With all the issues, the NCR is one of the most stable, and the largest, residential markets in the country.
The NCRs residential market remains one of the most stable markets in India, despite being in the news for all the wrong reasons be it a threat of an oversupply situation, the huge project delays, lack of affordable housing or the ugly land acquisition issues.
It is also the largest residential market in the country by sheer volume of residential units launched. Currently, it has higher number of units at the launch, construction or delivery stage than all the other five metropolitan cities of Mumbai, Chennai, Bangalore, Kolkata and Hyderabad put together.
Some of the reasons for this are good connectivity, planned infrastructure and availability of skilled manpower, which have become a pull factor not only for international but also domestic companies.
The development authorities have also played an important role by taking up new infrastructure projects that have led to tremendous development. Primarily, it is the IT and ITeS, manufacturing, pharmaceutical units and Banking, Financial Services and Insurance (BFSI) industries, which have been driving the demand for office space in the region and have pushed residential demand to a great extent.
Gurgaon’s residential development is taking place in particular pockets. A major chunk of residential supply lies on the Northern Peripheral Road (NPR), a stretch on the Dwarka Expressway. This area is known as New Gurgaon with residential land use governed by the Gurgaon Master Plan 2021.
The expressway is in close proximity to the commercial and industrial areas of Manesar. Most of the projects in this location are multistory buildings and fall in the mid segment category. Along with the NPR, some other locations in Gurgaon that have seen major residential supply are the Golf Course Extension and the Gurgaon-Sohna Road.
Due to the limited availability of large land parcels in Noida, group-housing developments have been restricted to newer locations in Sectors 44,50,51,52,62,74,77 and the residential sectors like 93,94,137,143,150 and 168 on the Noida-Greater Noida Expressway.
Greater Noida West, earlier known as Noida Extension, has also emerged as another important residential market, with a number of residential projects coming up in Sectors 1, 16B, 16C, Tech Zone 4, Zeta I and the Yamuna Expressway.
In Faridabad, locations like Old Faridabad Road and residential sectors on the NH-2 and the Surajkund Road have seen a good residential supply in the last few years. However, newer locations like Neharpar and Sectors 70-89 have also seen a number of project launches, ranging from affordable to high-end residential units.
Ghaziabad, which is one of the big industrial towns in the region, has seen bulk residential supply in Indirapuram, Sahibabad, Vaishali, Vasundhara, Raj Nagar Extension and the NH-24 (Crossings Republik & Sushant Aquapolis). Most of the projects in these locations are affordable and mid-segment.
Market picks up
Despite the global economic slowdown; the NCR did not see a steep fall in project launches last year.
Ghaziabad has contributed to nearly 34% of the number of project launches in the financial year 2012, followed by Gurgaon and Noida. Nearly 86,000 residential units have entered the market in the financial year 2012.
SOME OF THE REASONS FOR THIS ARE GOOD CONNECTIVITY, PLANNED INFRASTRUCTURE AND AVAILABILITY OF SKILLED MANPOWER, WHICH HAVE BECOME A PULL FACTOR NOT ONLY FOR INTERNATIONAL BUT ALSO DOMESTIC COMPANIES