Once experiencing poor connectivity and limited infrastructure, locations like Sohna Road, Dwarka Expressway and New Gurgaon are now emerging as booming real estate hubs.
As India’s leading real estate hub, the National Capital Region has grown exponentially. The realty market in the region is driven by its strategic geographical position and fast-emerging business hubs accompanied by robust infrastructure development. Key residential and commercial real estate investment destinations in NCR, such as Delhi, Gurugram, Noida, and Ghaziabad, serve buyers in the market with luxury and premium housing segments.
Besides, locations like Sohna Road, Dwarka Expressway, and New Gurgaon are emerging as booming real estate hubs. These areas, once experiencing poor connectivity and limited infrastructure, now witness a remarkable transformation due to massive infrastructure upgrades. Huge investments in road networks, metro expansions, and expressways have significantly improved accessibility, making these peripheral regions attractive for developers and homebuyers. This has spurred rapid urbanisation, with a surge in new housing projects, retail centers, and business districts.
As per Cushman and Wakefield’s report in Q3 of 2024, Delhi-NCR witnessed a new supply of 16,242 residential units. The number of launches during the first nine months of 2024 is 121 per cent more than the similar period in 2023. With an 88 per cent share, Gurugram was the dominant supplier of this lot, mainly concentrated along the Dwarka Expressway, New Gurgaon, and Sohna Road.
The rest of the launches saw activity in Noida, mainly around the Noida Extension region. The overall high-end segment remained flat, while Noida grew 2 per cent q-o-q. All micro-markets of the mid-segments have witnessed capital value growth y-o-y, with both Noida and Gurugram witnessing 21 per cent and 18 per cent, respectively.
Sandeep Chhillar, founder and chairman of Landmark Group, said, “Infrastructure upgrades in Gurugram like the Dwarka Expressway and SPR have significantly boosted the feasibility of residential and commercial projects, especially in submarkets like New Gurgaon and Dwarka Expressway corridor. With improved connectivity to key business hubs and the international airport, these submarkets have become highly attractive for homebuyers and investors.”
Since the demand for luxury homes continues to experience an upward trajectory, the growing sectors in Gurugram and its peripheries are emerging to be preferred destinations for real estate investments, he added.
Rajjath Goel, managing director of MRG Group, said, “Areas in the NCR’s peripheries have witnessed remarkable growth in the last few years, primarily driven by enhanced infrastructure and connectivity. The development of premium and luxury housing projects here has attracted a large pool of homebuyers, especially from the aspirational working-class population of Gurugram. With all-time high investor confidence, we anticipate continued demand for residential projects in the region.”
Major infrastructure development, including key projects such as the Delhi-Mumbai Expressway and Eastern Peripheral Expressway, has changed NCR’s entire real estate landscape. Eastern Peripheral Expressway has, meanwhile, relieved the traffic congestion surrounding NCR by providing an alternative route for heavy vehicles, uplifting other areas around this belt, too, such as Ghaziabad’s Siddharth Vihar and Raj Nagar Extension.
Prateek Tiwari, managing director of Prateek Group, said, “Regions like Greater Noida West, Siddharth Vihar, and Raj Nagar Extension are witnessing a massive surge in real estate activity. The presence of the Eastern Peripheral Expressway and improved road networks has further propelled real estate growth. These regions are becoming hotspots for residential, with increased demand from end-users and investors alike. With the upcoming Noida International Airport, the potential for future growth is immense, and these areas are poised to see substantial appreciation in the coming years.”
Greater Noida West has similarly benefited from connectivity to Delhi and Noida through wider roadways and expressways, increasing its attractiveness for homebuyers and investors. Greater Noida West and Siddharth Vihar had 45% of the quarterly supply, underscoring the tremendous potential of the real estate market. Therefore, Gurugram and Noida lead this upward trajectory equally with active markets.
Sachin Gawri, founder and CEO of property consultant, said, “The infrastructure developments have completely transformed the peripheral areas in the NCR region. These infrastructure projects are driving massive interest from end-users and investors as they make these regions more accessible and livable. Amid this continuous growth, we anticipate a greater appreciation in property values and growing demand for residential, retail, and mixed-use developments as the government remains committed to enhancing infrastructure across NCR.”
Metro extensions have significantly contributed to turning these areas into thriving real estate corridors by providing efficient public transport and reducing dependence on personal vehicles. In addition, the upcoming Noida International Airport is set to be a massive boost for real estate demand in surrounding areas. The airport is projected to be one of the largest in Asia, turning Greater Noida into a major economic and logistics hub.
Muckth Dograa, head of startegy at EDM, said, “Hitherto considered “Peripheral areas” such as East Delhi are rapidly emerging as retail and mixed-use development hubs. The connectivity this region experiences and its proximity to the airport has made it a highly attractive spot for commercial real estate. The demand for retail spaces in the region is on the rise as they cater to both the neighbourhood and the growing working population. This has opened up new opportunities for developers to create dynamic mixed-use developments replete with adequacy in retail, F&B, Entertainment and hotels.”
Looking forward, as NCR witnesses continuous infrastructure development, the future of the region’s real estate market is indeed very promising. Ongoing developments in road networks, metro connectivity, airports, and logistics hubs have already positioned the region as one of the most coveted real estate destinations in India.
Soueece : News 18
