A new report highlights the impressive growth of residential property prices in Delhi-NCR’s peripheral areas. The Noida Expressway and Raj Nagar Extension have emerged as prime examples of this trend, showcasing significant price appreciation over the past six years.
Noida Expressway: A 66% Surge
The Noida Expressway has witnessed a remarkable 66% increase in average residential prices since 2019. Prices have risen from Rs 5,075 per square foot in 2019 to Rs 8,400 per square foot in the third quarter of 2024.
Raj Nagar Extension: A 55% Jump
Similarly, Raj Nagar Extension in Ghaziabad has experienced a 55% growth in average residential prices during the same period, rising from Rs 3,260 per square foot in 2019 to Rs 5,050 per square foot in Q3 2024.
Factors Driving Growth in Peripheral Areas
Several factors contribute to the significant price appreciation in peripheral areas:
- Higher Scope for Appreciation: Peripheral areas often have a greater potential for price growth compared to already established prime areas.
- Availability of Land: The availability of land in peripheral areas allows developers to launch larger projects with modern amenities and green spaces.
- Improved Connectivity: Enhanced infrastructure and connectivity make it easier for residents to access these areas, increasing their desirability.
- Post-Pandemic Trends: The COVID-19 pandemic has fueled a desire for larger living spaces and access to green areas, further driving demand for properties in peripheral locations.
Other Growth Hotspots
The report also highlights significant price growth in other peripheral areas across India, including:
- Gunjur, Bengaluru: 69% price appreciation.
- Thannisandra Main Road, Bengaluru: 62% price appreciation.
- Panvel, Mumbai Metropolitan Region: 58% price appreciation.
A Diverse Real Estate Landscape
While peripheral areas have shown impressive growth, the report notes that this trend is not uniform across all cities. Some prime areas, like Dwarka Expressway in Delhi, have also experienced substantial price increases.
The findings of this report underscore the dynamic nature of India’s real estate market and the significant growth potential in peripheral areas. As infrastructure improves and consumer preferences evolve, these areas are likely to continue attracting buyers and investors, driving further price appreciation and development.
