City Dwellers Takes A Stride On Looking For Homes In Suburbs

12 Aug 2020

In a recent trend, urban dwellers are looking for newly developed homes in suburbs and beyond. In the crowded housing markets, things are getting too competitive and people want to live through a new lens. Many developers are making housing projects similar to urban real estate residential communities in suburbs. These areas are increasingly advertised by companies as a great livable residential community of India.

In recent times Covid19 pandemic has stirred industries in many ways. There are many companies who find benefits in work from home. Similarly, many urbanites who come to the city for work, now find themselves working from home and have tasted the daily living could be like in less densely populated areas. Magnolia comes up with residential housing communities in Barasat, offering all facilities and amenities that an urbanite can think of.

Advantages of Suburb Housing Complexes

Now the question is whether the suburbs are as promising as they are made out to be. While many developers offer a range of facilities and amenities, there are many things that are in the mind of buyers. For example, the location, medical facilities, accessibility and infrastructure.

Most of these projects are situated in places where people find convenience as well as shorter commutes. The price range is a big factor because homebuyers can find good quality houses at almost half of the price from the urban counterparts.

Other factors that influence urbanites to consider homes in suburbs including open spaces, a focus on leisure and quality time. There are many companies establishing offices in suburban locations, commercial hubs are also boosting these real-estate markets too. Over the years in West Bengal Rajarhat has developed as a potential real estate hub because of convenient proximity to the airport. Also, residential communities in Barasat, development of Madhyamgram housing complexes and others have grown exponentially.

Pricing and Affordable Housing in Suburbs

The biggest factor is, of course, the pricing. The prices have cut to half when homebuyers choose houses in the suburbs. These residential properties are affordable and attract lots of buyers. Many developers have started developing a township on relatively large acres of lands. They provide all types of amenities and facilities along with good connectivity to the city.

Amid improving infrastructural development, different projects attract investments, which in turn is creating jobs and encourage developers to create housing complexes on relatively cheap lands. On the other hand, suburban development also offers the advantage of faster price appreciation. In Kolkata, gated communities are generally preferred, and now developers are creating similar projects in the micro-market such as Barasat, Madhyamgram, Barrackpore, Rajarhat. Experts predict that these rapid developments will boost price appreciation for early investors in Kolkata’s suburbs.

Affordable housing segment gets a great impetus with the increase in the timeline for completion from 3 to 5 years. In addition, tax relief on buildings which are stock in trade, capital gains benefits in case of joint development agreements and a bigger area per unit entitled for affordable housing benefits. All these benefits instil a positive sentiment to the developer community, and therefore, will be reflected in affordable housing projects in the suburban areas.

Summary

Real estate developers are creating lots of projects in suburban areas because there is a steady rise in demand for suburban housing residential projects. Also, Covid19 situation has led a large population to work from home, so they prefer to find a home cheaper than the urban counterparts. So, there is a steady shift from urban from suburb properties.