Towards its end, year 2016 left a mixed bag of sentiments for the Indian Real Estate industry. While the notification of Real Estate Regulatory Act (RERA) in several states brought cheers, demonetization left the industry wondering about the consequences. However, amidst all this chaos, affordable housing segment showed considerable improvement.
Luxury real estate markets were substantially hit by demonetization and are now coping up. But meanwhile, renowned developers offering a set of affordable property options continued to perform well in different markets. Despite all uncertainties related to demonetization and other reforms, affordable housing market did not show a downfall.
Experts believe that RERA has played a major role in improving investors’ sentiments. With improved credibility and transparency in the market, global investors are expected to show renewed interest in Indian markets. Other reforms like the Real Estate Investment Trust (REIT), home loan rate cuts, etc., will further improve market sentiments.
Though affordability quotient is up, what constitutes ‘affordable’ differs with location. In booming metro cities like National Capital Region (NCR) and Mumbai Metropolitan Region (MMR), customers are largely inclined towards affordable properties. This is mainly because the affordable homes also come with several extra amenities like swimming pool, gym, clubhouse, play area, etc. This ‘Affordable Luxury’ segment is growing in India, especially in costlier markets.
Localities in NCR that are showing promising growth include Yamuna Expressway, NH-24 (Ghaziabad), Greater Noida (W) and Gurgaon. Let’s talk about these localities in some detail-
Yamuna Expressway- Boasting of its green and sports-centric development, Yamuna Expressway is eyed by the investors as well as end-users. All support infrastructure like healthcare, education, retail and entertainment are available in and around the locality. With accessibility to important areas of Noida and Delhi and proximity to the upcoming international airport at Jewar, this locality is showing commendable growth dynamics.
Greater Noida (W)- This locality runs parallel to major sectors of Noida and provides seamless connectivity to the heart of Noida. With proximity to upcoming FNG Expressway and metro connectivity, it is set for a bright future. Several homebuyers have moved to the location and a number of flats will be up for possession by the end of 2017. Supported by a well-developed civic framework, Greater Noida (W) will get good appreciation.
NH-24, Ghaziabad- Ghaziabad real estate has got a facelift due to NH-24. Well-connected to all major parts of Delhi and Noida, several clusters of Ghaziabad started witnessing new property launches in residential as well as commercial segment. The proposed metro network, Eastern Peripheral Expressway and widening of the highway, as a part of the Delhi-Meerut plan will further fuel its property market.
Gurgaon- Though Gurgaon is seen as a premium saturated market, certain suburbs and residential clusters are still showing good growth. Sector 56, 61, 66 and 67 and Sohna road Sector 48 can be a part of the list. With great connectivity via Golf Course Extension Road and Sohna Road and a developed state of social infrastructure, these localities are expected to fetch impressive returns in the coming time.
Though there are many speculations around demonetization and RERA, these favourable trends pave the way for a better future for NCR real estate market.
Read More About……Affordable Locations in Delhi/NCR for Real Estate Investment