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|Property in Delhi- Real Estate Delhi Discussion|
Delhi is the national capital of India and is also considered to be an economic bastion of modern India with people from all over the world and the country making it their home. The city, thus, has a very nouveau feel to it, which makes it easier for anyone to settle here, which, in turn has made Delhi quiet popular with people looking for an urbane clime. As the city shares proximity with Noida, Ghaziabad, Faridabad and Gurgaon, it has emerged as the very nucleus of pro-development Northern India. Several builder projects in the city offer options for those seeking independent housing, flats and apartments. Major happenings for property in city are centered on East Delhi in areas like Patparganj, Laxmi Nagar, Mayur Vihar, Preet Vihar, Nirman Vihar and Pandav Nagar, while Pitampura and Dwarka Subcity are also in the running for investor attention. It is however to be noted that areas of South Delhi like Greater Kailash (I & II) and Central Delhi are still on the wish-list of almost all investors but due to spiraling prices and lower returns on investments, they are settling on for upcoming areas of East of Delhi and Dwarka. The enviable reach of Delhi Metro, local trains, auto-rickshaws and Bus Rapid Transit means that this city is traveling in comfort and hence, people are especially interested in settling around areas where metro is ‘soon to reach or has reached.’ Delhi also has world class medical facilities, gardens, hotels and other resting and dwelling units that bring people here for both leisure and business purposes. Also, the capital city boasts of the presence of a large number of malls, pubs and other venues for recreation besides great work opportunities that makes it a good option when considering it amongst other cities for real estate investment. To the credit of Delhi, it is also the hub of major news channels, media organizations and political movers and shakers, which makes it a great city to live in and this certainly entices people to come and check the property in city.
NATIONAL CAPITAL REGION
The National Capital Region (NCR) has emerged as one of the most favored market of real estate investors. Part of the buzz around NCR can be understood in the positive and guaranteed Return Of Investment (ROI) that this segment offers to its clientele. The NCR is a unique concept of planning that had emerged in the early 90’s and got further bolstered in the last decade; under this, inter-state regional development is to be achieved while keeping Delhi at its center. This, the government hopes, would help in addressing concentrated and uniform infrastructural development besides also aiding in rapid urbanization which has become the hallmark of progress now. But due to haphazard building activities, done by unscrupulous parties, the urgency to achieve urbanization at a faster rate has increased and in coming years more and more cities may join this league. Part of this sudden euphoria around the NCR stems from an increased industrialization achieved in various parts of India which has led to a spurt in migration that in turn resulted in the better purchasing power of the middle segment of the Indian population. This growth has made the demand for good quality housing in an urban sphere a necessary requirement for the populace. So far, the National Capital Region covers an area of about 34,144 square kilometer that currently falls under the territorial jurisdictions of four state governments, and they are: National Capital Territory (NCT) of Delhi, Haryana, UP, and Rajasthan. The NCR has close to 1.60 percent of the total land area of India and almost all the areas are witnessing a resurgent and buoyant property market, all riding high on investor interest. The NCR comprises of major real estate cities (district wise) like Faridabad, Gurgaon, Mewat, Rohtak, Sonepat, Rewari, Jhajjhar, Panipat, Palwal, Alwar, Meerut, Ghaziabad, Gautam Budha Nagar, Bulandshahr, Hapur and Baghpat. While Delhi and immediate areas around it (Noida, Ghaziabad and Gurgaon) are seeing a swift appreciation in the prices of properties, far flung NCR areas, like those of Rewari, Rohtak and Sonepat, are still within the budget of people looking for humbler investment.