New Delhi, Dec 28 (IANS): Showcasing India’s real estate success story, Delhi-NCR’s peripheral Noida Expressway saw average residential prices rose 66 per cent in the last six years, as Raj Nagar Extension in Ghaziabad witnessed 55 per cent growth in this period, according to a new report.
While Noida Expressway saw prices going up from Rs 5,075 per square feet in 2019 to Rs 8,400 per square feet in the third quarter this year, prime area Raj Nagar Extension saw 55 per cent growth in this period – from Rs 3,260 per square feet in 2019 to Rs 5,050 per square feet in Q3 2024, according to latest Anarock ANAROCK research.
In Bengaluru, peripheral area Gunjur saw average residential price take a significant 69 per cent jump and Thannisandra Main Road saw a 62 per cent average price growth in this period.
According to Santhosh Kumar, Vice Chairman, Anarock Group, this is, by no means, a uniform trend.
“For instance, the prime area of Dwarka Expressway in Delhi saw a significant 93 per cent jump in average residential prices – from Rs 5,359 per square feet in 2019 to Rs 10,350 per square feet in Q3 2024,” he mentioned.
Overall, average residential prices have been rising across cities in the last six years.
Many peripheral areas in the top cities outshone prime areas because their scope of price appreciation was higher than in prime areas.
With sufficient land available in the peripheries, developers have zeroed in on them to launching large state-of-art projects there.
Improved connectivity has made it feasible for buyers to live in larger societies with generous green open spaces. This trend has become very prevalent after the Covid-19 pandemic, according to Kumar.
Mumbai Metropolitan Region (MMR) peripheral area Panvel saw over 58 per cent price appreciation in the last 6 years – from Rs 5,520 per square feet (2019) to Rs 8,700 per square feet (Q3 2024).
Pune’s prime area Wakad recorded 27 per cent price growth while periphery Wagholi grew 37 per cent. In Hyderabad, prime areas Gachibowli and Kondapur outshined peripheries like Kompalli, LB Nagar and Tellapur, said the report.