The trend to shift towards suburbs is on rise especially post Covid 19 pandemic to avoid city-centric congestion across India. The suburban location offers more planned infrastructure and developments which offer luxury of large spacious apartments and open green ecosystem.
The city of IT and manufacturing hub-Chennai witnessed the similar trend of swift progression towards many emerging suburbs like Oragadam. With new normal regime home-buyers need larger apartments at an attractive price point in the self-sustained developed location. The extended suburbs offer integrated township living comprising the best of healthcare, education, retail, entertainment, and sports amenities at one-stop destination. The low density makes surrounding pollution free that enriches one’s quality of life.
The trend of suburban relocating is redefining the real estate landscape across many metro cities like Bengaluru, Chennai, and Hyderabad. Pre-Covid-19 world, proximity to the workplace used to be the topmost priority to save on commute time, but often led to compromised quality of living. With ‘new normal’, regime work from home or remote working is preferred wherein home buyers have a liberty to opt for a spacious apartment away from the congested city centre and relocate in the suburbs. With the new regime, potential home buyers look for the bigger configuration apartments or villa plots to enjoy liberty of space & accommodate work, study, wellness from home culture springing up. For example, Oragadam in South Chennai, Ghodbunder Road in Thane and Hebbal in Bengaluru are attracting greater interest from such home-buyers. These are residential locations that offer better quality of life at prices that are attractive today and hold great futures in terms of appreciation. As a result, potential home buyers gravitate towards suburban areas.
The suburban living does offer an integrated township model comprising best-in-class socio-civic fabric that improves standard of living. For example, a vast acreage integrated township like Hiranandani Parks, Oragadam well-planned homes and villa plots amidst luxury township, ample green and open space, unmatched civic infrastructure that offers a holistic living experience.
Home-buyers have realized the significance of well-designed homes which can upgrade their lifestyle and enhance quality of living. They zero down on homes that not just offer recreational amenities but also uninterrupted utilities supply like Power, water, gas, internet which has become a prime need while remote work culture. Also, need for flexi space and modular smart fixtures embedded with hi-tech gazette top’s the choice list. Suburban spaces provide the dual benefit of easy access to the city as well as peaceful and serene surroundings for one’s home. The township spread across vast acreage offers an array of choices to select luxury high rise apartments, Villa Plots, row houses and villas to suit their lifestyle. The self-sustainable township is embedded with community living and convenience under the same roof. It also offers safety and security along with comfort of living.
This change in home seekers stems from the new millennial segment who has now realized the importance of owning a home post pandemic crisis. In Chennai, a segment of salaried employees has found it prudent to pay EMIs on property purchase rather than pay monthly rent. Also, reverse migration to the city witnesses home buying demand to befit its new lifestyle. A combination of all these factors makes it an ideal time for metro city residents to purchase a suburban home.
As the Covid-19 numbers show a sharp spike in some states, across the nation people would not want to travel to offices daily. It is likely that most new age professionals will continue to choose remote working in the short-to-medium term. With daily commute out of the way, staying in densely populated urban centres with limited space will not make sense, especially when one can pay EMIs for suburban homes comparable to their monthly city centre home rent. This adds a tangible physical asset to their portfolio, improves their living standards with modern features and amenities - important considerations for aspiring home-buyers. Obviously, this trend – of moving to a suburban home - is expected to continue well into the near future with decongestion and decentralization shaping up.
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