Real estate trends: The real estate market in key Indian cities, Delhi-NCR and Bengaluru, has witnessed a significant increase in housing prices in peripheral areas over the past five years. This trend is attributed to improved connectivity, infrastructure development, and the strategic location of these suburbs.
The growth in these areas has outpaced traditional urban centers in terms of price appreciation. As infrastructure projects continue to enhance connectivity, more homebuyers are considering suburban areas as viable options for investment and living.
Experts believe that the ongoing expansion of metro lines and road networks has played a crucial role in making these peripheral areas more accessible. Additionally, the availability of land for development in these locations offers opportunities for builders to create modern housing projects, further attracting potential buyers.
According to data from real estate consultant Ananrock, average housing prices in Noida Expressway increased to Rs 8,400 per sq ft in the September 2024 quarter from Rs 5,075 per sq ft in 2019. Sohna, in NCR’s peripheral area, experienced a 43% price growth to Rs 5,900 per sq ft from Rs 4,120 per sq ft, while New Gurugram saw a 59% rise in housing prices. Dwarka Expressway witnessed a significant 93% increase, with average prices jumping to Rs 10,350 per sq ft from Rs 5,359 per sq ft.
Despite the average property prices in Noida reaching Rs 1.05 crore, this area remains competitively priced in comparison to Gurugram or central Delhi. The Noida-Greater Noida Expressway is particularly advantageous due to the ongoing metro expansions and the upcoming Jewar International Airport. These developments underscore developers’ emphasis on infrastructure as a key driver of property value appreciation.
“The Noida-Greater Noida Expressway strikes the perfect balance between affordability and growth potential, drawing mid-segment buyers and investors alike. With enhanced connectivity through metro extensions, expressways, and the upcoming Jewar International Airport, the area is poised for further price appreciation of 10-15 per cent annually,” said InvestoXpert.com founder and MD Vishal Raheja.
In recent years, the Noida-Greater Noida Expressway has emerged as a leading luxury residential area in the NCR region. This growth has attracted substantial investment in commercial properties, such as office and retail spaces.
The strategic location of the Expressway, with its proximity to Noida, Greater Noida, Yamuna Expressway, and the upcoming Noida Airport, has generated significant interest in the area and caused property prices to rise. The infrastructural development and excellent connectivity of the Noida-Greater Noida Expressway have contributed to its price appreciation.