Delhi-NCR: Housing Millions

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By Accommodation Times News Services

Delhi and the National Capital Region (NCR) are resident places of choice for millions across the country. Being the capital region it will maintain its importance although Mumbai is the financial hub of the country. There is no dearth of employment with an influx of population from all over the country, especially northern India.

According to the Economic Survey of 2017, Delhi and the adjoining regions of Gurugram, Noida and Greater Noida had the maximum influx of migrants since 2001 and 2011. Delhi’s population has grown by 45.8% every decade since 1951, which is higher than the national average. More than 23% of the increase in population has been due to migration. The current population of Delhi and NCR lies at around 1.3 crores now. It is expected to reach 1.6 crores by 2021.

Although the real estate market of the region has faced an overall slowdown commensurate with that of the rest of the country, the region has seen price correction up to 10% in most areas. However, the region still is an attractive choice for investors and end-users. A real challenge of the real estate sector of Delhi and NCR is to keep pace with this influx of population. The total demand for urban housing in the region is estimated at 1 million units by 2020, a contribution of 24% of the national demand. The low-income group (LIG) is the most under-serviced segment in this region where the demand is expected to reach 1.98 million units by 2020. The demand in the middle-income segment (MIG) is no less. In fact, Delhi-NCR is expected to have the highest demand in all the three segments between 2016 and 2020.

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