Real estate in Delhi (NCR) – The largest residential market in India

The real estate prices have peaked in Delhi and the national capital looks cramped up for space. This is one of the main reasons that property buyers are increasingly turning towards the National capital region that include places like Noida, Greater Noida, Gurgaon, Faridabad and others. The reason that people are flocking to buy properties in these places include lesser cost, free space, better planned colonies and residential township, and off course, proximity to Delhi.

If we see in retrospect, then the prices started increasing ten years ago and the robust economic growth along with a creation of upper-middle class in Delhi NCR further pumped up the prices. This also created a demand for premium or luxury property in this region. And by the time recession hit the world and spread its tentacles to India, the prices had already become exorbitant. However, recession saw large corrections in price and real estate crumbled from the uneven equation where the supply exceeded demand.

Apart from the price correction in the period October 2008- May 2010, the realtors also started targeting the middle-income group and the period saw the frequent launches of affordable housing projects. The prices were kept tantalizingly low and focus was given to streamline the project management and make it cost-effective. Many buyers saw this as a good opportunity and hence the trend of affordable housing, that almost became obsolete in the initial period of 2008, was revived once again. This trend has persisted ever since then and post-recession the demand for luxury projects too has increased manifolds. The prices have again started skyrocketing and the future of Delhi NCR looks stable and is slated for a sustained growth in the coming years.