Even though the real estate sector in India has witnessed a slowdown in recent times, properties in Delhi-NCR continue to witness interest from buyers, in anticipation of price corrections and owing to demand from the growing migrant population who seek accommodation. Delhi-NCR, hence, continues to be attractive to end-users and investors. According to data from ANAROCK Property Consultants, the housing supply in Delhi over the last two years has been fairly low, as compared to Gurugram or Noida. This is essentially due to the demand-supply mismatch. There is a massive demand for affordable housing in the city, while property prices in most micro-markets have skyrocketed.
Employment prospects and Delhi’s Metro connectivity spur real estate demand
“With its vast area and the presence of well-established services, manufacturing and automobile sectors, the National Capital Region’s (NCR’s) massive employment generation, yields very high demand for affordable housing.
“Some of the key hotspots for affordable housing in the NCR area are Sohna, Bhiwadi, Yamuna Expressway, Greater Noida West and Raj Nagar Extension,” says Santhosh Kumar, vice-chairman, ANAROCK Property Consultants.
Better connectivity, with the expansion of the Delhi Metro and Gurugram’s Rapid Metro, has attracted prospective home buyers to this region and played a major role in the growth of the city, maintains Pankaj Bansal, director, M3M Group.
“Gurugram’s rapidly growing infrastructure projects that offer quality construction and latest lifestyle amenities and proximity to social infrastructure, will continue to act as drivers for demand. Locations such as Golf Course Road, Golf Course Road Extension and Dwarka Expressway, are in constant demand,” adds Bansal.
Infrastructure development and amenities fuel the growth of new micro-markets in Delhi-NCR
Besides the metro, other infrastructure developments like flyovers, underpasses, etc., in and around Delhi, also augur well for the new destinations in the NCR.
“With road connectivity improving, with the opening up of the 11-km elevated road that connects Raj Nagar extension with NH-24 and the Meerut Expressway, investments from areas like Meerut, Moradabad, Hapur and Bulandshahar are likely to increase. The upcoming KMP (Kundli-Manesar-Palwal) Expressway will boost areas like Neharpar in Faridabad and Palwal,” says Abhishek Singh, chief operations officer, Paarth Infrabuild Pvt Ltd.
According to Vineet Relia, managing director of SARE Homes, Ghaziabad and the stretch along NH-24, are excellent options for investment. “In addition to the availability of good infrastructure and basic facilities in the vicinity, connectivity is a major deciding factor, while buying a property. The area has great road connectivity and the Eastern Peripheral Expressway is also poised to help, in the overall development of the area. With the Ghaziabad metro line too starting shortly, this region will emerge as a promising new investment destination in the NCR,” Relia explains.
Moreover, the real estate market is finally settling, after the implementation of the Real Estate (Regulation and Development) Act (RERA) and the Goods and Services Tax (GST). Consequently, the overall sentiment, vis-à-vis investment in Delhi-NCR region, is inching towards the positive. Key infrastructure upgrades, like the widening of the NH-8, opening of the Eastern Peripheral Road, expansion of Sohna Road and wider metro connectivity, along with a focus on affordable housing, are expected to provide the much-needed fillip to the realty sector in Delhi-NCR.