The Growing Appeal of Offbeat Real Estate Destinations
Increasingly, home buyers exhibit a preference for serene and somewhat unconventional locations for real estate, underscoring a larger desire to achieve a more balanced and enriched lifestyle. Recent years have witnessed a substantial transformation in the Indian real estate sector, characterized by prospective homeowners increasingly expressing interest in tranquil and relatively undiscovered locales situated away from the commotion of major urban centers. Destinations such as Sonipat, Bhiwadi, Panchkula and Meerut manifest as leading residential investment destinations.
Factors Driving the Trend
These locations provide a synthesis of scenic beauty, cultural heritage, and vibrant local economies. This change signifies a pursuit of enhanced living standards, enabling the coexistence of serenity and contemporary conveniences within an unwinding setting. According to Mohit Malhotra, Founder and CEO of Neoliv, "We envision that new-age cities will become the crucible of future economic dynamism. Their appeal stems from a harmonious combination of affordability, accessibility, and lifestyle amenities, creating new relaxed places to call home. Furthermore, the extended NCR is seeing significant infrastructure improvements, thanks to government initiatives to promote sustainable development. With the emergence of large global-scale industries such as the upcoming Maruti Suzuki plant in the Sonipat belt, these areas are poised to drive demand for mid-income housing projects and plotted developments, transforming into vibrant residential neighborhoods."
Bhiwadi: An Emerging Real Estate Hub
The increasing popularity of offbeat locations demonstrates a wider movement toward a more harmonized and enriching way of living. For instance, Bhiwadi, previously perceived as an inconspicuous industrial town within the National Capital Region (NCR), is rapidly asserting itself as a novel real estate hub, drawing parallels with the coveted micro-market of Sohna Road. Its advantageous positioning, robust infrastructure, plus burgeoning commercial and residential initiatives are placing Bhiwadi on course for notable expansion, echoing the trajectory of Sohna Road in Gurugram.
Anil Gupta, President of CREDAI NCR Bhiwadi Neemrana, states, "Bhiwadi has enormous growth and investment potential due to its strategic location, robust infrastructure, and burgeoning commercial and residential developments. When the region is connected to the Delhi-Mumbai Expressway, its potential for growth and prosperity increases. As stakeholders in Bhiwadi’s development, we are confident in the town’s potential to become a key destination in the NCR, providing unparalleled opportunities for growth and prosperity."
Panchkula's Rise in Prominence
An increasing number of households are choosing to relocate to these regions, attracted by the possibility of an improved standard of living with exceptional avenues for investment. Panchkula, for instance, has undergone considerable expansion. DLF's upscale residential venture, The Valley, which was inaugurated in 2010, has witnessed property values surge from ₹2,000 per square foot to an impressive ₹8,000. Rahul Singla, Director of Mapsko Group, observes, "In recent years, tier-2 cities like Sonipat have seen the emergence of the organized real estate market, which has provided unprecedented growth and development opportunities for the developing city. Sonipat offers an enticing combination of affordability and quality of life in an ever-changing landscape, as remote work options gain popularity. Homebuyers prefer spacious homes against a backdrop of lush greenery, which provides a respite from densely populated urban areas. Sonipat’s appeal extends beyond its economic prospects, with buyers prioritizing wellness and sustainability in their investment decisions."
Infrastructure and Economic Growth
Enhanced infrastructure, such as superior road networks, options for public transportation, and dynamic commercial zones, bolsters the swift progression of these tier-2 cities. Crucially, they afford a tranquil yet interconnected way of life, a feature that tier-1 cities find challenging to deliver due to high population densities and escalating property values. This progress encompasses physical, cultural, and economic aspects, thus engendering novel opportunities to stimulate local economies.
This profound shift in preferences signals a major reimagining of India's residential landscape. It conveys an escalating aspiration for a lifestyle that transcends the ordinary, promising a future characterized by boundless innovation and consistent advancement. Indeed, the trajectory ahead in residential real estate involves unique destinations where tranquility converges with modernity, attracting prospective buyers to engage in lifestyle investments rather than mere brick-and-mortar transactions.