NRIs increasingly seeking property in Delhi
Delhi real estate has undergone sea change in the last 15 years or so. Individual houses have given way to cooperative societies and gated communities and apartments have filled up most of the vacant plots in and around the capital. Realty developments in and around cities such as Gurgaon and Noida has further boosted the real estate scenario in the capital.
While Europe is still reeling under financial crisis and hope of rejuvenation in Indian job market lingers around the corner, a significant portion of Non Resident Indians (NRIs) wants to come back to the homeland. With its attractive real estate development in recent years, Delhi-NCR seems to be the coveted zone for most of the NRIs.
Delhi real estate
Real estate in Delhi has undergone tremendous metamorphosis over the years. Central Business District (CBD) has retained its stature as the hub of corporate and commercial hub. Residential landscape has changed from individual houses to row houses and high rises around the CBD. Landowners have realised vast fortune either through agreement or sale and plots have been witnessing more and more realty projects.
North Delhi, which had long been considered as a low income cluster, has been transformed into housing market for middle income home buyers. Comparatively, lower land prices have made it a treasured possession for realty developers and apartments have come up rapidly. North and West Delhi has become synonymous with demand for residential projects and the change in FSI norms have made it possible that the skyline would grow taller in future, providing bigger residential units for potential customers.
Joint agreement for developing a project has become the norm with land owners. Along with residential development, office space has also been developed rapidly in places like Pitampura, Janakpuri and Rohini. East and North-East part of the city is home to both planned row house colonies and unplanned residential clusters. One can see the Co-operatives and DDA-promoted apartment projects in Mayur Vihar and IP Extension and also plotted row house colonies as well as Commonwealth Game Village.
Dwarka has bloomed as a thriving sub-city in the last decade or so. The co-operative societies cater to the huge housing demand. South Delhi is home to lavish, luxurious lifestyle and luxury villas and independent designer floors have sprawled the realty landscape there.
Gurgaon and Noida
Gurgaon and Noida have emerged as the most sought-after areas in the NCR region. Here, the residential attraction has been a by-product of the commercial development. Relative affordability and developed infrastructure have projected them as supreme residential hubs over the years. Gurgaon, together with Noida, accounts for about 90 percent residential units being launched in NCR. White collar professionals have preferred these urban agglomerates over Delhi due to availability of land plots leading to availability of apartments in varied price range. Improved transportation facilities after the coming of metro lines is another factor working on behalf of the real estate developments.
Residential destination for NRIs
As per reports, about 8 percent of NRIs are willing to come back to India. Of all the real estate queries in Delhi-NCR during 2012, about 40 percent has come from the NRIs. While Gurgaon, Noida and Greater Noida have remained in the map for sought-after localities; new localities such as Noida Extension, Sohna Road, Gurgaon-Faridabad Road and Dwarka Expressway are being looked at as good investment options.
NRI investment in real estate is attaining mammoth stature due to immense investment potential offered by the NCR localities. Dwarka Expressway prices have gone up from Rs 2500 in 2010 up to a whopping Rs 7000 in 2012; presenting a very lucrative picture of real estate development in the region. Realty prices are expected to jump another 65-75 percent in the next 3 to 5 years.
Similarly, investment potential is huge in case of Yamuna Expressway, Bhiwadi, Faridabad and Ghaziabad. The depreciation of rupee in relation to USD has boosted the investment opportunity in real estate for the NRIs even further.
