The idea of settling in satellite towns was seen with reluctance and hesitation about a couple of decades ago. Well, not anymore as more and more home buyers are seen investing and settling in well-connected satellite towns.
Satellite towns have come as a solution especially to crowded cities like Delhi, Mumbai and Bengaluru. In fact, some of the satellite towns like Gurugram and Navi Mumbai offer a way better standard of living than its prime city counterparts in the form of societal living, well-planned infrastructure and better connectivity with the highways.
Here are emerging India’s top five satellite town that real estate investors and home buyers should consider.
While Gurugram started off as a satellite town for Delhi, the place has emerged as a major real estate location in North India and now has many satellite towns of its own.
Also known as ‘south Gurugram’, Sohna has emerged as a favourable affordable destination in the city, owing to its proximity to various business centres and industrial clusters. There has been a spurt of supply in the past couple of years with nearly 50 per cent of this new supply catering to the affordable housing segment (less than Rs 40 lakhs), followed by an equal mix of the mid (Rs 40-80 lakhs) and luxury (Rs 80 lakhs-1.5 crores) segments.
Up north, away from the maddening crowd of Delhi, Sonipat is offering retail, residential and commercial properties at a much better rate, leaving considerable scope for investors to make huge profits.
The upcoming Kundli-Manesar-Palwal (KMP) Expressway, which is close to completion, will also make Sonipat a favourable destination by offering speedier access to the international airport and enabling the growth of a new financial corridor.
If someone is looking for affordable property near India’s financial capital Mumbai, Thane is the perfect answer. While the average rate of property in Mumbai is Rs 13,000-14,000 per square foot (psf), the same space in Thane would cost a home buyer and average Rs 10,000.
The newly-approved 29-kilometre Metro line for Thane is expected to give a further boost to the place’s connectivity. Thane is the perfect amalgamation of affordability, availability of spacious homes and luxury properties.
This northern suburb of Bengaluru has lately emerged as the city’s most favoured satellite town. After the establishment of the international airport in northern Bengaluru, the location has taken off like never before.
The town is marked by low-congestion zones, its own dedicated green belt and wide roads. Leading developers like Purvankara, Prestige, Sobha and many others are already making a mark in the town.
This place is still a good option for affordable and mid-range housing while the neighbouring regions like KR Puram and Byappanahalli offer choices for the upper end of the market.
Also known as Cyberabad, HITECH City is spread over an area of 30 acres and offers lavish residential and commercial spaces. The town is dotted with swanky buildings that house the who’s who of global information technology firms.