City peripheries and suburbs adding the oomph factor in residential housing

The COVID-19 era presents a radically transformed land market, with preferences changing to accommodate new market realities. With the rise of Work from Home and hybrid culture, homebuyers will be shifting to the city peripherals. Like- suburbs and tier 2 cities are likely to get more interest if work from home becomes the norm in future. Though the longer term of the residential sector looks promising and can surely propel the expansion of this sector within the coming years. Over the past few years, urban cities in India have witnessed a fast-paced infrastructure development and employment opportunities that has led to the massive growth of the suburban areas.

The work from home culture is changing the way we live. Moving to more spacious homes within the suburbs would add up because commuting won’t be required. With work-from-home a viable option even after the lockdown, many future homebuyers will shift to the peripheral areas for bigger homes and a far better lifestyle – at cheaper prices. South Gurugram is one such market which has steadily risen on the livability index. It scores well on key criteria including current and future connectivity to other locations, facilities for health and education, the proximity of the situation to business growth and development hubs, civic infrastructure etc. South Gurugram’s location is being strengthened through upcoming projects such as Metro connectivity from HUDA City Centre, a 5 km elevated Badshahpur road, Orbital Rail Corridor connecting all major cities of the NCR, Kundli–Manesar–Palwal by pass from the side of South of Gurgaon, and Delhi-Mumbai Freight Corridor (DMIC)”

Mr. Pradeep Aggarwal, Founder & Chairman – Signature Global Group & Chairman – ASSOCHAM National Council on Real Estate, Housing and Urban Development, says, “In this ongoing scenario, many people are staying far away from the tier I cities. There will be a curtailment within the exodus from these cities and can cause employment creation alongside the movement of MNCs, which are already watching cutting down on expenses. With job market sorted out after the movement of IT and BPO firms, the market here is seeing a gentle demand of land. Many land developers are already present in tier II cities and peripheral areas thanks to the rising demand. Another reason for the residential markets in tier II cities performing better than tier I cities is that the budget, which is affordable as compared to high property prices in metros and in the current situation it has become more lucrative as people will spend every penny prudently. Not only because of the pandemic, but the rise of the peripheral areas in real estate started a few years back. However, the demand has increased after the pandemic as people are hunting for areas that can meet their requirements of comfortable living along with having a little spacious abode in the price that they can afford. The metros are expensive, and hence site visits to peripheral areas have increased multifold.

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