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.
The real estate market in NCR has gone through significant changes in the past few years with prices soaring high. Gurugram has been the costliest of all. Gurugram has seen a steady increase in commercial activities in the last decade along with large-scale infrastructure development such as the expansion of Sohna Road and the widening of NH-8. The State Government has been taking initiative like reducing the circle rates in most localities to control rising prices so that the unsold ready to move in apartments are sold off. Incidentally, Delhi-NCR has the maximum number of unsold residential properties in India, the number standing at almost 2,00,000. Greater Noida has the maximum contribution to this number followed by Gurugram.
Some of the best residential and commercial projects of the region are located in Noida. The township has benefited greatly from Delhi Metro’s magenta line which connects South Delhi to Noida. The metro has reduced the time taken to travel between these two destinations from 1 hour to 16 minutes. The line will also connect Noida with the domestic and international airports in Gurugram. This has helped curb the notion that Noida is too far away from all the happening places in the region.
Now let us take a look at the real estate micro-markets located in the region:
One of the most prominent locations in West Delhi, Uttam Nagar has witnessed immense real estate growth in the last couple of years, thanks to affordable housing. Currently, one can buy a house at Rs 3150 to Rs 6050 per sq.ft. here. Uttam Nagar is also a place of choice for people looking out for renting houses with 1BHK properties available for as low as Rs 5000. One of the major factors driving the real estate market of this locality is the ease of connectivity with the rest of the city especially Dwarka, airport and Vikaspuri. Uttam Nagar combines accessibility with affordability – a good combination for both home buyers and rent seekers.
Dwarka is strategically located close to the airport and Gurugram and well-connected with the city centre of Delhi. Dwarka can easily be called the hotspot of NCR having been included in the Smart city project of the Central Government. Soon, this area will see massive growth in facilities including solar power stations, camera surveillance and rainwater harvesting. Needless to say, Dwarka has also seen the launch of several projects over the past two years with the maximum being in the affordable segment of Rs 40 to Rs 80 lakhs and below Rs 40 Lakhs.
Sohna located in South Gurugram is a preferred residential location since it is located close to office and industrial hubs. Sohna has seen a surge in real estate activity since January 2017 with a new supply of almost 5,000 units. Most of these units fall in the affordable category of Rs 40 lakhs and below with some being in the mid and the luxury segment. Most of these units will be ready for possession in the next few years mostly due to RERA’s stringent penalties for delivery delays.
Sector 65, Gurugram:
Sector 65 is a favoured location, thanks to its proximity to key office hubs and access to HUDA city metro station. Sector 65 is considered to be a real estate hotspot of Gurugram with about 2,000 units launched since 2017. All these projects are quite large and are expected to finish within the next 3 years.
Sector 74 to Sector 79, Noida:
The belt of Sector 74 to 79 is a location of choice for home buyers mostly because of its proximity to Sector 50 and 51. This region is also well connected to areas like Central Noida, Greater Noida Expressway and several places of East and South Delhi. Construction is underway for a new metro route which will add to the attractiveness of the location.
Sector 32, Noida:
This is the heart of Noida city and is, therefore, an excellent place to reside as well as to invest. Everything that one needs is around – parks, public transports and markets. Several famous hospitals are located nearby as well. Several constructions are underway which make this sector more attractive.
Delhi-NCR will continue to be the hotspot of real estate activities for years to come. With the implementation of RERA which takes care of the interest of homeowners, buyers can peacefully invest in a project of their choice.
(Compiled & Edited by Rohit Sharma)