12, May 2023
Peripheries Forming the Golden Ring
New Delhi, May 2023: The real estate market in the peripheries of Delhi-NCR is gaining traction like never before, forming a ‘Golden Real Estate Ring’ here.
R&R, in its recent report, highlighted that real estate in the peripheries like Bhiwadi, Bahadurgarh, Alwar, Sonipat, Jewar, Manesar, and Meerut is tiding over beyond expectations. A number of factors are driving this success, including good connectivity, infrastructure development, and the presence of leading MNCs, IT parks, educational institutions, and rapid urbanisation are factors leading to the success of Golden Real Estate Ring.
The launch of various government initiatives to boost the real estate sector, such as the Pradhan Mantri Awas Yojana (PMAY), which aimed to provide affordable housing to all and the Real Estate (Regulation and Development) Act, 2016 (RERA), which aims to regulate and promote transparency in the sector, have also made this ‘peripheral’ ring more buoyant.
Besides, the dual migration from the cities to outskirts, and from rural areas to urban ones, have also contributed to the growth of these once-neglected peripheries of NCR. With areas like Bahadurgarh, Meerut, Alwar, Jewar, Manesar, and Bhiwadi falling just about 40-70 kms from Delhi, and in not more than an-hour distance, thanks to great rail and road connectivity, the demand for these once-sleepy industrial towns has grown multi-fold in the last couple of years, making them the hotsellers of today.
Vishesh Prakash of R&R, says, “There has been a paradigm shift in the mindset of homebuyers and developers, post pandemic. While for the homebuyers, it is the renewed focus on health and better lifestyle at an affordable price which is triggering the demand for peripheries that offer great quality of life the homebuyers aspire for, along with ample green spaces, modern amenities, and well-planned infrastructure. For the developers, branching out to peripheries is an opportunity to expand out of saturated markets and develop quality products for the consumers. The peripheries also offer varied housing options like plots, independent homes and high-rises apartments, giving consumers a chance to take their desired pick. Besides, dual migration from the cities to outskirts and from rural areas to urban areas has added fuel to the growth fire in these new hot beds of development.”
Be it Meerut, which is considered an evolving city of Uttar Pradesh, with coming in of various top real estate developers here, or Jewar which is gaining traction due to its upcoming international airport, or Sonipat and Panipat which are emerging as a major real estate destinations due to major infrastructure projects such as the Kundli-Manesar-Palwal (KMP) Expressway, the Delhi-Panipat Rapid Rail Transit System, and the proposed Delhi-Sonipat-Panipat Regional Rapid Transit System (RRTS), and also due to presence of top real estate brands like Godrej, Tata Housing, M3M, Ansal, Express Builders, among others foraying here – these peripheries are definitely becoming the pot of gold for developers and end-users alike. Good times ahead, indeed!
• Real estate in peripheries to be the centre of attraction as far as the demand is concerned.
• Growing infrastructure, good connectivity, and coming in of real estate giants here are all signifying the growing demand of areas like Sonipat, Panipat, Jewar, Meerut, Bahadurgarh, Manesar and Alwar, amongst others.
• Reducing travel time from Delhi-NCR, and growing amenities fuelling the demand for these peripheries