Gurgaon and Noida : Two Way TRAFFIC
Two Way TRAFFIC
The residential sector in Gurgaon and Greater NOIDA has been very active in terms of project launches and primary bookings in the last six-eight months. SHELLY ANAND reports
Invest in real estate and reap the benefits’. ‘Home seekers on property buying spree’. ‘Quality homes find many buyers’.
These are but a few examples of newspaper headlines that reaffirm the positive trends in almost all sections of realty. Taking the residential segment into stock, we decided to do an analytical research on the prospects for Delhi and the NCR market this year. To elaborate: What are the future trends? Where is the growth expected? What are the reasons? Which are the most happening areas? What it boils down to is that there has been heightened activity in the residential sector, visible across Delhi and the NCR (viz. Guragaon, NOIDA and Greater NOIDA). As Shiv Prasad Singh, Head - Research and Consulting Group (north India), Chesterton Meghraj says, “The residential sector has been very active in terms of project launches and primary bookings in the last six-eight months. The areas of action are Gurgaon and Greater NOIDA. Although projects have been launched in all economic categories, the focus has been on the MIG or upper-MIG segment. A few new projects have come up in Sectors 92 and 93 (NOIDA) and there is new supply in Sector 62. Delhi has also experienced this positive trend, but it’s limited to the upward movement of capital price (to the tune of 10-15 per cent) in the last one year.”
Several factors are responsible for this growth. The key drivers are surplus money, cheap lending rates, and the penalty clause of the development authorities, young techies willing to invest surplus money in property, demand for high living as well as safety and security issues.
Cushman & Wake-field India Research puts the issue in the right perspective. After witnessing cyclical upheavals, the real estate market, in the last quarter, seems to have stabilized, and present market dynamics are backed by fundamentals that reflect a more mature scenario. Increased demand created by the end-user is expected to continue. The NCR, that is witnessing significant high-end residential developmental activity, is testimony to the inherent attractiveness of the region. While both Gurgaon and NOIDA will continue to offer quality residential development, the former is expected to have an edge over the latter.
Source : HT Estate