The Indian real estate sector is mainly divided across the country in many cities, but the most speculative market has been observed in the cities like Mumbai, Bangalore, Delhi, Chennai and Pune in the past few years. Although the Delhi market has not seen any big developments, the National Capital Region (NCR) is the most active real estate market nearby Delhi. NCR real estate market includes New Delhi’s Gurgaon suburbs along with Faridabad, Noida, Greater Noida, and Ghaziabad localities. NCR region has observed many investments in the NCR market out of which 50 percent investments were investor driven. NCR region has observed the sluggish demand as well as the fewer project launches along with good price appreciation, yet slight liquidity crunch. New supply of around 35,000 residential housing units was witnessed by the NCR region with the dip of 31 per cent year on year.Noida and Greater Noida:Noida and Greater Noida localities have been termed as more affordable market in the NCR region. Noida has witnessed 135,000 new residential units out of which 20 per cent, summing approximately around 27,000 units were remained unsold. Second half of FY 12 had the steep dip in new launches in Noida.Grater Noida is well known as the self sustaining city rapidly increasing along the Yamuna Expressway and evolved as the more affordable market in the region. Greater Noida properties are available at the half the price that of the Noida property rates.Noida’s average property price is about Rs 5,200 whereas Greater Noida properties are available at an average price Rs 3,100 yet both localities cater to different kind of end users or investors.NCR residential market has observed around 140,000 unsold housing units and Noida and Greater Noida have contributed to 66 percent of the total unsold units.Gurgaon:Gurgaon is most expensive micro market of the NCR region and widely known as the Millenium City. The main aspect which behind the massive development near the border of Delhi and Gurgaon is the new proposed 25 Km Long Dwarka Expressway. In recent weeks, around 19 per cent or 23,000 apartments went unsold whereas total 120,000 units have been launched combined in Gurgaon and New Gurgaon.Gurgaon observed average sale of only 5,000 residential units in a quarter yet this number is double as that of the average quarterly value of the Noida region. The price appreciation in the Gurgaon market was very good, with a 30 percent rise in numbers.The region has attracted many builders and developers despite the sluggish market in the Gurgaon region due to the proposed expressway like Mahindra Lifespaces, Shobha Developers, India Bulls, and Tata Housing.Faridabad:Faridabad is small yet evolving market in the NCR region and it is expected that the market will witness many new property launches when it will be connected by metro with Delhi and Gurgaon areas. With the current average property price of Rs 3,300; Faridabad market will gain interest among the builders and developers as the time goes. Many builders are offering high end project here and locality comprise many middle income projects which would be launched in future days. The market is smaller and comprises around 25,000 available units.Ghaziabad:This is another small suburb in the NCR and is a cheaper alternative to the Noida which has the high unsold inventory of around 32 percent. The total units available are 74,000 with the average price around Rs 3,100 per sq ft. The price appreciation in this locality is in the range of 10 to 15 percent. Properties here will not be as good as Gurgaon market, but they are much better compared to the other markets.JayPee Group has built the 165 Km long Yamuna expressway with nearly 4,000 acres of land connecting Noida with Agra. The company has also got 6,000 acres of land divided in five land parcels all of which is assigned for real estate development. Jaypee Group has announced a Mega Township project by the name of JayPee Wish towns on one of the land parcels. The company has also launched Sunnyvale homes near Gautam Buddh F1 Grand Prix Circuit.Quick Points:
- NCR Property market is the most speculative market, yet it has observed the sluggishness in past few years
- Gurgaon is most expensive locality in NCR region and Noida, Greater Noida are the more affordable markets with decent neighborhood
- Faridabad and Ghaziabad are the cheaper alternatives to the NoidaProperty market which are evolving very fast
- Yamuna Expressway built over 4,000 acres have been the key aspect in the emerging developments in NCR region