Magicbricks' Housing Sentiment Index Shows Shift Towards Suburban Areas Amid Rising Property Prices

Mumbai: Magicbricks' latest Housing Sentiment Index indicates a growing shift toward suburban and peripheral areas as property prices in major cities continue to rise. In Thane/ Navi Mumbai, areas like Vartak Nagar and Dombivali have gained traction among homebuyers. In Vartak Nagar, property prices surged from Rs 15,000 per sq ft to Rs 17,500 per sq ft over the past year, exceeding the average rate of Rs 13,165 per sq ft in Thane.

Dombivali saw an increase from Rs 6,800 per sq ft to Rs 7,300 per sq ft, while Taloja emerged as an affordable alternative with an average rate of Rs 6,500 per sq ft. However, they continue to present lucrative investment options as residential prices in Thane increased 14% in one year, to touch Rs 13,165 per sq ft.

Similar trends were observed in Delhi, where the average residential rate has reached Rs 18,012 per sq ft. Increased search activity is evident in Dwarka and Rohini, with prices climbing from Rs 8,800 per sq ft to Rs 11,500 per sq ft and Rs 11,300 per sq ft to Rs 12,100 per sq ft respectively, over the past year.

Despite the rising demand and consequent price increase, suburban prices remain competitive compared to city averages, making them attractive investment destinations.

The preference for peripheral markets is driven by increased infrastructure development, improved connectivity, and a desire for more spacious living options outside of densely populated city centres.