The next hot spot for real estate in the bustling landscape of India’s National Capital Region (NCR) is of interest to investors and homebuyers alike. With competitors vying for attention—Yamuna Expressway, Rajnagar Extension, Faridabad Road and Gurugram —each location presents unique opportunities and challenges in the booming real estate market.
Known for its improved connectivity and infrastructure, the Yamuna Expressway is emerging as a pioneer. Its strategic location connecting Delhi with Agra and beyond, and proposed metro connectivity to emerging industrial zones promises significant growth. Looking at long-term returns, investors see potential in commercial and residential developments.
In the first quarter of 2024, the property market in Delhi NCR saw the introduction of 3,614 residential units. This quarter experienced a 30 percent decrease in launches compared to the previous quarter, showing a slower pace after the exceptional performance of 2023, according to a recent report by Cushman & Wakefield. There was also a significant 54 percent drop in launches compared to the same period last year. However, despite these declines, Q1 2024’s figure stood 62 percent higher than the average seen over the eight quarters of 2021-2022.
Meanwhile, the Ghaziabad stretch has been transformed into a self-sufficient area with affordable housing options. Its proximity to Delhi, wide road network and provision of improved infrastructure such as metro connectivity has made it increasingly popular among middle income home buyers looking for value for money and convenience.
Ashish Agarwal, Director, AU Real estate, says, “The real estate market of Ghaziabad is gradually turning into a lucrative investment opportunity in the Delhi-NCR area, with prices relatively reasonable compared to other NCR markets. As the connectivity grows, new infrastructure is developed and various housing options are made available, Ghaziabad has the potential to be the next realty destination in NCR. The city’s strategic location, with reference to Delhi, and excellent connectivity by Delhi Meerut Expressway makes the city an ideal investment hub for both consumers and investors. Among the segments, luxury housing in Ghaziabad is emerging as an attractive segment due to the rising preference for quality lifestyles away from highly populated cities. With the social and physical infrastructure of the city growing, Ghaziabad has the potential to see good price appreciation in its real estate sector and become a preferred destination for a balanced lifestyle within NCR.”
Areas 82 to 85 along the Dwarka Expressway are gaining popularity as a premium alternative. Conveniently located near NH-8 and Dwarka Expressway, it provides easy access to Gurugram Cyber Hub, Golf Course Road and other offices, all within a 25 to 30 minutes’ drive besides the peaceful atmosphere great for potential homebuyers.
Despite the unique interests of each sector, Government projects should be guided by factors such as infrastructure, environmental regulations and market developments to potential buyers and investors such as smart cities infrastructure and infrastructure development play an important role in shaping these emerging real estate areas.
Commenting on the same, Aman Trehan, Executive Director, Trehan Iris, says, “New Gurugram is emerging as a realty hotspot in NCR, driven by strong growth in property transactions and significant price appreciation. In addition, strategic planning, corporate growth and infrastructural development such as SPR and Dwarka Expressway are adding to connectivity and improving the prospects of residential areas. Furthermore, Cushman & Wakefield’s recent report reveals that the residential sector in Delhi NCR stood at 3,614 units in Q1 2024, with 61% in the luxury segment, highlighting the area’s demand for high-end properties.”
The Golf Course Expansion Corridor (GCER) spans many high-end residential, commercial and retail projects. The core of the National Capital Region’s real estate sector has shown tremendous trends with emerging submarkets. These projects offer an attractive mix of affordability, networking and aggressive growth.
Mr. Sanjay Kumar Sinha, Founder and Managing Director, Chaitanya Projects Consultancy said, “The ongoing infrastructure development of highways and expressways has revolutionized connectivity, brought transformational change, and unlocked real estate potential in India. With the enhancement of National and state highways, we have seen exponential growth in the logistics, warehousing, and industrial sectors, creating demand for commercial spaces. Moreover, highway connectivity has led to the emergence of new residential corridors, providing affordable housing options and relieving pressure on urban centers. As India’s economic lifeline expressways play a crucial role in connecting major cities, industrial hubs, and ports.”
The developing areas like Yamuna Expressway Belt in Noida, Rajnagar Extension in Ghaziabad, Dwarka Expressway and Old Faridabad are gaining much importance these days. It is also predicted that there will be a price appreciation of 15-20% in Noida and Greater Noida in the coming two years. With property prices still significantly lower than those in established areas, investors stand to benefit from substantial price appreciation. Projected growth rates range from 15 percent to 25 percent annually.
In conclusion, the real estate landscape of the NCR is witnessing promising developments in Yamuna Expressway, Raj Nagar Extension, and Old Faridabad Road. Each area boasts unique advantages such as connectivity, infrastructure, and affordability. Prospective investors and homebuyers should carefully evaluate these factors to capitalize on the growing opportunities offered by these emerging hotspots. With distinct attributes shaping their appeal, these locales are set to play significant roles in the region’s evolving property market.