Demand in peripheral areas in major cities which were muted before the Covid-19 pandemic is now seeing renewed demand and supply.
“The previous desire to live in city centres — closer to workspaces, children’s school, etc — has reduced markedly with the advent of work from home (WFH) and e-schooling options in the post-pandemic world. People now prefer to live in bigger, open and green spaces in peripheries and that too, at affordable rates,” said Anuj Puri, Chairman – Anarock Property Consultants.
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Unsurprisingly, new supply housing in these cities’ key peripheral micro-markets rose markedly between April 2020 to March 2021, he added.
The following cities are witnessing renewed demand and supply:
In Pune, newly-launched supply in the peripheries was 76 per cent of the total of 29,950 units launched in FY21. Among these areas are Mulshi, Pirangut, Ravet, Chakan, Chikhali, Wadgaon Budruk, Talegaon Dabhade, Dhanori, Punawale, and Undri. In FY19, their share of new launches was 67 per cent of about 39,210 units launched then.
In MMR, the share of new launches in the peripheries was about 67 per cent of a total of 34,620 launched units in FY21. In FY19, the ratio of new launches between peripheries and city centres was 60:40. Prominent outlying locations with high demand and supply include Panvel, Palghar, Visai, Virar, Kalyan, Badlapur, Bhiwandi, and Dombivli.
In NCR, about 19,090 units were launched in FY21, of which at least 57 per cent were in the peripheral areas such as Sohna, Sohna Road, Greater Noida West, and Yamuna Expressway. In FY19, the peripheral supply share was 49 per cent of a total of 29,500 units launched then.
In Chennai, the share of new launch units in the peripheries was 54 per cent of a total of 10,110 units launched in FY21. Some of the prominent areas with new project launches during the period include Poonamallee, Avadi, Vandalur, Sholinagnallur, Guduvanchery, and Chengalpattu. In FY19, the peripheral supply share was 44 per cent of the total 16,130 units launched then.
Bengaluru saw about 20,520 units launched in FY21, of which 46 per cent was in the city’s peripheries. In FY19, the peripheral supply share was 37 per cent of a total of 36,620 units launched. The prominent peripheral locations include Chandapura-Anekal Road, Chandapura, Sarjapura, Yelahanaka, Devanahalli, and Sarjapur-Attibele Road.
In Hyderabad, around 30,340 units were launched in FY21, of which at least 45 per cent were in peripheral areas such as Medchal, Miyapur, Nizampet, Shamshabad, Kokapet, Patancheru, and Tellapur. In FY19, the peripheral supply share was 35 per cent of the total 18,460 units launched then.
In Kolkata, the share of new launches in peripheral locations was the lowest among the top seven cities – just 26 per cent of a total of 4,250 units launched in FY21. In FY19, the ratio of new launches between peripheries and city centres was 20:80. Prominent peripheral locations with high demand and supply include Barasat, Barrackpore, Serampore, Garia, and Howrah.