Undri scores high on connectivity due to the presence of a good road network and easy connectivity to the railway station and the airport.
Since 2013, about 12,300 units have been launched in Undri. The highest supply of 4,000 (33 per cent) units was registered in 2014, after which the new launch supply fluctuated until 2017. Currently, nearly 5,600 units in Undri are lying unsold. Of this total unsold stock, nearly 93 per cent is under construction.
Undri's property market is dominated by mid-segment (prices between Rs 4 million - Rs 8 million) properties accounting for 55 per cent of the total new launch supply since 2015, followed by 44 per cent of properties priced less than Rs 4 million.
Property prices in Undri have been on the rise since the first quarter (Q1) of 2017 till Q1 2018. With the impact of economic reforms like demonetisation, GST and RERA being gradually absorbed, residential prices in Undri have been heading steadily northward. Property prices in Undri have appreciated by around 7 per cent in the past two years, with average the price as of Q1 2018 being ·4,500 per square feet.
Replete with affordable and mid-segment residential options, Undri will continue to see significant interest from both end-users and investors going forward.
The writer is head – research, ANAROCK Property Consultants