Suburban Real Estate Gains Traction Amid Urban Price Hikes
Magicbricks' latest Housing Sentiment Index highlights a growing trend of homebuyers shifting their focus to suburban and peripheral areas as property prices in major cities continue to rise. Despite price increases, suburban markets remain attractive due
Suburban Real EstateProperty PricesHomebuyersInvestment PotentialReal Estate TrendsReal EstateOct 18, 2024
In Delhi, the average residential rate has hit INR 18,012 per square foot (psf). However, the suburbs of Dwarka and Rohini have witnessed increased search activity. Dwarka prices have climbed from INR 8,800 psf to INR 11,500 psf, while Rohini has seen an increase from INR 11,300 psf to INR 12,100 psf over the past year. Despite these price hikes, suburban areas still offer competitive rates compared to the city center, making them attractive for investment.
Similar trends are evident in Thane and Navi Mumbai, where areas like Vartak Nagar and Dombivali have gained popularity. Vartak Nagar's property prices have surged from INR 15,000 psf to INR 17,500 psf, surpassing the average Thane rate of INR 13,165 psf. Dombivali has also seen a price increase from INR 6,800 psf to INR 7,300 psf, with Taloja emerging as an affordable option at INR 6,500 psf. Despite these increases, these areas continue to offer lucrative investment opportunities, with Thane’s residential prices rising 14% in one year to INR 13,165 psf.
In Chennai, the trend continues with growing interest in Old Mahabalipuram Road (OMR) and Ambattur. Property prices on OMR have risen from INR 5,800 psf to INR 6,400 psf, while Ambattur has experienced a growth from INR 6,400 psf to INR 6,800 psf over the same period. These price increases reflect the growing appeal of suburban locations for homebuyers seeking affordability and investment potential.
Hyderabad is also witnessing a similar trend, with significant interest in areas like Medchal Highway and Miyapur. The average residential rate in these areas is INR 6,500 psf, compared to the city average of INR 8,188 psf. The rising demand in these areas highlights a growing trend of buyers looking for more spacious and affordable living options outside of densely populated city centers.
The preference for suburban and peripheral markets is driven by several factors, including increased infrastructure development, improved connectivity, and the desire for more spacious living options. These areas are becoming increasingly attractive as they offer a balance between affordability and quality of life.
Magicbricks, India’s leading property site, has been at the forefront of this trend. With over 17 years of experience and a deep understanding of the real estate market, Magicbricks provides a comprehensive platform for buyers and sellers. The site has monthly traffic exceeding 2 crores and an active base of over 15 lakh property listings. Magicbricks has evolved into a full-stack service provider, offering services such as home loans, interiors, and expert advice.
Magicbricks also offers a range of insight-driven platforms, including MBTV, India’s leading online real estate YouTube channel. These platforms provide homebuyers with valuable information on price trends, forecasts, locality reviews, and more, helping them make informed decisions in the ever-evolving real estate market.
Frequently Asked Questions
Why are suburban areas becoming more popular for homebuyers?
Suburban areas are becoming more popular due to their affordability, increased infrastructure development, improved connectivity, and the desire for more spacious living options outside of densely populated city centers.
What are the key factors driving the rise in property prices in suburban areas?
The key factors driving the rise in property prices in suburban areas include increased demand from homebuyers, improved infrastructure, better connectivity, and the growing attraction of these areas as investment opportunities.
How has Magicbricks adapted to the changing real estate market?
Magicbricks has adapted to the changing real estate market by evolving into a full-stack service provider, offering a range of services including home loans, interiors, and expert advice. It also provides valuable information through its insight-driven platforms like MBTV.
What are some of the popular suburban areas in major cities?
Some popular suburban areas in major cities include Dwarka and Rohini in Delhi, Vartak Nagar and Dombivali in Thane/Navi Mumbai, Old Mahabalipuram Road (OMR) and Ambattur in Chennai, and Medchal Highway and Miyapur in Hyderabad.
How can homebuyers use Magicbricks to make informed decisions?
Homebuyers can use Magicbricks to access a wide range of information, including property listings, price trends, forecasts, locality reviews, and expert advice. This helps them make informed decisions in the real estate market.
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