Santhosh Kumar, Vice Chairman – ANAROCK Property Consultants
Despite being hit by the overall slowdown in the real estate market and seeing price corrections up to 10% in most areas, Delhi-NCR continues to be attractive to end-users and investors. Being the national capital, Delhi attracts migrants from all across the country. In fact, as per the Economic Survey of 2017, Delhi, Noida, Greater Noida and Gurugram saw the maximum influx of migrants between 2001 and 2011. Obviously, there is a dire need to fulfil the housing needs of these migrants.
As per ANAROCK data, the housing supply in Delhi over the last two years has been fairly low as compared to its counterparts – Gurugram and Noida. This is essentially due to demand-supply mismatch; there is massive demand for affordable housing in the city, while property prices in most pockets of the city have skyrocketed.
Consequently, the pockets that offer affordable or mid-segment projects have been performing relatively better than the expensive ones – such as Greater Kailash II, Panchsheel Park and South Extension II, to name a few. In 2018 as well, it is the affordable micro-markets which are driving real estate growth in the city. Besides affordable prices, improved metro connectivity in these areas will also attract prospective home buyers.
Let’s take a closer look at Delhi’s most vibrant affordable housing hotspots:
Another factor driving real estate growth here is its easy connectivity to all major areas, including Dwarka, Vikaspuri, and IGI airport via the multi-nodal transport system. The combination of affordability and accessibility makes Uttam Nagar a good option for those looking to invest in Delhi-NCR.
Despite traffic and woes, rising pollution level and safety concerns, people still find Delhi to be a favourable place to live in because of the ample job opportunities it offers. However, neighbouring Gurugram has not lost its magnetism, either.
Gurugram Real Estate – A Hotspot Check
An on-ground check post recent infrastructure developments like flyovers, underpasses, etc. reveals that quite a few localities in and around the Millennium City are expected to gain real estate momentum. Significantly, the state government’s move to reduce the circle rates in most localities in 2017 has made it easier for developers to gradually clear their unsold ready-to-move-in stock in Gurugram.
Let’s examine which micro-markets are witnessing maximum activity in 2018:
ANAROCK data further reveals that out of the overall supply, close to 2,350 units will be ready for possession in the next couple of years as developers are taking RERA’s stringent penalties with regards to delivery delays quite seriously. The weighted average price of residential properties during this period has been Rs 4,370 per sq. ft.
With the dust of new policies like RERA and GST finally settling, 2018 is definitely seeing Gurugram’s realty market heading northward. Among many other factors, the increased economic activity of 2017 and a number of key infrastructure upgrades such as the widening of NH 8, expansion of Sohna Road and rapid metro connectivity have served the city’s realty market well. As it always is, infrastructure development has been a key market driver for Gurugram and has convincingly vouchsafed its future growth potential.
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