As property prices in major cities escalate, a notable trend is emerging: homebuyers are increasingly turning their attention to suburban and peripheral areas. Recent findings from Magicbricks’ Housing Sentiment Index reveal a significant shift in buyer preferences, driven by the search for affordability and enhanced living conditions.

Rising Prices in Major Cities Spur Suburban Interest

In Delhi, the average residential property price has reached an astonishing INR 18,012 per square foot. This surge is prompting potential buyers to explore neighborhoods like Dwarka and Rohini, where prices have risen considerably. Over the past year, Dwarka has seen an increase from INR 8,800 to INR 11,500 per square foot, while Rohini’s rates have climbed from INR 11,300 to INR 12,100 per square foot. These price hikes underscore the growing appeal of suburban living, where property values remain competitive compared to the capital’s soaring averages.

Thane and Navi Mumbai: A New Frontier for Homebuyers

Similar trends are evident in the Thane and Navi Mumbai regions. Areas such as Vartak Nagar and Dombivali have emerged as popular choices for homebuyers. Vartak Nagar has witnessed a significant price surge, with rates jumping from INR 15,000 to INR 17,500 per square foot, surpassing the average rate of INR 13,165 per square foot in Thane. Dombivali’s prices also increased from INR 6,800 to INR 7,300 per square foot. In contrast, Taloja remains an attractive option, with average rates holding steady at INR 6,500 per square foot. Despite the rise in prices, the Thane residential market has seen a 14% increase overall in the past year.

Chennai’s Suburbs Gaining Traction

Chennai is not far behind in this suburban shift, with areas like Old Mahabalipuram Road (OMR) and Ambattur gaining increased interest from buyers. OMR’s property prices rose from INR 5,800 to INR 6,400 per square foot, while Ambattur experienced an increase from INR 6,400 to INR 6,800 per square foot. This trend reflects a broader movement toward suburban areas as homebuyers seek more affordable living options.

Hyderabad’s Suburban Appeal

In Hyderabad, the allure of suburban living is similarly pronounced, particularly in areas such as Medchal Highway and Miyapur. The average residential rate in these suburbs is around INR 6,500 per square foot, significantly lower than the city average of INR 8,188 per square foot. This growing demand highlights a trend where buyers prioritize affordability and investment potential, signaling a shift in urban housing dynamics.

Infrastructure Development Fuels Suburban Growth

The increasing preference for suburban markets can be attributed to several factors, most notably enhanced infrastructure development and improved connectivity. As cities expand and new transport links emerge, suburban areas become more accessible, offering a balance of urban amenities and spacious living. This shift is not merely a response to rising prices but also a reflection of a desire for a better quality of life, away from the congestion of city centers.

In conclusion, as major cities grapple with escalating property prices, the suburban real estate market is experiencing a renaissance. Homebuyers are not just seeking affordability; they are also looking for lifestyle improvements that suburban living can offer. As this trend continues, it will reshape the landscape of urban housing, making suburban areas increasingly vital in the real estate sector.