By: Ravi Sinha
Track2Realty Exclusive: “Revival is too strong a statement in today’s market,” says Anshuman Magazine, CMD of CBRE South Asia, adding that any upward movement is a healthy sign when it was expected to be stagnant not very long ago. The assessment of Magazine may be a generic overview of the realty market across the country, but when it comes to the Delhi-NCR real estate, it sounds like at prophetic statement.
Delhi-NCR is gradually showing signs of organic growth and revival. It is not because the eco system or the macro-economic indicators in this part of the world are any different from the rest of the country, but because the developers have learnt the lessons faster here than any other micro market in India.
The tried and tested market format is by and large being disowned by most the developers here and there is a new wave of innovation that is creating a level playing field, if not turning the market completely as a buyer market.
The pre launch offers and new project announcements are clear indicators of developers’ confidence. Also the project repositioning indicates they have learnt their lessons and hence developers are repositioning themselves to communicate people about the difference between promise and performance.
Repositioning in terms of their product profile is also quite visible. Though the developers crib there is no adequate support from the government to increase the economic activity which gives the first impetus to growth in real estate market, the emergence of Gurgaon, Noida and Greater Noida as world-class city with infrastructure has been the traction.
Since prices in Noida and Gurgaon is on the rise, the middle class have begun to explore other affordable regions in the vicinity like Faridabad, Bahadurgarh, Sonepat, Palwal, Rohtak etc.
The demand for commercial space is also on the rise due to allowance of FDI, more demand from IT/ITeS companies and NCR seems to be a preferred option now.
The combination of malls, offices, service apartments, hotels and residences are example of the repositioning where one portfolio is complementing the other and this way they are also able to keep themselves out of the crowd. All this indicates strong revival in the time to come.
….to be continued
