buyers more space, additional amenities and accelerated capital appreciation over a shorter time period.
The attractive emerging property locations are as follows:
Mumbai has witnessed phenomenal growth over the years with the development of new areas across the peripheral rim. With the growth of key suburban areas and the shift in the epicentre of the city northwards, the property prices of key areas such as parts of Bandra, Khar, Santacruz, Juhu and Vile Parle in the Western Suburbs, tend to mimic those of South Mumbai.
Areas such as Thane West have grown considerably owed to the improved connectivity and proximity to the main commercial and industrial areas in the region.
With the Kalyan-Dombivali belt proposed to be a ‘smart city’ in line with the centre -sponsored scheme, the realty market in the area continues to be attractive for property investors.
The area has witnessed a boom over the last few years with a host of new developments leading to a growth in property prices to the north of Rs.5500 (in Kalyan West) and Rs. 5000 (Kalyan East). Key developers such as the Lodha group, Nirmal Lifestyle, Raunak Group, Laxmi Housing, among others have been instrumental in changing the urban landscape of this region.
The availability of land at more economical rates has resulted in the growth of a number of affordable housing developments towards the peripheral rim and beyond.
Ghaziabad has emerged as a key residential and industrial hub, and a popular investment destination for affordable and mid-segment buyers. Its proximity to Delhi, Noida and Lucknow, via NH-24, has contributed to its growth. The Government’s initiative to widen the NH-24 on the way to Ghaziabad was instrumental in making this area a popular investment destination.
As the prominent IT hub of India, the city attracts a number of skilled professionals, investors and start-up entrepreneurs, as well as students for its many leading institutes. Given that working professionals from the IT & ITeS industry make up the majority of purchasers of residential units, the mid-income housing segment continues to receive the maximum traction. Areas such as Whitefield, Electronic city and the Outer Ring Road IT corridor, continue to be popular among buyers in this price segment.Whitefield also continues to be a prominent rental market for IT professionals. Devanahalli, located 40 kms to the North East of Bangalore, is another upcoming realty market owed to its emergence as an IT hub (with two IT parks), an aerospace park, science park, as well as the proposed financial city. In addition to its growth as a commercial and residential hub, Devanahalli, also has historical significance as the birthplace of Tipu Sultan.
The affordable housing segment in Bangalore continues to see consistent demand. The last few years have seen an increase in the number of affordable housing projects, improved accessibility to these developments, as well as the launch of key government initiatives to encourage developers in this segment.
Pune’s emergence as a key education and IT hub, has resulted in the growth of newer areas across the periphery.
New airport road in Viman Nagar and areas located closer to the Mumbai-Pune Expressway with proximity to the industrial units located towards the north of the city, such as Punavale and Hinjewadi continue to witness growth
Rajarhat new town is a recently established township in close proximity to the international airport and with good connectivity by road to the northern and southern areas of the city.
Barasat located towards the north of the city, has the advantages of improved infrastructure that includes well-known educational institutions and hospitals. The national highway 34, 35 and the state highway 2 connect Barasat to key areas in and around the city. Average land prices in this locality increased by 10.42% in the first quarter of this year.
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