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Developers raise supply in city peripheries

Developers raise supply in city peripheries: Report Livemint Developers are increasing launches in peripheries of cities post covid as people are preferring to buy houses outside congested locations, a study by Anarock Property Consultants said. Of the total 1.49 lakh units launched in the top seven cities in FY21, 58% were in the peripheries compared to 51% in the pre-covid era in FY19, said the report. In Pune, 76% of the new launches were in peripheral areas, including Mulshi, Pirangut, Ravet, Chakan, Chikhali, Wadgaon Budruk, Talegaon Dabhade and Undri, among others. In FY2019, the new launches in these areas accounted for only 67%. In the Mumbai Metropolitan Region (MMR), 67% of the new supply was in Panvel, Palghar, Vasai, Virar, Badlapur, Bhiwandi and Dombivli among others. While in FY2019, 60% of the new launches were made in these areas. In the National Capital Region, around 19,090 units were launched in FY21, of which at least 57% were in the peripheral areas such as Sohna, Sohna Road, Greater Noida West, and Yamuna Expressway. In FY19, the peripheral supply share was 49% of a total of 29,500 units launched then. Anuj Puri, chairman, Anarock Property consultants said, “Homebuyer preferences changed perceptibly post the pandemic. The previous ‘walk-to-work’ concept no longer led home buying decisions – instead, bigger and more affordable properties in greener, less polluted areas found favour, driven by work-from-home and e-schooling compulsions as well as safety concerns. Developers quickly changed track and those with land banks in the peripheries, and even otherwise, saw it an opportune time to launch new projects there." “It is very likely that some of the major office occupiers will soon de-centralize and bring their offices closer to their employees’ homes in these peripheries," added Puri.
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