• News by Month

  Select Month February 2012 January 2012 December 2011 November 2011 October 2011 September 2011 August 2011 July 2011 June 2011 May 2011 April 2011 March 2011 February 2011 January 2011 December 2010 November 2010 October 2010 September 2010 August 2010 July 2010 May 2010 April 2010 March 2010 February 2010 January 2010 December 2009 November 2009 October 2009 September 2009 August 2009 July 2009 June 2009 May 2009 April 2009 March 2009 February 2009 January 2009 December 2008 November 2008 October 2008 September 2008 August 2008 July 2008 June 2008 May 2008 April 2008 March 2008 February 2008 January 2008 December 2007 November 2007 October 2007 September 2007 August 2007 July 2007 June 2007 May 2007 April 2007 March 2007 February 2007 January 2007 December 2006 November 2006 October 2006 September 2006

• News by City

  • Bangalore
  • Chennai
  • Delhi
  • Faridabad
  • Gurgaon
  • Hyderabad
  • Kolkata
  • Mumbai
  • Noida
  • Pune

• News by Category

  • NRI
  • FDI
  • Home Loans
  • Real Estate India
  • Banking and Finance
  • Real Estate Developers

« Suncity to Invest Rs 10, 000 Cr in Realty Projects | Home | Delhi, Mumbai Top the Growth Chart »

Locations Driving Property Market in NCR

Fast emerging as an important hub for information technologies and IT enabled services in India; the National Capital Region (NCR) has become an apple of eye of both builders and potential investors.

The NCR is built over a large area of 33,578 sq kms. States including Haryana, Rajasthan, Uttar Pradesh and the National Capital Territory of Delhi fall under the NCR region. Ongoing commercial developments in NCR have given a string boost to the real estate market here. Also, limited supply of properties in Delhi served as a blessing in disguise for NCR real estate market.

The development first took the route to Gurgaon, and then Noida. When property prices in Gurgaon and Noida started going through the off, the construction activities went further down to places like Ghaziabad, Meerut, and Faridabad. And, this is how the NCR real estate evolved.

However the government agencies could not stay in step in developing infrastructure facilities in these upcoming areas, along with their proper construction. This encouraged builders and civic agencies to come up with Townships, a new concept in Indian real estate. It laid the responsibility of developing infrastructure inside the Township with the individual builder proposing the project.

Locations which are absorbing acreage of commercial property, and translates into new jobs and the concomitant boom in housing sector:

Delhi

Sharing proximity to NCR is Lutyens’ Delhi which enjoys the status of the most matured real estate market. Among some of the prominent residential locations are the names like Aurangzeb Road, Chanakyapuri, Hauz Khas, Niti Bagh and Prithviraj Road. Here, capital values of land hover around Rs 3, 00,000 – Rs 4, 50,000 per sq metre.

The government will revamp the Capital city according to the Delhi Master Plan 2021. It envisions transforming Delhi into a better planned urban city. Considering the existing infrastructure in the city, the government has proposed some extra provisions of extra coverage area for existing plots, constructing 75,000 new accommodation units every year, thereby emphasizing on housing for urban poor among others.

A large number of group housing societies have been making rapid strides in Delhi like Dwarka and Rohini. Around 28 acres of land has been set aside for development of residential property in Mayur Vihar, Delhi to abridge the demand-supply gap during the Commonwealth Games 2010.

GHAZIABAD

Located amidst lush greenery, Ghaziabad is evaluated to have the maximum supply of 51.18 mn sq ft in the NCR market by 2010-end. Large commercial developments in Noida are encouraging builders to come up with residential units along the National Highway – 24 leading to Hapur, and along national Highway – 58, leading to Meerut.

The capital values in Indirapuram, a destination for all, are somewhere around Rs 3,000 – 4,500 per sq ft. Also a Hi-tech city, a 1500-acre Township in Ghaziabad is on cards. Other upcoming property projects in Ghaziabad are Crossings Republic and Aquapolis.

GURGAON

Gurgaon property market has certainly undergone a paradigm shift in the past few years following the IT/ITes boom in the country. Once known as the sleepy town on the suburbs of Delhi, Gurgaon has today emerged as India’s outsourcing capital.

Pushed by the ongoing commercial developments, rentals in Gurgaon have gone up almost three fold in the past three years – from Rs 40 per square feet per month to Rs 120 per square feet per month. Indeed, Gurgaon real estate, as the actual trendsetter, leads the property markets in different locations.

NOIDA

The twin cities of Noida and Greater Noida emerged as the most important real estate destinations of NCR. Earlier, Noida used to be considered better than Gurgaon on the basis of available infrastructure like schools, hospitals, and proximity to Delhi. A number of multi-national companies have set up their establishments in Noida. Today, some of the most prestigious residential projects in NCR such as Omaxe and Unitech Grande are coming up in Noida.

This industrial city has substantial commercial space coming in Sectors 62 and 63. Residential real estate in Noida is also zooming upwards due to these factors. Sectors 92, 93, 93A and 119 are in queue to have maximum supply infusions.

Close on heels of Noida is Greater Noida, an exquisitely planned townships in India. The value of properties in Greater Noida has appreciated largely because of the upcoming international airport proposed by the Uttar Pradesh government. This has further served as another add-on in increasing the real estate attractiveness in the area.

News Published Under:   Real Estate India | No Comments »

Comments

Name (required)   

Mail (required)      

URL