The metro cities are starting to reach their saturation level as they are no more inexpensive, affordable, and convenient destinations for the homebuyers. It is starting to rub off to other sub-markets across major cities.
More and more conventionally preferred areas have gone out of the reach of homebuyers bringing in more new options that are finding their niche in the real estate industry. Additionally, with the setting up of new business districts and co-working spaces, the buyers as well as investors are looking at the larger picture with varied options at their disposal.
This has led to a few residential sub-markets finding an edge by being in the vicinity of the city yet offering a price advantage, developing new projects with modern-day technology, good infrastructure and even offering more amenities that make for modern living. Besides, the dearth of good choices in major cities has turned the tide in favour of such sub-markets.
The areas witnessing such a story are Gachibowli in Hyderabad, Kharghar in Navi Mumbai, Malad in Mumbai, Thane’s Pokhran Road and Godhbunder Road, Bengaluru’s Kanakapura Road, Sarjapur, Varthur and Kharadi and Hinjewadi in Pune. These destinations have witnessed sprawling growth in the past few years and have become very popular with buyers and investors.
So, what has contributed to such a growth?
Mumbai and Mumbai Metropolitan Region (MMR)
While Kharghar in Navi Mumbai is witnessing fine supply of apartments at affordable prices compared to other areas in Navi Mumbai. In fact, Malad has also caught the attention of buyers with its affordable compact homes in the city’s limits. The Kharghar area has also benefitted from superior connectivity to Navi Mumbai’s office spots and to Pune, along with the developing infrastructure.
The Godhbunder Road located in Thane has seen a lot of demand in the recent years owing to various options for different sets of home buyers. While some stretches offer affordable housing options, others offer luxury homes with decent infrastructure and neighbourhood.
The place also extends its connectivity to Western suburbs and Thane as well as Navi Mumbai which makes it popular with office goers. Seeking inspiration from Godhbunder Road, Pokhran Road in Thane is being picked by various budget buyers for its varied choices.
Both, Kharadi and Hinjewadi are located near to the city’s IT hubs. These places are affordable as well as mid to upper level homes are available in both the areas along with discounts that the real estate developers keep providing at the regular intervals. Taking the cue from buyers who are interested in affordable housing projects, these areas are showing a lot of promise.
The reasonable price of property, social and physical development of infrastructure, proximity to hotspots like DLF Cyber City and HITEC City, Gachibowli has overtaken other areas to emerge as a preference with buyers. It also caters to the airport crowd via the Outer Ring Road. Besides, the effective Government management and other efficient services have added to the place. It is hard to miss when one tries for a home in Hyderabad.
The capital city of Karnataka and the first IT hub of the country, Bengaluru has witnessed mushrooming growth in terms of infrastructure and housing given that it hosts people from different walks of life. While Kanakapura Road which mostly served the mid-segment buyers is also looking to cater to high-end users, Varthur is continuing to cater to mid-segment buyers.
With the further construction of the Bengaluru Metro underway and expected to be completed by 2018, Kanakapura Road offers more growth and better housing opportunities with hassle-free connectivity. The office areas in Koramangala, Whitefield and Electronic City can be easily reached via Sarjapur Road as well as Varthur.
Most of the developers in the Outer Ring Road stretch comprising Sarjapur and Varthur offer affordable and easy-to-maintain homes which have greatly added to the prospects of these places.
Since the list is not exhaustive, there are other emerging options in terms of affordability, commuting, social and physical infrastructure and community living that raise the desire quotient and add to the prospects of property buyers and investors.