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Residential Realty: Peripheral localities witnessing considerable residential development

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Residential Realty: Peripheral localities witnessing considerable residential development
21 May 2019

Outlook Money in association with Magicbricks brings to you another edition of Residential Realty. This week the focus is on four micro-markets of New Gurgaon, Wakad in Pune, Gachibowli in Hyderabad and North Kolkata. These four micro-markets represent the peripheral locations in each of their respective cities and they have seen considerable residential development and has a different driver for demand.

New Gurgaon is an area to the west of Delhi-Jaipur Highway after Kherki-Daula Toll Plaza. This area covers new residential sectors spanning from Sector 81 to Sector 95B but excluding Sectors 83, 84, 88A and 88B. This area consists of a mix of ready-to-move and under-construction units mostly comprising multi-storey apartments and builder-floors. Habitation in this area is not directly impacted by construction status of Dwarka Expressway as sectors have connectivity with Delhi-Jaipur highway, which also provides connectivity with other parts of Gurgaon. In terms of price, the area has lower price as compared to more developed parts of Gurgaon but it lacks infrastructure.

Wakad is amongst the most searched residential localities in Pune on Magicbricks. This can be understood in terms of its proximity to Hinjewadi IT/ITES and Bio-Technology cluster, which is situated across the Pune-Mumbai highway to west of the locality. With Hinjewadi being the hub of employment, it is but natural that people working there will seek appropriate accommodation closest to their work place to cut down on commuting time. Further, Wakad is also well connected to other suburban Pune localities like Pimple Saudagar, Baner and Aundh, all within 5-8 km radius of the locality.

Together with Financial District and Nanakramguda, Gachibowli forms the largest hub of IT/ITES companies in Hyderabad. It has a mix of large IT/ITES parks and captive campuses. It is also home to Indian School of Business. Coupled with Grade A commercial building development, the area has also seen considerable residential development. 'Walk-to-Work' has been the USP employed by developers to position and sell residential projects. While the Rs/Sq.ft rate in this micro-market is not high, developers have concentrated on building relatively large sized units. And predominantly in 3 BHK segment. This increases the per unit total cost.

North Kolkata consists of multiple localities covering general area from Lake Town to Dum Dum. Localities in this area have high density of residential development which consists primarily of old mid-rise multi-storey apartment buildings. The area has also seen some new high rise development as well. Average unit size is small; this keeps the overall acquisition cost for the consumer on lower side. Most of the supply is in sub-Rs 50 Lakh segment.

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