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Peripheral regions in India's major cities are witnessing significant price growth, often surpassing prime urban areas, due to enhanced connectivity, improved infrastructure, and availability of land. Locations like Bengaluru's Gunjur, MMR's Panvel, and Chennai's Navalur have recorded remarkable appreciation in residential property values. Developers are exploiting this trend by launching state-of-the-art projects in these areas, offering larger spaces and modern amenities. While prime locations continue to grow, their pace is relatively slower due to already high base prices. The surge in peripheral growth highlights a shift in urban development, presenting attractive opportunities for buyers and investors alike.
Peripheral regions across India's major cities are witnessing exceptional residential price growth, outpacing many established prime locations over the past six years, reveals the latest ANAROCK research. For example, Bengaluru's Gunjur recorded a remarkable 69% increase, with prices increasing from INR 5,030 per sq. ft. in 2019 to INR 8,500 per sq. ft. in Q3 2024. Meanwhile, Thannisandra Main Road, a prime area, saw comparatively lower growth at 62%, rising from INR 5,175 per sq. ft. to INR 8,400 per sq. ft. during the same period. Advertisement
This trend highlights the growing appeal of peripheral areas, driven by untapped price potential, enhanced connectivity, and comprehensive infrastructure development. Prime locations, having already undergone significant price appreciation in earlier years, now offer relatively limited scope for further growth. On the other hand, peripheral areas, with ample land availability, attract developers keen on launching expansive, modern residential projects. Improved infrastructure and the desire for larger, greener living spaces post-pandemic further strengthen this trend.
In the Mumbai Metropolitan Region (MMR), Panvel emerged as a standout performer, with prices rising by 58%, from INR 5,520 per sq. ft. in 2019 to INR 8,700 per sq. ft. in Q3 2024. Comparatively, prime areas like Worli and Lower Parel saw price increases of 37% and 49%, respectively. Virar, another peripheral region, mirrored Panvel's path, registering a 58% hike during this period. Pune followed a similar pattern, with Wagholi, a peripheral area, recording 37% growth, as prices climbed from INR 4,820 per sq. ft. in 2019 to INR 6,600 per sq. ft. in Q3 2024. In contrast, prime areas like Wakad saw only a 27% increase, with prices reaching INR 8,300 per sq. ft.
Kolkata's peripheral zones also showed strong performance; Madhyamgram and Behala experienced price growth of 43% and 35%, outshining Rajarhat's 29%. Chennai's Navalur saw a 54% rise, with prices increasing from INR 3,955 per sq. ft. in 2019 to INR 6,080 per sq. ft. in Q3 2024. Prime areas like Anna Nagar and T Nagar, in comparison, witnessed growth rates of 35% and 31%, respectively.
Bengaluru's Devanahalli also stood out, with prices escalating by 49%, while Electronic City, a prime locality, recorded only a 38% increase. Interestingly, Hyderabad's prime areas, Gachibowli and Kondapur, defied the broader trend, achieving growth rates of 86%, as their lower base prices allowed for higher appreciation. In the NCR region, Sohna's peripheral growth reached 43%, while New Gurugram, a prime area, reported 59% price appreciation.
Peripheral regions are rapidly emerging as highly viable investment hubs, driven by robust infrastructure, affordability, and untapped growth potential. These regions are rapidly transforming into prime destinations for homebuyers and investors, offering significant opportunities across India's top cities. Strategic developments and enhanced connectivity continue to redefine urban growth, reshaping the country's real estate landscape.
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