City peripheral areas are the preferred housing locations for homebuyers, and data released by Anarock Property Consultants showed that as much as 58 per cent of about 1.49 lakh homes launched in FY21 are in the leading seven cities' peripheries.
In FY19, the share of new launches in the peripheral locations was around 51 percent of about 2.29 lakh homes launched in these cities. In FY20, more than 2.07 lakh new units hit these markets and the peripheral areas accounted for a 53 per cent share.
Among these cities, Pune saw the most launches in its peripheral areas -- 76 percent of 29,950 units launched in FY21 -- led by Mulshi, Pirangut, Daund, Chakan, Chikhali, Kamshet, and Undri, among others.
Anuj Puri, Chairman of 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 landbanks in the peripheries, and even otherwise, saw it an opportune time to launch new projects there."
New developments in the peripheries reduce the stress on the choked city-centres, and they become increasingly viable with ongoing infrastructure projects such as metros and ring roads which will boost their connectivity to the city centres.
"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," said Puri.
The report noted that many peripheral micro-markets where demand remained muted before the pandemic are now seeing renewed demand and supply. The previous desire to live in city centres -- closer to workspaces, children's school among others -- has reduced markedly with the advent of WFH and e-schooling options in the post-pandemic world.
(If you have a story in and around Mumbai, you have our ears, be a citizen journalist and send us your story here. )