DELHI: Affodable housing prices, proximity to the national capital, fast-developing infrastructure, and the availability of spacious and quality residential units are the key factors driving the growth of satellite towns and other suburbs of the NCR.
Also, rocketing property prices in Delhi, Gurgaon, and Noida combined with a shortage of housing units to accommodate the fast growing migrant population, has propelled the real estate market in these suburbs and satellite towns.
Amit Mavi, the MD of a real estate consultancy, says: “The real estate sector in the national capital region has undergone a sea change in the last decade. Disparity in the demand-supply equation in the past has been the chief catalyst for the emergence of new corridors in the region, which resulted in the inclusion of new urban agglomerations to keep pace with the rising demand for real estate asset classes. The new master plans are also a reflection of the same phenomenon.” However, as these locations mature, saturate, and get established with the development of physical and social infrastructure, the affordability factor diminishes rapidly forcing the masses to move further away from the national capital in search of their dream home or for investment purpose.
Below is an account of some of the hotspots that are fast emerging or are likely to emerge as the nerve centres of future growth and real estate development in the NCR.
Noida-Greater Noida Expressway: This location has already emerged as a big residential destination. However, what is little known is the fact that Noida-Greater Noida Expressway also has a tremendous potential for the growth of other asset classes like hotels, hospitals, and retail outlets, which are still at a verynascent stage of development.
“Rents and values of commercial properties in this region still continue to be low compared to other commercial districts in the NCR, making it an attractive proposition for corporates.
And, as the migration intensifies, it will provide the necessary impetus for the demand and growth of other asset classes,” Mavi says.
The location has also registered heightened activity in office space development with more under construction in various sectors. IT-ITeS majors like Infosys have committed to develop campuses and have plans to expand their operations. Such developments are likely to trigger the hospitality and retail businesses in the region.
Improved connectivity through the extension of Noida Metro line is likely to provide the necessary momentum for this corridor. The operational Yamuna Expressway has already seen a leap in the traffic inflows from various neighbouring cities to the NCR.
“This will further enhance the connectivity of the major cities of the state to the national capital that will be routed through Noida-Greater Noida Expressway. FNG (Faridabad-Noida-Ghaziabad) Expressway will cut across Noida-Greater Noida Expressway and will enhance connectivity to the adjacent cities and add to the momentum,” Mavi says.
NH-24: There was a time when people were skeptical about having to live near highways.
But with changing times, national highways are turning out to be posh residential addresses for many homebuyers. One such property hub that is attracting investors in large numbers is NH-24.
NH-24, running through Ghaziabad, is developing fast with state-of-the-art infrastructure in place. “Even 10 years ago, these regions were not considered a living option. But, with the break neck speed of infrastructural development, perceptions are fast changing. Today, places like Vaishali, Indirapuram, and Kaushambi have posh residential colonies offering premium living conditions. NH-24 is following in their footsteps and is ready to script the same success story in Ghaziabad’s thriving real estate sector,” Vijay Jindal, CMD of SVP Group, says.
NH-24 gained prominence with the launch of Crossings Republik where many developers came together to provide affordable houses, thus catering to the housing needs of a vast population of mid-segment homebuyers of the NCR. As NH-24 is the lifeline of Ghaziabad, the UP government and GDA have joined hands to develop the entire stretch and revive the infrastructure around it.
The first step is the conversion of the Delhi border-Dasna stretch by widening it into an eight-lane corridor. The widening of the 20km corridor, which is used by over 2 lakh vehicles on any weekday, will bring relief to commuters who often get caught in long traffic jams.
“Apart from the decision to widen NH-24, the highway ministry has now planned a 14-lane Delhi-Meerut Expressway via NH-24. As per the proposed plan, the highway will be turned into 14 lanes till UP Gate at Ghaziabad and will include an eight-lane highway and a six-lane expressway.
“Besides, the proposed underpass from Ghaziabad and a link road between Greater Noida and Ghaziabad will also ease the peak hour traffic on NH-24. With such excellent connectivity, it is only natural that residential as well as commercial properties are mushrooming here like never before,” Jindal says.
Bhiwadi: Touted as the gateway of Rajasthan, Bhiwadi, bordering Haryana, was once considered a sleepy hamlet and used to be shunned by property developers.
But the town is not only showing frenetic residential and commercial activity today, it is also turning into a promising real estate destination at a brisk pace. “While hunting for a house, most of us look at two key parameters—financial security and a secure social life.
“Bhiwadi has emerged as a perfect combination of both with the town and nearby areas shaping up as commercial and industrial hubs. Apart from employment in the industries, there are plenty of jobs in commercial establishments with the arrival of malls, multiplexes, and hotels. Major brands like Jaguar, Sanoh India Ltd, OCCL, etc, have already established their bases in Bhiwadi, providing thousands of jobs. The standard of living is better in Bhiwadi compared to places like Gurgaon, in terms of facilities and infrastructural development,” Vishal Gupta, the MD of Ashiana Housing Ltd, says.
In addition to these, there are some other places which are fast emerging as hotspots in the Delhi NCR.
Dwarka Expressway, for instance, is one such region. “Price correction in the secondary market of projects under construction is an attractive proposition for homebuyers; there is also hope that the land acquisition issues hampering the completion of the expressway will be sorted out this year,” Samir Jasuja, founder and CEO of PropEquity, says.
Greater Faridabad is another place, which is developing into a mega hub for residential and commercial projects; the biggest draw is that property here is still available at affordable rates.
“Located midway between Noida and Gurgaon, Greater Faridabad is set to benefit from the completion of FNG corridor, well-planned infrastructure, and an affordable market,” Jasuja says.
Another emerging corridor suitable for investment is Yamuna Expressway. A Jones Lang LaSalle report says that the expressway, which has greatly reduced the commute time to Agra, has attracted the interest of major developers who have announced township and residential projects along this stretch.
Mega projects like the F1 race track and other forthcoming ones like the Jaypee Sports City project and the night safari park, will push the next wave of development, which will expand the city boundaries further.