Although the real estate sector in India has witnessed a slowdown in recent times, properties in Delhi-NCR continue to see interest from customers, in anticipation of price corrections and owing to need from the growing migrant population who seek the place to live. Delhi-NCR, hence, progressives to be attractive to end-users and investors. According to the data, the housing supply in Delhi is over the last two years has been relatively low, as compared to Gurugram or Noida. This is mainly due to the demand-supply mismatch. There is a tremendous demand for affordable houses in the city, while property prices in most micro-markets have skyrocketed.
With its massive area and the presence of well-established services, manufacturing and automobile sectors, the National Capital Region’s (NCR’s) enormous employment generation, yields a very high demand for affordable housing.
Some of the critical hotspots for affordable housing in the NCR area are Sohna, Bhiwadi, Yamuna Expressway, Greater Noida West and Raj Nagar Extension.
With the growth of the Delhi Metro and Gurugram’s Rapid Metro, giving a better experience has attracted prospective home buyers to this region and played a significant role in the growth of the city.
Gurugram’s rapidly increasing infrastructure projects that offer quality construction and the latest lifestyle facilities and proximity to social infrastructure will progress to act as drivers for demand. Locations such as Golf Course Road, Golf Course Road Extension and Dwarka Expressway, are in constant need.
Infrastructure development and facilities
Besides the metro, other infrastructure growth like flyovers, underpasses, etc., in and around Delhi, also forecast 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 regions like Neharpar in Faridabad and Palwal.
Ghaziabad and the stretch along NH-24, are excellent options for investment. In addition to the availability of proper infrastructure and the necessary facilities in the neighborhood, connectivity is a significant counting factor, while buying a property. The area has excellent road connectivity, and the Eastern Peripheral Expressway is also poised to help, in the overall development of the city. With the Ghaziabad metro line too starting shortly, this region will emerge as a promising new investment destination in the NC.
Plus, the real estate market is finally settling, after the implementation of the 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. Essential infrastructure upgrades, like the widening of the NH-8, opening of the Eastern Peripheral Road, expansion of Sohna Road and broader metro connectivity, along with a focus on affordable housing, are expected to provide the much-needed stroke to the realty sector in Delhi-NCR.