Being the capital of India, Delhi attracts a large number of tourists and expats. The influx of people from other states for work and study related purposes have further elevated the demand for residential real estate in Delhi.
Delhi real estate agent, K K Mehra says, "While land prices have appreciated 100 per cent in the last two years, the industry experts see further price escalation as there is a lot of demand for residential land'.
The demand is high and space for further development is limited. Owing to this fact, the real estate development in Delhi has been sluggish. With crunching availability of land and growing pressure on available resources, the National Capital Region (NCR) locations of Gurgaon, Noida, Ghaziabad and Faridabad is emerging as a much sought after alternative for Delhi.
Having said that, the real estate scenario in Delhi-NCR is changing, the real estate market of the region which has been flooded so far with high-end premium residential projects is now shifting focus to the 'within your means' housing segment.
Since the luxury projects by many big real estate developers are lying unsold for long, Delhi-NCR is now following the footsteps of Mumbai. Delhi real estate developers like, Mahindra Lifespace, DLF, Raheja and Unitech, who were mainly engaged in high-class luxury apartments and townships, are now planning to take up affordable options.
The luxury housing, offering world class amenities and lifestyle features, is limited to high end users who by and large constitute only five percent of the population. today are waking up to the call of the day-'affordable homes'. For instance, DLF is changing its housing designs in Delhi's suburb Gurgaon to incorporate more two-bedroom units, along with four-bedroom homes, media reports.
Currently affordability is emerging as the 'in' thing to sustain in real estate industry. But as and when the projects of this genre will take shape it would be divulged, whether Delhi-NCR along with other cities of the country has gone for a gamble worth played.
