Gurgaon has its own glorious story to tell. It has experienced phenomenal real estate growth by riding on back of IT/ITeS revolution. But the social and physical infrastructure has not kept pace with this progress.

IMT-Manesar, projected to come up in four phases on 1,749 acres, may become the future growth centre till 2009-10, Gurgaon and Menasar will account for 20% (39.08 million sq.ft.) of the upcoming residential property provision. The prominent projects in Manesar include the 25,000-acre Reliance SEZ and a planned IT park while in Gurgaon some of the high-end schemes are Palm Springs of Emaar MGF and Blair & Aralias of DLF. The residential land rates in Manesar now range from Rs. 1,900 to 2,000 psf.

Two other areas of importance are Noida and Greater Noida. Take Noida first. It’s a well developed micro market having substantial office and retail space, with commercial activity deepening in sectors 62 and 63. these factors have given impetus to demand for housing and sectors 92, 93, 94A and 119 are the locations supposed to get the maximum supply infusions. Noida will account for 6% (10.84 million sq.ft) of the total supply expected by 2009-10, says the Frank Knight assessment.

Greater Noida, ranked among the high potential markets, will have the international airport as proposed by the UP government. This prospect has further enhanced its real estate attractiveness. About 26.5 million sq.ft of residential properties are projected to come up by 2009-10. The Taj Expressway, now open to traffic, has brought in higher end –user demand for residential properties. Much impact on the market scenario is expected from Unitech’s 100-acre township, Unworldly City. The residential capital rates are in the range of Rs. 1,800- Rs.2800 psf.

A rising star in the NCR sky is Faridabad, situated south-east of Gurgaon and known primarily as an investment-driven market. Omaxe, RPS, and Eros have given shape to a number of residential projects near Surajpkund while Business Park Town Planners (BPTP) will raise a 1,500-acre township sprawling over sectors 5-7. The total supply of residential property space by 2009-10 may touch 15.94 million sq.ft. The capital values at present vary between Rs. 1,750 and 3,850 psf.

WITH THE RESIDENTIAL SEGMENT NOW LEADING THE GROWTH TRAJECTORY

IN THE EXPANDING REAL ESTATE SECTOR, THE NATIONAL CAPITAL REGION

IS EMERGING AS A RISING STAR.

If the seven major cities scrutinized in the Frank Knight India Residential Market Review, NCR attains a prime position. First, a general view of the NCR It is spread over 33,528 sq.km. Converting the states of U.P, Haryana, Rajasthan, and the National Capital Territory of Delhi. Apart from Delhi, the towns riding high in terms of realty progress are Faridabad, Ghaziabad, Meerut, Sonepat, Panipat, Gurgaon, Rohtak, Bulandshahr, Noida, Greater Noida, Manesar, Bhiwadi and Dharuhera.

Official measures regarding infrastructures to facilitate newer thrusts in real estate in NCR in all such places have consisted of extension of the Delhi Metro, development of expressways, widening of national highways, airport modernization and release of fresh land parcels. Meanwhile, demand for living accommodation in this region got a boost from increased per capita income and higher job opportunities. High-rise apartments are now in vogue but row houses are also gaining popularities and these may account for 10% of the residential supply by 2009-10. The large number of township projects in the pipeline confirms this trend.

In the next three years, about 530.5 million sq.ft of residential property is to be developed in the Grade A and B+ category in the seven major location in the country. As of now, indications are that in the NCR, around 191.42 million sq.ft of housing supply will be available by 2009-10 of which 16% will materialize in 2007 and 20% in 2008. The maximum supply (122 million sq.ft) is to enter the NCR market by 2009-10. Significantly, 58% of the total supply has already been booked.

Delhi, the nerve centre of the NCR market for residential properties, is and scheduled to have 2.65 million sq.ft under this category by 2009-10. Group housing societies are coming up in Dwarka & Rohni.

The highest prevailing residential capital value is in Chanakhyapuri and Jor Bagh (Rs. 45000 psf.). Apart from these two areas, Hauz Khas, Niti Bagh and Prithviraj Road arer among the preferred locations.

Next, Ghaziabad, along with Meerut, is slated to have the maximum supply of residential properties to the tune of 51.18 million sq.ft in the NCR market by 2009-10. Their proximity to Delhi and Noida, particularly sector 62 of the latter, an IT and ITeS hub, has enhanced the growth prospects of housing in these two places, according to review. Those apart, major developments are anticipated in Indirapuram (capital values varying between Rs. 3,000 and Rs. 4000 psf.) as well as NH 24 leading to Hapur, and NH 58 leading to Meerut, owing to a spurt in commercial space in Noida. HiTech City, a 1500-acre township in Ghaziabad, is among the prestigious projects lined in the region.