A detailed analysis of the Indian real estate market reveals that peripheral areas in key cities have demonstrated stronger price appreciation than many prime locations over the last six years. This trend underscores the growing demand for affordable and accessible housing in well-connected yet emerging neighbourhoods.
Bengaluru’s Gunjur has emerged as a standout, registering a remarkable 69% price hike, with average residential prices soaring from ₹5,030 per sq. ft. in 2019 to ₹8,500 per sq. ft. by Q3 2024. In contrast, the city’s prime Thannisandra Main Road saw a 62% price increase during the same period. Similarly, Noida Expressway in the NCR recorded a 66% price appreciation, while Delhi’s Dwarka Expressway showcased a stellar 93% growth, reaching ₹10,350 per sq. ft. by Q3 2024.
In Mumbai, peripheral areas like Panvel and Virar recorded price growth of 58% each, while iconic locations such as Worli and Lower Parel showed comparatively moderate growth rates of 37% and 49%, respectively. This trend highlights the untapped potential of emerging suburbs, often driven by enhanced connectivity, infrastructure upgrades, and affordability.
From a sustainability perspective, peripheral regions benefit from lower population density and the potential for eco-friendly development. Developers are increasingly integrating green building practices and sustainable designs in these areas, ensuring long-term environmental and urban viability. These developments not only address housing demand but also contribute to urban regeneration by fostering balanced growth.
The civic implications of this trend are noteworthy. Rising real estate prices in peripheral areas reflect improved infrastructure, such as metro extensions and expressways, but also call for careful urban planning to prevent unchecked sprawl and strain on local resources. Policymakers and developers must collaborate to ensure these regions evolve sustainably while maintaining liveability.