Why is suburbanization enticing New-Age home buyers?

Suburbs of Indian cities are moving towards urbanization to give all that the city provides, such as employment in glass-and-chrome skyscrapers, efficient public transportation, lower residential property prices, and enhanced social infrastructure.

After a decade of focusing on center cities, it appears like everything has taken an inside out turn. The next big thing is now a walkable suburban development near a transportation hub, not just a massive new development in an urban center.

What are the major reasons that suburbanization entices New-Age home buyers?

Indian metropolises have seen a slow trickle of its residents migrate to emerging suburbs over the years. The epidemic simply fueled it further. However, numerous issues arise as a result of this tremendous population increase, says Annuj Goel, the developer of Goel Ganga Developments Pune.

India's suburbanization

Cities grew as a result of rural migration in quest of better jobs. When their populations surpassed 10 lakh, these cities grew into metropolitan regions. Economic and infrastructure growth in these regions, according to global economists and urban planners, is the cause for increasing movement of the metropolitan population to the outskirts of the city or the suburbs.

Suburbanisation is the process through which, although the metropolitan population remains constant, the proportion of the people living in the suburbs increases, says Annuj Goel Pune, the MD of Goel Ganga Developments.

Reasons for suburbanization

Suburban locations currently provide more chances for the creation of inexpensive housing. The inexpensive housing category in India has seen a major increase in demand and supply as a result of the government's 'Housing for All' policy. While the initiative seeks to achieve its goals by next year, the government will most likely continue to make the acquisition and building of cheap houses profitable beyond 2022.

Many variables contribute to suburbanization, which are often classed as push and pull forces. People are pushed out of their initial residences in urban regions and into suburban areas by push factors. Pull factors are those that entice individuals to live in the suburbs in particular. The primary motivators for suburbanization are people's dissatisfaction with city life and the idea that cities have more population, pollution, and filth.

While improved infrastructure was a major factor driving urban dwellers from city centers to move to live in a city's suburbs, Annuj Goel Ganga pointed out forced diversification in rural areas as one important cause of India's suburbanisation, with rural unemployed looking for better employment and facilities in the city's suburbs located closer to them.

Working from the suburbs

Cities became metropolises when increasing growth in terms of jobs and housing drew rural residents from nearby towns and villages into their fold. The story of the 'resurgent suburbs' has been amplified by Covid-19. Occupants are contemplating the future of work and assessing the advantages of new workforce initiatives. While Covid-19 led to increased suburban interest, the tendency precedes the epidemic.

Various reasons why Punekars are shifting to suburbanization?

• Because of reduction in population density, lesser crime, and a more stable population, suburbs are safer and less expensive areas to live and raise a family.
• Increasing land prices and office rentals have forced businesses to the suburbs.
• As people's salaries rise, they can afford to spend more for transportation and travel longer distances.
• Indian cities implement harsh land use rules, rent control systems, and building height limitations, resulting in excessive suburbanization.
• In order to attract industrial land users, suburban towns offer tax discounts and regulatory benefits.
• The building of sturdy and sophisticated infrastructure is only conceivable near the city's outskirts. Here land is abundant and acquisition costs are low.

The expansion of urban agglomerations creates several economic, ecological, and institutional issues, including the following:

• In the urban periphery, the quality of water, sewage, and electricity is substantially lower than in the center.
• Access to high-quality, low-cost health and education services.
• The region's environment is in danger by the commercialization of agricultural land and encroachment on forest regions. Unplanned urbanization and the uncontrolled encroachment of natural water disasters storage and drainage systems have been spelled out.
• Suburbanization increases the budget deficit, primarily because it occurs in less densely inhabited areas. Property taxes are often cheaper.
• Proponents of curbing suburbanization claim that it contributes to urban degradation and a concentration of lower-income individuals in the metropolis.

Conclusion

People are shifting to suburbs as more individuals work from home. Companies no longer require them to commute into the city as a result of COVID-19. These adjustments in focus come when millennials approach a stage in their life when they are undertaking big changes. These changes can be creating family units and purchasing houses. According to Annuj Goel Pune, the suburbanization is already beginning, and given the size and age of the millennial generation, it is expected to accelerate in the coming years.