By: Sumit Bharana, Director, Era Landmarks Ltd.
Track2Realty Exclusive: Most of the development in the NCR has occurred in the vicinity of the commercial hubs. In the Gurgaon micro market, developers have shifted their focus to the Dwarka Expressway, also called the Northern Peripheral Road. The forthcoming expressway will provide a convenient alternative link between Delhi and Gurgaon.
A wide range of projects have been launched in the region as a result of which a wide array of construction activities can be noticed in this region. Prices have gone up many a fold in the other residential micro markets of Gurgaon, making them out of reach of home buyers.
Dwarka Expressway is the only affordable option in the categorization of mid segment housing. Residential micro markets along Golf Course Extension and Sohna Road have seen limited launches in the first half of 2012-13.
Noida is another prominent hub for the real estate development in the region and has seen immense traction in April-September 2012 as well. Much of the projects launched here are dominated by the mid-segment housing categorization. Locations like Noida-Greater Noida Expressway have gained a lot of importance due to the planned commercial development along the expressway.
Greater Noida is also emerging as an important residential location in the region. With a good number of affordable projects it has been able to attract a humungous demographic of buyers. Residential development has come up along the Yamuna Expressway and other locations like Sector Alpha, Gamma, Beta, Chi, Phi and Delta. The proposed Metro link in all certainty will further advance the connectivity of this location, not only with Noida, but also with Delhi.
According to a market survey report, the NCR saw the launch of around 31,000 residential units during the first two quarters of 2012-13. This was despite a massive dip of 22% compared to the first half of 2011-12 which can be attributed to lower number of project launches in Ghaziabad, since the focus of developers and buyers has shifted to Noida Extension. Also, demand in the Ghaziabad market is by and large end user driven in nature and confined due to limited economic activities in the under developed suburb.
Noida also had a significant dip in launches in the first half of 2012-13 compared to the same period last year. Gurgaon had the highest number of launches in April-September 2012, taking up about 33% of the total pie. A majority of the project launches in Gurgaon took place on the Dwarka Expressway.
Noida followed as the region with the second highest number of launches. Most project launches in Noida took place along the Noida-Greater Noida Expressway. Greater Noida also saw ample project launches in the first half of 2012-13. Noida Extension and Noida Expressway will also continue to generate interest, as more and more IT-ITeS companies shift their offices to Noida Expressway for its rental affordability when weighed against the rentals in the Cyber City of Gurgaon.
The Expressway will further increase its appeal as a residential hub. Better infrastructure, easy accessibility and availability of affordable options will appeal to investors and end users. Supply in this region will not be an issue, and good levels of absorption, with appreciation in capital values, are a high possibility in 2013.
