Flight to the suburbs

Flight to the suburbs
HT Estates, Jan 24, 2009, Page No. 1

Welcome to the wave of great great migration. Better infrastructure, proximity to the workplace, parking facilities, wide green expanses and the overall cost analysis - all of these are luring many Delhiites to the suburbs. It is, therefore, not surprising that the outskirts of the Capital are fast developing as new residential corridors.
If the recently released real estate price index by the National Housing Bank (NHB) is anything to go by, prices in South Extension, Vasant Vihar and other posh localities in Delhi, rose at a much lesser rate than places located in the Capital's outskirts. Several reasons may have fuelled this pattern. The primary one is that posh localities in Delhi have already witnessed optimum growth and are almost saturated when compared to new property stock in the outskirts of the city The second. reason is that the city too has expanded and created new infrastructure, connectivity and fresh employment opportunities, forcing people to move to the fringes. B g e h m , I sscs i g roe e ot According to Pankaj Renjhen, Managing Director of the North Indian operations, JLLM, "Suburban development is all about growth of the city, it's all about providing economic stimulus to that city which has grown outwardly Suburban housing is typically cheaper and bigger housing development since the availability of land is more. In the US the bigger houses are typically located in the suburbs." Therefore, it is the need for a larger home, more open space and peace, that is forcing people from posh localities in Delhi to shift base to the NCR. The other socioeconomic factors include proximity to the workplace, better security and infrastructure and the quality of real estate such as a golf course related development.
Often these homes in the outskirts start as an investment and gradually develop into first homes as the area develops and becomes habitable, points out Renjhen. Cagn huignes hnigosn ed Concurs Anshul Jain, CEO - India, DTZ International Property Advisors, earlier the demand pull towards parts of NCR came from people aspiring for upmarket premium residential spaces, amidst all modern amenities ¬provisioned within well-developed gated and self-sustainable communities. Heavy concentration of commercial activity in these regions has been another factor contributing to this migratory trend; driven by the housing needs of the young professionals wanting to stay closer to their work places.
One, therefore, has people moving to homes in either Gurgaon or Greater Noida overlooking golf courses -the perfect greens. Points out Rita Dixit, ED of Jaiprakash Associate Ltd (JAL), real estate division, "Several buyers from posh Delhi localities have bought properties in our Greater Noida golf property. Our loft and studio apartments are also immensely popular with the avid golfers’: group," she adds. vandana.ramnani@ hindustantimes.com