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I have an opinion that housing should always be affordable. Housing is a basic need and prices should be in sync with necessity paradigm and not touch those of a luxury. However, due to increased economic activity in Delhi, house prices have touched new highs.
It is the National Capital Region - adjoining towns and suburbs of Delhi that are providing various affordable housing options. The growth has been such that the NCR has already started giving way to ‘Greater NCR’.
Areas around FNG corridor (Faridabad-Noida-Ghaziabad) are still left with some limited opportunities for affordable housing. The base rates in Faridabad and Noida is about Rs 25-30 lakh for a two-bedroom house with some going up to Rs 35 lakh. The Indraprastha Yojana area with base rate of about Rs 24-25 lakh for a two bedroom flat is the zone where houses are most affordable.
There are two other areas emerging as attractive investment destinations. They are the Kundli-Ghaziabad-Palwal (KGP) corridor, also known as the Eastern Peripheral Expressway and the Kundli-Manesar-Palwal (KMP) corridor also known as the Western Peripheral Expressway. The two peripheral expressways will form a third ring road around Delhi to decongest the city.
Although some of the areas around these corridors, around Gurgaon and Manesar with base rates of Rs 90 lakh and Rs 40-45 lakh respectively for the same specifications, have already gone way above the affordable limits Ghaziabad has emerged as the prominent affordable destination while Kundli and Palwal are not far behind. The progression here gradually will come very close to what Delhi has witnesses some time ago.
Most areas in Gurgaon and Noida have already surpassed the affordable bracket, leaving room for developmental progress around the three corridors and other areas such as Greater Noida and the Raj Nagar Extension in Ghaziabad.
The Greater NCR has now spilled over to areas such as Bhiwadi and Neemrana in Rajasthan and Sohna in Haryana, where rates are touching Rs 25-30 lakh for a two-bedroom house.
The year 2012-13 will witness these areas to gradually cross the affordable bar and areas next in line in centrifugal order will offer affordable housing then. Hence timing is crucial for investment in real estate and sooner it is better if one wants to stay as close as possible to Delhi with affordable housing options.
The author is Director, BCC Infrastructure
- thank you!! cheers!!CommentQuote0Flag
- Strangely no mention of Bahadurgarh in this article. Delhi metro is planned to extend till bahadurgarh.
One of my friend is invested there & he told me that schools like DPS etc are coming upCommentQuote0Flag