Real Estate Demand Shifts Towards Suburban Areas Amid Rising Prices
The latest Housing Sentiment Index by Magicbricks shows a growing preference for suburban and peripheral areas as property prices in major cities continue to soar.
Real EstateSuburban AreasProperty PricesMagicbricksHousing Sentiment IndexReal Estate MaharashtraOct 17, 2024
In Vartak Nagar, property prices have surged from Rs 15,000 per sq ft to Rs 17,500 per sq ft over the past year, surpassing the average rate of Rs 13,165 per sq ft in Thane. Dombivali has also seen a price increase, moving from Rs 6,800 per sq ft to Rs 7,300 per sq ft. Taloja, an affordable alternative, maintains an average rate of Rs 6,500 per sq ft. Despite these increases, these areas continue to offer lucrative investment opportunities, with residential prices in Thane rising by 14% in just one year to reach Rs 13,165 per sq ft.
Similar trends are observed in Delhi, where the average residential rate has climbed to Rs 18,012 per sq ft. Areas like Dwarka and Rohini have seen increased search activity, with prices rising from Rs 8,800 per sq ft to Rs 11,500 per sq ft and from Rs 11,300 per sq ft to Rs 12,100 per sq ft, respectively, over the past year.
Despite the rising demand and consequent price increases, suburban prices remain competitive compared to city averages, making them attractive investment destinations. The preference for peripheral markets is driven by several factors, including increased infrastructure development, improved connectivity, and a desire for more spacious living options outside of densely populated city centers.
Information
Magicbricks is a leading real estate portal in India, providing comprehensive information on property listings, prices, and market trends. The Housing Sentiment Index by Magicbricks is a key indicator of the real estate market's health, reflecting the sentiment and preferences of homebuyers and investors.
Magicbricks is a renowned platform in the Indian real estate sector, offering a wide range of services from property listings to in-depth market analysis. With a strong online presence and a vast network of real estate professionals, Magicbricks aims to make the property buying and selling process seamless and transparent for all stakeholders.
Frequently Asked Questions
What is the Housing Sentiment Index by Magicbricks?
The Housing Sentiment Index by Magicbricks is a metric that gauges the overall health and sentiment of the real estate market, providing insights into property prices, demand, and investment trends.
Why are suburban areas becoming more popular for property investments?
Suburban areas are gaining popularity due to increased infrastructure development, improved connectivity, and a desire for more spacious living options, all while offering competitive property prices compared to city centers.
What is the average residential rate in Thane, and how has it changed over the past year?
The average residential rate in Thane is Rs 13,165 per sq ft, which has increased by 14% over the past year, from Rs 11,548 per sq ft.
What are the notable price increases in Dwarka and Rohini, Delhi?
In Dwarka, prices have increased from Rs 8,800 per sq ft to Rs 11,500 per sq ft, and in Rohini, prices have risen from Rs 11,300 per sq ft to Rs 12,100 per sq ft over the past year.
How does improved connectivity in suburban areas impact property prices?
Improved connectivity, such as better road networks and public transportation, makes suburban areas more attractive to homebuyers, leading to increased demand and, consequently, higher property prices.
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