New Delhi, Dec 28 (PTI) Housing prices in Bengaluru's peripheral location Gunjur have risen by 69 per cent in the last five years, while Noida Expressway in Delhi-NCR witnessed 66 per cent appreciation, according to Anarock.
Real estate consultant Ananrock's data showed that average housing prices in Noida Expressway stood at Rs 8,400 per sq ft in the September 2024 quarter against Rs 5,075 per square feet in 2019.
NCR's peripheral area Sohna saw price growth of 43 per cent to Rs 5,900 per sq ft from Rs 4,120 per sq ft, while prime area New Gurugram witnessed a 59 per cent rise in the same period. Dwarka Expressway saw a significant 93 per cent jump in average housing prices to Rs 10,350 per sq ft from 5,359 per sq ft.
In Bengaluru's peripheral location Gunjur, the housing prices have increased to Rs 8,500 per square feet from Rs 5,030 per square feet.
Housing brokerage firm InvestoXpert.com founder and MD Vishal Raheja said, "The Noida-Greater Noida Expressway strikes the perfect balance between affordability and growth potential, drawing mid-segment buyers and investors alike".
While average property prices in Noida have risen to Rs 1.05 crore, this region still offers competitive pricing compared to Gurugram or central Delhi, he added.
"With enhanced connectivity through metro extensions, expressways, and the upcoming Jewar International Airport, the area is poised for further price appreciation of 10-15 per cent annually," Raheja noted.
Salil Kumar, Director (Marketing & Business Management) of CRC Group, said the
Noida-Greater Noida Expressway has always been a prime residential destination but in the last few years, the region consolidated its position as one of NCR's most prominent luxury residential hubs.
"This, in turn, led to a massive investment in the commercial segment, both office and retail spaces. One of the major factors is the Expressway's strategic location. Its proximity to Noida, Greater Noida and Yamuna Expressway, including the upcoming Noida Airport, has led to a massive interest in the region, resulting in a significant price hike," he said.
Sunil Sisodiya, founder, Geetanjali Homestate, said the Noida-Greater Noida Expressway has seen price appreciation because of infrastructure development and seamless connectivity.
On the Bengaluru market, Bhavesh Kothari, founder & CEO of Property First, said, "Bengaluru's peripheral areas are becoming highly sought-after real estate destinations because of their improved connectivity, affordability, and expansive land parcels".
These factors are driving developers to build premium residential projects in such areas, incorporated with luxury amenities and green spaces, he added.
The demand for such developments has witnessed a sharp price appreciation in Bengaluru’s upcoming real estate hubs, such as Gunjur and Devanahalli, Kothari said.
Angad Bedi, CMD of BCD Group, said the residential property prices in Bengaluru's peripheries are rising substantially, even surpassing those in prime locations.
This trend has become increasingly popular, especially since the pandemic, he added.
Harinder Dhillon, Senior Vice President, Sales, BPTP, said, "Investing in Dwarka Expressway is no longer a speculative venture, but rather it is a calculated move backed by consistent growth and infrastructure development".