Is Delhi-NCR real estate moving sluggish
If the recent trends in real estate market in Delhi are to be believed, there is a significant dip in the units sold in the capital and NCR in the last 18 months. The sluggish trend has been whistled by lack of incentives from the administration which is focussing on clearing infrastructure road blocks rather than giving green signal to new projects. With paper works in the backlog, new projects in Delhi are at pause, at least for the rest of the year 2015.
Our experts on Delhi’s real estate trends point out the following 5 eventualities in case you are planning to invest in a property soon.
The Union Urban development ministry is all set to roll Delhi’s high-rise projects in coming months. After a frenzy submission of the urban development plan from the Urban Arts Commission (DUAC), the ministry will redraw the skyline of Delhi’s iconic localities. Bungalow areas will see themselves competing with the high-rise project for space and exclusivity. We are talking about the Lutyen’s Bungalow Zone (LBZ).
The real estate market is certainly moving at a snail’s pace. If you compare Noida’s growth with Delhi’s real estate market, it is hard to believe that former town is actually an extension of the capital city. New projects could come up in Dellhi’s Dwarka and Chanakyapuri area. South Delhi locality seems the fittest real estate destination for investors from across India.
The Urabn development plan in Delhi will not change the boundaries of the most prolific commercial areas in the city. It includes Bengali Market, Golf Links City, Sardar Patel Matrg, Panchasheel, Mandir Marg, Asoka Road and Joharbagh. It could also retain parts of Sunder Nagar and Chanakyapuri. With saturation hampering every nook and corner of the commercial areas, the urban development of Delhi seems to have hit a roadblock, especially after expansion plans of the Metro rail is already underway.
The crumbling prospect of retaining the World War II Era houses is the major reason why Delhi’s real estate projections are dwindling. At least 1100 hectares of Delhi’s prime localities are under match-box housing units. To push the market, these units will be demolished and make way for modern, space-saving units. It could release INR 4300 Crores straightaway. Modernising and redevelopment plans will also bring aspects of safety and stability to the region.
Owing to the development of nodes around the capital city, the relocation prospects of Delhi has evaporated to a great extent. People prefer outskirts of the city like Outer Ring road, Noida Extension, Gurgaon and South Delhi rather than investing in the heart of the city. Moreover, the launch of Yamuna Expressway has also shifted opportunities to the new destinations. In 90 minutes flat, you can reach anywhere between Delhi and Agra without feeling the pinch of the farness from the capital city. With so much on offer away from Delhi, the realty sluggishness is an evident fact.
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ABOUT THE AUTHOR
The writer of this article is a real estate consultant and is an expert in the Delhi-NCR region he recently recommended 1 bhk flat in delhi. For More Information about Real estate Visit CommonFloor.