The last few years have seen an unrealistically high rate of spiraling property prices in and around the country, not to mention in the areas of Delhi NCR. The upward revision in property prices was observed since 2013 when the land pooling policy of Delhi Development Authority was notified. The same is expected to see a correction post finalization of the said policy thanks to a slew of factors:
- Unrealistically high prices found few buyers
- Demonetization seems to have hit the builders hard
- Awaiting government’s intervention in building affordable housing for the masses
- Prices of building materials might see a correction post favorable budget proposals
Given the global economic scenario where growth indicators seem to be fluctuating by the day, the real estate sector has taken a beating of sorts. This has mainly to do with low demand, which is also a direct consequence of high real estate and property prices. Buyers are mainly waiting for a correction in prices or a cooling off period in the sector before pooling in with their hard earned money.
Even though it is a no brainer that real estate prices besides gold can ever stop their upward movement given the shrinking land mass and the pressure of the burgeoning population, a positive correction in prices is the need of the hour. This is probably the time to buy property in Delhi NCR for the area is poised to be a hub of economic activity. With NOIDA becoming the IT hub besides Gurgaon (around Delhi) the Delhi NCR is expected to see a boom in the real estate sector.
The boom is largely to do with the master plan of 2021, according to which the DDA along with the private sector shall pool around 20,000 hectares of land and build affordable dwellings. The projected target of such dwellings is quite humungous – close to 1.6 million. The master plan envisages creating affordable dwelling units for all Delhiites, which even though look quite ambitious and perhaps beyond the realm of reality, can achieve fruition if the enabling provisions in the master plan are implemented on the ground in letter and spirit.
Given such ambitious targets set up by the DDA, the proposed area in the near future will become a realtor’s dream. It is thus a sensible move to buy property in Delhi NCR now, which can even be leveraged later when the super boom time hits the ground. The NCR is a magnet for all real estate barons and high value customers for the following reasons:
- An important part of the capital of India where there are opportunities galore for business, industry, jobs, education, media, healthcare, entertainment and so on
- Centre of all important institutions including the legislature, executive, and judiciary
- Being the capital of India means good infrastructure in terms of roads, flyovers, metro, shopping malls, hospitals, police stations, railways, airport et al
- A truly cosmopolitan environment where free movement of knowledge, trade, and commerce takes place
The decision to buy property in Delhi NCR will keep one in good stead as the region includes the outskirts of Delhi as well. The outskirts of Delhi seem to be less crowded and polluted compared to the region that sits right inside the metropolis. The property can be used to build any type of asset, be it a residential dwelling, a marriage hall, an educational institution, an office, or a healthcare unit among others.
As India grows economically so does its urban centers especially its capital city of Delhi. Hence, investing to acquire a piece of real estate in this city can be worth tonnes of gold in the days, months and years to come.