Properties Along Noida Expressway Register 66% Growth in Six Years, Raj Nagar Extension Achieves 55%
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New Delhi, Dec 28 (NationPress) Highlighting India’s thriving real estate market, the peripheral Noida Expressway in Delhi-NCR experienced a remarkable 66% increase in average residential prices over the past six years, while Raj Nagar Extension in Ghaziabad recorded a 55% rise during the same timeframe, as revealed in a recent report.
Residential prices along Noida Expressway surged from Rs 5,075 per square foot in 2019 to Rs 8,400 per square foot in the third quarter of this year. In contrast, the prime location of Raj Nagar Extension saw its prices increase from Rs 3,260 per square foot in 2019 to Rs 5,050 per square foot in Q3 2024, according to the latest findings from Anarock.
In Bengaluru, average residential prices in the peripheral area of Gunjur recorded a notable 69% increase, while Thannisandra Main Road experienced a 62% growth during this period.
As per Santhosh Kumar, Vice Chairman of Anarock Group, this trend isn't uniform across all areas.
“For instance, the prime region of Dwarka Expressway in Delhi saw an impressive 93% surge in average residential prices, climbing from Rs 5,359 per square foot in 2019 to Rs 10,350 per square foot in Q3 2024,” he stated.
Overall, average residential prices have been on the rise across various cities over the last six years.
Many peripheral areas in top cities have outperformed prime locations due to their greater potential for price appreciation.
With ample land available in these peripheries, developers are increasingly focusing on launching large, state-of-the-art projects.
Enhanced connectivity has made it possible for buyers to reside in larger communities with ample green spaces. This trend has gained traction following the Covid-19 pandemic, according to Kumar.
The Mumbai Metropolitan Region (MMR) saw its peripheral area of Panvel appreciate by over 58% during the last six years, rising from Rs 5,520 per square foot in 2019 to Rs 8,700 per square foot in Q3 2024.
In Pune, the prime area of Wakad noted a 27% price increase, whereas the periphery of Wagholi grew by 37%. In Hyderabad, prime areas like Gachibowli and Kondapur outperformed peripheries such as Kompalli, LB Nagar, and Tellapur, as stated in the report.
