Why are more real estate buyers looking for property beyond city limits?
We’ve all heard the word ‘urbanisation.’ We automatically equate it to better facilities, a posh lifestyle and improved standards of living. In today’s scenario, however, our entire approach needs some reprogramming.
For decades, there was a widely held view that India’s urbanisation has been slower than the rest of the world. The World Bank’s report – Urbanization beyond Municipal Boundaries – turns this around. Infrastructural growth around us hasn’t stagnated, it has simply expanded its boundaries. Suburban growth is a sign of India’s urbanisation and this is the era of ‘Suburbanization’.
What is Suburbanization?
In the past few years, towns and villages surrounding Tier 1 cities such as Delhi NCR, Bengaluru, Chennai and Hyderabad have seen rapid improvement and higher employment generation. The World Bank’s data (as of 2011) indicated that one-third of these small towns or suburbs located in proximity to India’s large cities, contributed up to 18% of the country’s employment.
The past decade has not just brought these numbers beyond the expected mark, but has been a golden period for India’s suburban growth. Major infrastructural changes, better commute options and an absolute transformation in terms of commercial and residential real estate driven by the various companies that have tapped the potential of these locales; all of these factors have made homebuyers shift away from city boundaries.
Let’s get a bird’s eye view of this growth across top metropolitan cities.
The following locales were once perceived to be far away from the city centre and commercial hubs that seemed like the obvious choice for homebuyers a few years ago. However, the ones who made minimal investments in land or property back in the day, are now watching their returns multiply.
Hyderabad: Gachibowli and Hitech City
Bangalore: Electronic City and Whitefield
Mumbai: Chembur, Panvel and Virar
Delhi NCR: Gurugram/ Gurgaon and Noida
Chennai: OMR, Sriperumbudur, Porur
The market drivers in these regions are the untapped development potential, the financial viability and affordability that they offer to end-users. They aren’t considered far or inconvenient any more, but a space that is nested away from the overcrowded cities which offer cramped spaces to the homebuyer that seeks comfortable living at pocket-friendly rates. Another important factor that is common to all of these new hubs is that- the world’s top companies are right here; more people desire to be a part of these companies and migrate to these regions and instantly, there is a need for the perfect home. As growth accelerates, so does the value of your property and the potential it holds for higher rentals & returns.
How would buying a home in the outskirts of the city benefit you?
1. Budget-friendly Homes
Real-estate price war that occurs in cities, high prices for smaller spaces, not many pocket-friendly options within the city. Beyond these city limits, demand is still ebbing, and prices are comparatively lower at this point in time. Right time to invest.
2. More Space!
Cities are cramping up with homes. West Mambalam, for instance has several small houses that are piled up against each other and the area has hit a saturation point. Areas like Anna Nagar and Porur grew in demand in their early stages and tackled these space woes.
Today, the property rates in these areas have quadrupled but even these spaces have hit their saturation point and this why locales like OMR-Siruseri are becoming attractive for homebuyers.
3. Forget the Fear of Missing Out
The eye of the IT and Tech cyclone that is changing the Indian industries is in those areas that have space for large commercial infrastructure. This is when these new ‘outer-ring’ areas come into the picture and add impetus to suburbanisation. Gurgaon’s DLF Cyber City is a perfect example of how companies like Facebook and Google stepped into Indian markets by choosing regions that were ‘away’ from the city and transformed them into growth-hubs.
Thus, choosing the perfect locale equals, being a part of the locale’s growth trajectory with higher ROI.
4. Pollution-free Locale
Slowly growing regions, less crowded and well-planned because of the technological advancements that we have today. More trees, greener initiatives taken by real estate companies as well as conglomerates that have their offices in these areas.
5. Scope for Infrastructural Growth
Examples of OMR’s growth, the government’s initiatives toward improving the regions in order to enhance FDIs. A win-win situation for real-estate companies and homeowners. Smart City initiatives have also been taken up in areas like Ponneri, that are away from the city because there is an inherent potential for growth.
Buying a Home in the outskirts of a metro city, is the smartest real estate investment move today. The cascading effect of growth from areas like T Nagar and Adyar, has now shifted to the OMR-Siruseri belt in Chennai, which is seeing rapid infrastructural and commercial growth. Right from world-class companies, international facilities, top educational institutions and hospitals to strict security measures and green initiatives for the well-being of the community; Siruseri has it all! Here’s why Siruseri is an ideal option for your new home.
To know more about Pragnya, Eden Park at Siruseri and to book a site visit; call us on +917026322632