69% appreciation in 6 yrs: Peripheries of Bengaluru, Noida top prime areas

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69% appreciation in 6 yrs: Peripheries of Bengaluru, Noida top prime areas - Business Standard

Quick Summary:

Chennai: Prices in Navalur, a peripheral area, grew by 54%, compared to 35% in prime Anna Nagar.

Mumbai Metropolitan Region (MMR): Panvel and Virar in the periphery saw 58% growth each, while prime spots like Worli and Lower Parel recorded slower price increases of 37% and 49%, respectively.

These areas, once considered far-flung, are now seen as more accessible due to enhanced connectivity, with new expressways and metro lines improving commuting options.“The COVID-19 pandemic also played a pivotal role in this trend,” said Kumar.“As more people sought larger homes with green spaces, the appeal of peripheral areas surged, with developers offering homes that cater to these demands.