Who Wins The Emerging Versus Established Locality Debate?
At first sight, emerging areas, as they are often euphemistically described, seem to homebuyers nothing more than a drab. If only they had the monetary ability to do so, they would rather move to “established” areas of the town. The wait to see emerging areas turn into established would be testing, too. It may be years before you as a buyer are able to enjoy a Metro connectivity or a direct road linking the area to the main city.
However, to be fair, emerging areas, which include the fringes, the suburbs and the yet-to-be-developed property markets, provide homebuyers with a great opportunity. They come to our rescue when the well-establish ones tease us through their big price tags. They also promise us better returns on our investment in future — rates of property in upcoming localities rise invariably. The same is not true of old-established localities — after hitting a certain peak, prices go stagnant. Developments around upcoming areas would also be done keeping in mind the mistakes made in the development of old localities. As a result of this, a buyer could enjoy an evolved living. In the meanwhile, certain compromises must be made to get what you really signed up for.
The very word upcoming is an assurance you would live in the middle of a great deal of hustle-bustle in the near future. What future holds might be promising, but, the ongoing development may cause temporary jitters in your present.
Sample this.
Most Mumbaikars are eagerly waiting for the arrival of the Metro link in their area. However, a petition was filed in the Bombay High Court earlier, alleging that the construction activities for the Metro-III project were resulting in noise pollution in the vicinity. The 33-kilometre Colaba-Bandra-SEEPZ Metro Line-III project will connect the Cuffe Parade business district in south Mumbai to the Santacruz Electronics Export Processing Zone (SEEPZ) and the airport in the city's north-central suburbs, and would be instrumental in connecting key areas of India's financial capital. However, the nightly work carried out by the Mumbai Metro Rail Corporation which involves use of tunnel boring has been causing a great deal of problem for those living close by. While observing that “certain sacrifices on the part of all the parties concerned were required in the interest of the public and the project”, the high court recently appointed a two-member panel to look into the issue.
Ongoing work would also lead to greater levels of air pollution in such areas, apart from the ensuing noise pollution. Dust particles have a major role in shaping the firmly-looming smog in national capital Delhi, for instance. Use of heavy machinery to build a better future would certainly not be pleasing to your auditory sense. The fumes in the air and the thick stench of the building materials are sure to test your olfactory senses, too. Now, this is ironical, considering many homebuyers choose far-away localities in hopes of getting a cleaner environment and a quieter space. It would only wise to count this cost you pay as well when you sit and do the math while picking a property for your real estate investment.