Even the suburban areas of major cities in the country are witnessing a real estate boom, with home prices soaring significantly. The availability of more land in suburban areas at lower prices is encouraging developers to build larger, luxurious residential projects. With improvements in amenities and transportation facilities, buyers are also moving towards these areas. As a result, home prices in suburban areas have increased more than in prime areas within cities. A report released by prominent real estate consultancy firm Anarock, based on data from the last six years, highlights this trend.
In Bengaluru’s Gunjur area, this trend is particularly noticeable. In 2019, residential property prices were Rs 5,030 per square foot, but by Q3 of 2024, they are expected to rise to Rs 8,500, showing a 69% increase. In comparison, the main area nearby, Tanisandra, saw only a 62% increase. In Delhi, property prices along the Noida Expressway, a suburban area, have risen by 66% in the past six years. Prices went from Rs 5,075 per square foot in 2019 to Rs 8,400 per square foot in Q3 of 2024. In the prime area of Raj Nagar Extension, the increase was only 55%. Overall, average home prices in major cities across the country have been rising over the past six years. Notably, in many suburban areas of top cities, home prices have risen more than in the prime areas.
In Hyderabad, however, the situation is a bit different. In the suburban area of Kompally, home prices have risen by only 49%, while in the prime area of Gachibowli, there has been an 86% increase.
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