Major Indian cities like Mumbai are seeing a significant decline in population, which has caused real estate values in the surrounding areas to rise noticeably. Property prices have increased dramatically, with double-digit growth observed in multiple places since the beginning of 2024, according to a recent analysis by eXp Realty India.
Property prices in Navi Mumbai have increased by 14.7%, making it India’s second-fastest-growing metropolis. The demand for real estate has shifted to the neighbouring districts, as evidenced by the mere 2% growth in property prices in Mumbai.
At almost Rs 26,364 per square foot, the average price of real estate in Mumbai is still the highest in the nation. With average pricing of Rs 13,808 per square foot, Navi Mumbai provides a more cost-effective option. Because of this distinction, Navi Mumbai is a desirable choice for purchasers seeking affordable real estate without compromising accessibility to the vibrant city. While rates in Mira Bhayander, Panvel, and Kalyan Dombivli range from Rs 10,042 to Rs 13,753 per square foot, the average price in Thane and other neighbouring locations is Rs 18,008 per square foot.
Delhi and Mumbai are not the only major cities experiencing the trend of people relocating to the surrounding areas. Similar changes are occurring in other Indian cities as people look for improved living conditions and more inexpensive housing options. This tendency has been influenced by a number of factors, including the desire for large residences, better infrastructure, and remote employment alternatives.
Property prices are probably going to keep going up as long as there is a growing need for houses in these suburban locations. It is essential for prospective purchasers to comprehend these market dynamics in order to make wise choices. The shifting real estate market in India offers both opportunities and problems for those looking to buy a property for themselves or as an investment.
In conclusion, the Indian real estate market is changing as a result of people moving from big cities to their suburbs. Homebuyers are discovering new prospects in suburban living as a result of notable price increases in areas like Gurugram and Navi Mumbai. It will be crucial for investors and purchasers to keep up with market trends and new growth opportunities as long as this trend persists.
Source: Prop News Time
