Why You Should Invest In Peripheries Of Metro Cities
Most metro cities of India today face the common problem of high population, continuous immigration, and the challenge of accommodating their people amid space crunch. There is a shortage of residential real estate in prime localities of these cities. So, many suburbs are being developed in the periphery of the metro cities to meet the housing requirements. Sohna or Neemrana in the National Capital Region, Navi Mumbai in Mumbai, Hoskote in Bengaluru and Kukatpally and Miyapur in Hyderabad are some such upcoming areas in these metro cities.
If you are also living in a metro or wish to buy real estate in a metro, you could opt for an upcoming area for your real estate purchase. MakaanIQ tells you a few reasons why you should buy property in an upcoming area of a metro city.
The biggest advantage of buying a property in upcoming areas is the affordable prices of property. The real estate prices in developed and posh colonies of the metros are usually very high. Compared with those, the upcoming areas offer more affordable and value-for-money options. In NCR, for example, buying a property in central or south Delhi might be very difficult for most people, thanks to the high cost involved. But the price of a property for sale in Sohna or other such upcoming areas will be more affordable.
When a new area in a metro city is developed, there is a clear thrust on infrastructure, which is invariably on a par with the prime locations in the city – and given that these locations are developed much later, their infrastructure is, in fact, more in tune with the current times. Also, a good transportation network and improved connectivity to other parts of the city make these areas a great choice for buying property. Most of these upcoming areas either have metro rail connectivity or have a proposed metro rail to other parts of the city. Hoskote in Bengaluru is one of the sought-after upcoming areas due to its easy connectivity to other parts of the city.
Easy accessibility to workplaces
Being part of the metro cities, the upcoming areas see a rise in demand for real estate establishments, mainly because they offer affordable properties that are not too far from major business hubs, IT parks or Central Business Districts (CBDs). Whitefield in Bengaluru is emerging as an IT hub, with the presence of offices of many multinationals. Demand for a property in Hoskote has also increased as working professionals prefer to live close to their work place.
Real estate purchased in these developing areas in big cities are more likely see good price appreciation because of a low base effect. Investing in a property in Navi Mumbai, for example, will fetch you better returns in future than one of the posh Mumbai suburbs like Bandra. The real estate saleability is low in posh areas due to two reasons – higher prices and old constructions. On the contrary, the properties in upcoming developing areas will have better sale prospects due to lower prices and because the units are newly constructed.