Ncr Property Markets in 2008

By: George Gonigal

The residential real estate in Delhi NCR is expected to foresee an unprecedented growth in the near future. Rapid commercial developments leading to spillover in housing demand from Noida to Greater Noida, Gurgaon to Manesar, Ghaziabad to Meerut and Faridabad. Here's a broad outlook:

Faridabad: Faridabad is currently witnessing an upward curve in its real estate sector that is likely to continue unabated, as per the experts. With state-of-the-art infrastructure and facilities and adequate supply of residential units at affordable prices offers a substantial room for growth in the flow of investment. The construction activities are going in full swing in the peripheral area like Vaishali, Indirapuram, Ghaziabad and Faridabad. In newly developed areas like Indirapuram, Vaishali and Vasundhara, the vacancy rates are quite high. But, as more and more office space is built up in Noida, Greater Noida and Gurgaon, vacancy level will decline in these areas.

Gurgaon: Real estate values in the Gurgaon residential real estate market are expected to remain stable in 2008 as many new projects are coming in the region, according to real estate consultancies. The market has seen a continuous rise in the past few years, driven primarily by strong commercial growth and the need to accommodate pressures of urbanization.

Other contributing factors providing a boost to the Gurgaon residential demand:

1. Due to IT / IT ES revolution, corporate base is expanding in the region.

2. High-end projects are underway and more such projects will be available for investment in future.

3. Proximity to domestic and international airports, coming up of highways and expressway and proposed metro link, will enhance the connectivity of the region.

Noida: The twin cities of Noida and Greater Noida emerged as the most important real estate destination of NCR. The demand for residential accommodation will remain moderate and pricing trend continues to remain stable. If developers launch new real estate projects with appropriate prices, no decline in demand is expected in near future. Noida continues to attract IT/ITES companies due to its infrastructure in terms of transport and telecom facilities, lower rentals and capital values.

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