‘City fringes more popular now among homebuyers’

Noida: The pandemic has altered the preferences of homebuyers — many of them now want to live in gated societies in the fringes of cities, which are self-sustained and have ample green and open spaces, according to real estate consultants

Anarock

.

In its latest research report that substantiates its claims, Anarock has found that almost 57% of properties launched in fiscal 2021 were in the

fringe

areas like Sohna and Sohna road in Gurgaon, and Yamuna Expressway area and Greater Noida (west) in Gautam Budh Nagar. The trend of focussing off the main city hubs could be a precursor for decentralised offices, as per the report. In fiscal 2019, this share was 49%.

“In NCR, approximately 19,090 units were launched in FY21, of which at least 57% were in the peripheral areas such as Sohna, Sohna Road, Greater Noida (west) and Yamuna Expressway. In FY19, the peripheral supply share was 49%, a total of 29,500 units were launched then,” said Anuj Puri, chairman of Anarock.

According to the real estate consultants, the distance between the main cities and the fringes has also shrunk — further boosting the connectivity of these faraway areas with the city centres.

Puri said, “For instance, the under-construction elevated Sohna road will cut down travel time between Gurgaon and Sohna once it’s ready. Sohna road towards Sohna town and Greater Noida (west) are prominent areas in NCR that are seeing higher demand for gated properties. Backed by growing demand, all these areas plus Yamuna Expressway saw several new launches over the past one year.”

The report details that nationally, of around 1.5 lakh

flats

launched in top Indian cities in FY21, 58% were in city peripheries. In FY19, the share was 51% — a clear 7% rise in interest among consumers for the fringes.

“Developers used their land banks to cater to the post-pandemic demand for bigger homes in the more affordable and greener city peripheries. Going forward, large office occupiers may decentralise and set up workplace hubs close to the new peripheral residential hotspots,” Puri added.

Builders’ body Credai agreed. “The fringes are increasingly getting connected and people are investing in houses in these locations with future growth in mind, and rightfully so because the fringes are still not crowded,” said Amit Modi, vice president of Credai (western UP).


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