The basic mantra of real estate is- Location. Location. Location! It is pretty evident that location holds the greatest importance in a city’s real estate. Localities having well developed transportation systems attract higher demand for property. A better road infrastructure and accessibility to public transport system positively affects the property demand and supply in an area.
Here are some of the reasons why locations plays such an important role in a locality’s real estate:
Reduction in Commuting Time- Transportation expenses have a direct impact on a person’s monthly income. An average employee spends about 15% of his income on commuting expenses. A closer work location and better connectivity will reduce a person’s travelling expenses and vice-versa. A reduction in travel time allows the people to spend more time with their family.
Enhanced Social Reachability- A better road transport improves the chances of social reachability and gatherings. People are averse about meeting friends who live in areas with poor road connectivity. Regular weekend getaways with friends and families would be a more viable option if the infrastructure around the area is well developed.
Better Facilities- A good transportation system fuels the development of social infrastructure around the area. More restaurants, bars, recreation spots and convenience stores are developed in the localities that offer better connectivity options.
Improved Safety Features- Emergency facilities like ambulance, fire brigade and police can reach faster to the places well connected with road transport. This ensures the overall safety of the neighborhood.
The perfect example of how location plays an important role for real estate is right here in Delhi/NCR. About three decades back, Noida and Gurgaon did not have a full-fledged infrastructure like today. Delhi, with a developed infrastructure, attracted all the attention of the developers. But as the need for residential and commercial spaces kept rising by the day, more land parcels were needed. But Delhi was already developed up to the brim. So when the infrastructure development started around Delhi, developers gradually started moving towards Noida, Gurgaon, Greater Noida and Faridabad. And now these areas have risen as flourishing localities of the National Capital Region.
Highways and Expressways such as the Yamuna Expressway, Noida Expressway and the Delhi-Noida Flyway have taken the transportation scenario to the next level. All these have made the place more accessible, thus improving the real estate scenario. More developments are expected to come up around the area in the form of Dwarka Expressway and the FNG Corridor.