Outlying Areas in Major Indian Cities Surpass Prime Locations in Housing Price Growth
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Mumbai, Dec 10 (NationPress) Recent findings reveal that certain outlying, peripheral regions in the leading seven cities of India have experienced more substantial housing price growth over the past six years compared to several prime locations, according to a report released on Tuesday.
Many of these peripheral areas have outperformed prime regions due to their greater potential for price appreciation, as prime areas had already experienced significant growth in prior years.
Furthermore, enhanced connectivity and overall developments in numerous peripheral regions have elevated their liveability, as highlighted by the latest Anarock research.
“In the peripheral region of Noida Expressway within Delhi-NCR, the average residential prices escalated by 66 percent over the last six years—from Rs 5,075 per square foot in 2019 to Rs 8,400 per sq. ft. in Q3 2024,” stated Santhosh Kumar, Vice Chairman of Anarock Group.
The prime area of Raj Nagar Extension recorded a 55 percent increase during this timeframe—rising from Rs 3,260 per sq. ft. in 2019 to Rs 5,050 per sq. ft. in Q3 2024.
“However, this trend is not consistent across all regions. For example, the prime area of Dwarka Expressway in Delhi experienced a remarkable 93 percent surge in average residential prices,” Kumar added.
The peripheral locality of Gunjur in Bengaluru experienced an impressive 69 percent rise in average residential prices, while the prime area of Thannisandra Main Road saw a 62 percent increase during this period.
In recent years, numerous luxury projects have been launched in these peripheries to cater to the growing demand.
“Consequently, average housing prices have risen there. With ample land available in these peripheral areas, developers have focused on launching large-scale, state-of-the-art projects,” Kumar stated.
Enhanced connectivity has made it viable for buyers to reside in expansive communities featuring generous green spaces. This trend has gained momentum following the COVID-19 pandemic.
The peripheral area of Panvel in the Mumbai Metropolitan Region (MMR) saw an increase of over 58 percent in prices over the last six years, while the prime area of Worli experienced a 37 percent growth during the same period.
