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.