Delhi-NCR real estate market has always been the apple of the eye for all businesses, investors, home buyers, and influential seekers. It indeed has been the most prominent real estate market due to the various factors that attract investors to have a piece of the pie. Needless to say, due to the being political epicentre mainly Delhi, and Corporate hubs in Gurugram and Noida, and Now Faridabad and Gurugram Extension, Manesar, Noida Extension, the market has been always in demand and is ever-growing.
Why Delhi NCR
The Delhi NCR real estate is the hub for big corporate houses, and hence produces a lot more job opportunity that brings job seekers from all part of the world to come and settle for a better lifestyle and future opportunities. The sheer fact is more than sufficient to describe the density of population in the Delhi NCR. This further leads to an ever-growing need for better connectivity, infrastructure, and the rise of residential and commercial real estate.
Despite the several setbacks and disruptions to the economy from time to time like economic depression, de-monetization, and the ongoing pandemic, the real estate sector finds a new niche to cope with the temporary losses and has stood yet again as one of the best investment opportunities with high returns.
Especially with the ongoing pandemic of Covid-19, the trends have shown a steep rise in the demands of bigger homes due to work from the home culture that was introduced by the covid -19. So much so that one of the rooms has permanently has been converted into the office space and hence the demand for the bigger houses has increased multi-fold. More so co-working office spaces that reduce the high rentals have also crept in as he recent trends show. Today the buyer is more aware of the situation and is clear about what he wants. The trend is likely to be fuelled with the new residential and commercial projects that are brought by the several real estate developers in the outskirts of Delhi NCR that slowly and gradually is taking the nearby areas into the groove. The growth is bound to continue in 2022 and 2023 and Delhi – NCR market is set to map some new scales of heights in the near future.
No wonder the most of the studies, research, and analysis show the same trends. Knight Frank reports says that the residential market of Delhi NCR has witnessed a growth by a whopping 65% YOY in the calendar year 2021 with more than 35,000 units sold in the year. Surprisingly the demand for Well-developed micro-markets, or maybe mix-use projects that have all the required amenities, like workspaces, commercial hubs, and residential units are booming. The HNIs and UHNIs, ever-emerging millennial, setting of the new corporate houses are the main driver of the growth in these segments.
From just house ownership which is now the thing of the past to the lifestyle nests, the amenities, clubhouses, swimming pools community centres, movie theatres, and other social parameters are highly dominant and influential in the decision of home buying. The home buyers are wanting to be nested in not cluttered areas and no wonder the nearby areas of the Delhi NCR are getting populated with the new projects and structures.
Areas to watch out for
Noida Region – Once named as New Okhla Industrial Development Authority (NOIDA) as the extension of the Okhla area of Delhi now itself has grown so big that the nearby areas like Noida Extension, Greater Noida, Yamuna Expressway, are largely becoming the part of Delhi NCR quite fast. Not only this, the Neighbourhood areas liked Raj Nagar Extension, Ghaziabad, being looked at as the part of Delhi NCR only.
Dwarka expressway – spread over an area of 56 km in Delhi, is the goldmine for hundreds of all sorts of residential and commercial spots and when it comes to connectivity is just 10 min away from the IGI Airport in Delhi. Dwarka is a haven of satisfied end-users who are aspiring to live in a superbly planned sub-city and is a state-of-the-art infrastructure that provides the much-needed break from the chaos of the main city of Delhi, green surroundings, Parks, Schools, hospitals in the close vicinity makes it the perfect match for the home-buyers. After initial hiccups accounting for a lot of many roadblocks, the much-hyped Dwarka Expressway real estate is making its way back to the taste buds of the investors. Old Projects renewal and coming up of quite a few new projects are paving the way to recreate its identity towards the potential new-age homes and commercial properties in the suburb of Dwarka.
Faridabad – Potentially the best suited for the people who want to live outside Delhi yet being a part of the Delhi NCR, Faridabad has been the great choice for the simple reason, very close to South Delhi, lush green surroundings, and well managed and developed societies. With a lot many commercial and corporate hubs it makes it even better to be a part of the old yet contemporary city of Faridabad.
Gurugram – The Millennium city is the first and foremost choice of any millennial aspiring to be in NCR, a simple reason being the abundance of whatever is required to have a comfortable and luxurious life. Most importantly Gurugram has everything for everyone, for a home-buyer, it has the variety to choose from – One BHK, 2/3/4 BHKs, Penthouses, independent floors, and villas, you name it and the places will never disappoint you. The Biggest and the best of the corporate houses and to name a very few like, Accenture, TCS, Nestle, Google, WNS, Dupont, and millions of them. The infrastructure is unmatched. With all the possible amenities and transportation, the proximity is so good that it effortlessly attracts every home buyer or the corporate to itself. From budget housing to luxury and Ultra-luxury, Gurugram offers it all.
Overall NCR Region –
The region offers a well-developed ecosystem for new-age living with the presence of renowned educational institutes, modern hospitals, attractive shopping and business centres, restaurants and hotels for a contemporary lifestyle, cinema halls, and others. Since there is a significant increase in the potential disposable income hence there has been never-ending demand for the premium and luxury segment, especially in lifestyle products. And no wonder as the trends shows the forecasting for the next couple of years, the real estate sector is bound to move north and is expected to continue to appreciate over the next few years.
With the sheer power-packed performance even in the ongoing Covid -19 Pandemic, the real estate market in Delhi-NCR has continued to become the most preferred choice of real estate products buyers today.
Factors for the Growth –
We can count on the key factors that have contributed to the significant growth of the Real estate sector in the Delhi NCR region in the past few years. The combination of infrastructure and ease of doing business laid by the recent governments has led to the investment in the overall benefit of the economy as a whole and as the by-product, the real estate sector is as it is providing the well-laid foundation for the prosperity of industries. Here are some of the drivers that have helped the Delhi NCR to outperform during the last decade.
The never-ending demand and the corrective measures taken by the government to make the demand and supply curve even has taken some significant changes in a positive manner in the current fiscal, including a special package of Rs 10,000 crore for the completion of around 4.5 lakh incomplete flats and Rs 30,000 crore for infusing liquidity in the housing finance companies. During FY 2020, the Finance Minister had confirmed that the government is soon going to launch Smart City 2.0 mission. Little that was expected that the real estate sector will be highly beneficial with the decision but the kind of impact that the Delhi NCR real estate market saw was highly unprecedented and in favour of the Real-estate Players of the region.
Highly-captivating commercial sector
Off lately the commercial segment of the Real-estate of Delhi NCR has seen enormous growth, thanks to the demand for the Grade A offices, the infrastructure, the sudden surge in Start-ups and IT Sector and hence the related fields automatically. One of the most significant features of Delhi NCR's real estate is its ever-growing commercial segment. Alike the previous years, the commercial real estate of Delhi NCR has experienced phenomenal growth in terms of area. Property owners are enjoying rising lease rentals and consultants are also making good bucks by purveying quality services. All these trends validate that the prospects of both residential and commercial real estate are bright in Delhi NCR.