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The most important aspect that encourages the development of satellite towns, is the presence of good connectivity. Once easy accessibility is in place, other things like infrastructure, amenities, residential areas, etc., tend to follow. During the growth phase of satellite towns, property rates are lower than the prime areas and when the satellite towns themselves become prime areas, the rates increase.
According to Sunil Aggarwal, associate dean and director, RICS School of Built Environment, “Delhi, Mumbai and Bengaluru have benefitted the most, from the emergence of satellite towns. However, there is a need to utilise the land within cities more effectively. There is a lot of good quality land within cities that is either unutilised or underutilised and this has to change.” Given below, are some of the prominent Indian satellite cities that property investors can consider.
This started off as a satellite town of Delhi and over the years, due to its excellent link via the Delhi Metro and highways, Gurugram has emerged as a prime city real estate destination. Now, it has surrounding areas – for example Sohna – which have become satellite towns to Gurugram.
“It is a continuous process of growth and development. When the prime city gets saturated, people start looking out for cheaper and better avenues. As soon as the connectivity with the surrounding areas improves, these regions start emerging as satellite towns. This way, satellite towns help in decongesting the main cities also,” says Parveen Jain, CMD of Tulip Infratech.
Check out properties for sale in Gurgaon
While real estate prices in the NCR remain high, satellite towns like Sonipat offer retail, residential and commercial properties at a much better rate, leaving considerable scope for investors to make profit. Another major reason for this area to emerge as a favoured destination for realty investment, is the Kundli-Manesar-Palwal (KMP) Expressway, which is close to completion and will offer speedier access to the international airport and enable the growth of a new financial corridor.
New Town, Kolkata
This neighbourhood town of Kolkata is an evolving satellite city, which offers commercial spaces, entertainment hubs, high-end planned residential projects, central business centres and IT and business parks. A robust public transport system, including major arterial roads and the planned metro line that runs from Garia to Dum Dum, will add value to this destination.
“The residential property market in the Rajarhat-New Town-Barasat stretch is flourishing. It is well-connected to the city and gives buyers a variety of reasonable property options,” says Aditya Kedia, managing director, Transcon Developers.
Areas around Mumbai city have witnessed tremendous growth, with many of them emerging as established commercial, IT/ ITeS and residential hubs. With this growth, the city limits have expanded into what is known as the Mumbai Metropolitan Region (MMR), encompassing Navi Mumbai, Thane, Kalyan, Ambernath, Vasai, Palghar, etc. “This shift has given rise to the development of large land parcels that are being transformed into self-contained townships. These townships have better amenities and facilities, thus, giving customers an opportunity to lead a better lifestyle,” says Deepak Goradia, vice-chairman and managing director, Dosti Realty. Areas like Wagle Estate, Ghodbunder Road and Thane-Belapur Road, have become focal points for commercial and IT/ITeS developments.
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From being a well-known industrial destination, the city is now becoming a residential hub because of its aesthetic and pleasing architectural marvels, future plans for a smart city, presence of industries and educational centres and tourism. Experts point out that areas like Nandgaon Peth and Badnera, are expected to witness maximum development. The city also boasts of a robust rail network and airport, which will benefit its property market. Amravati enjoys connectivity to major cities like Nagpur, Mumbai, Raipur and Pune, while the NH-6 from Amravati to Jalgaon joins states like Gujarat and Maharashtra to the eastern states like Odisha.
Yelahanka is a part of the northern suburbs of Bengaluru. Similar to other parts of Bengaluru, the growth of the IT sector, was the driving force behind the development of real estate here.
“The property prices in Yelahanka have remained within a reasonable range, as compared to other parts of the city. Although Yelahanka started as a satellite city project, it has now turned into one of the most sought-after zones in Bengaluru, not just on the residential front but also on the commercial front,” adds Kedia.
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The real estate market in Pendurthi, a neighbourhood of Visakhapatnam, received a major boost with the formation of the Visakhapatnam-Chennai Industrial Corridor, which has been a major growth driver in this region. This infrastructure project has brought with it various benefits, like improved connectivity and power transmission and delivery networks. This could further push industrial development and encourage IT companies to set up bases in the vicinity, thus, paving the way for residential real estate development.
Advantages of satellite cities
- The growth of satellite cities, augurs well for the real estate market in and around metro cities.
- Residential projects in satellite cities are often based on the integrated township model, offering its inhabitants with all comforts and infrastructure services within the locality.
- Besides being in the neighbourhood of major cities, satellite cities also offer most of the amenities and facilities that major cities would deliver.
Best place to invest in property in 2020
If you are looking to invest in any satellite towns with potential, here is a list of broad price range in these places:
|City||Broad price range in Rs|
|Gurgaon (Check out price trends in Gurgaon)||2 lakhs to 50 crores|
|Sonipat||7 lakhs to 21 crores|
|New Town in Kolkata (Check out property rates in New Town)||3 lakhs to 10.5 crores|
|Navi Mumbai, Thane, Kalyan, Vasai and Palghar||2 lakhs to 45 crores|
|Amravati||Up to Rs 3 crores|
|Yelahanka||6 lakhs to 11 crores|
|Pendurthi||3.5 lakhs to 21 crores|
Is it a good time to buy property in 2020?
To buy a property, you must be prepared for the budget of the property. Next comes the location and the property that interests and suits you and your lifestyle. It is a good idea to buy a property when you are prepared, rather than giving in to market speculations.
Are there PMAY projects in Gurgaon?
Yes, flats under the Pradhan Mantri Awas Yojana Gurugram are available for sale. Government agencies like MCG, HUDCO and HSIIDC have joined hands to boost the PMAY mission in Gurgaon.
What is the last date for PMAY?
The PMAY scheme started in 2015 and will end by 2022, until further notice in this regard.
(With inputs from Sneha Sharon Mammen)