The growth of suburbs reflects the level of real estate demand in a city. In Indian real estate, suburbs of prominent cities such as Delhi and Mumbai have transformed into major micro-markets, drawing several homebuyers. The National Capital Region (NCR), which includes cities like Gurgaon and Noida have become nerve centres for the region. These towns comprise thriving commercial hubs and well-developed residential localities and see a huge demand for properties. In this article, we will explore what the Delhi’s suburban region has to offer for prospective homebuyers.
Factors that drive the growth of Delhi suburbs
The central areas of the national capital have reached developmental stagnation. The region witnesses only a few redevelopment projects and a thriving secondary market offering ample resale properties. Owing to the limited supply, property prices have remained high. The price of a residential property may vary, depending on whether it is an apartment or an independent house, such as a bungalow. Property prices in Delhi have appreciated in recent years. The average price of an apartment in Delhi in the mid-segment range is around Rs 12,000-14,000 per sqft.
Growing demand for homes
With commercial hubs mushrooming in the region and the availability of jobs, more and more end-users are drawn to the city. This creates a healthy demand for properties. A trend worth noting is the rising demand for luxury homes, driven by the rise in disposable income and lifestyle aspirations.
Improving infrastructure
Infrastructure growth is one of the biggest growth drivers for real estate in Delhi NCR. Some of the major projects that have steered real estate developments in the region include Dwarka Expressway, Southern Peripheral Road, Metro expansion projects in Delhi, Gurgaon and Noida, Regional Rapid Transit System (RRTS) and Noida International Airport in Jewar. As infrastructure projects are completed, the improved connectivity to the suburbs will also boost the value of one’s investment.
Additionally, most residential localities are seeing rapid development of shopping complexes, schools and entertainment hubs, which make living comfortable for the residents.
How will a homebuyer gain from buying a property in NCR?
Quality lifestyle: Nowadays, developers design residential complexes after considering the needs of modern buyers – daily comfort, safety, proximity to workplace and connectivity points. Most residential projects that are coming up in the NCR localities are gated communities, equipped with clubhouse, modern security systems, children’s play area and greenery. Some projects also have shopping outlets and convenience stores. These facilities make life easier and comfortable for the residents.
Assured returns: Owing to the steady infrastructure growth and high demand, property prices see a good appreciation potential. Buyers can gain assured returns on their investment. Moreover, the rental market in most of Delhi’s suburbs has remained strong. Due to the influx of the working population, there is a constant demand for rented properties, especially close to the workplaces and commercial hubs. Buyers who do not wish to live in their invested properties can give them out on rent.
High resale value: Since the region is steadily growing, property investment in cities like Gurgaon and Noida will fetch a higher price for a seller in future. The region is expected to see a sustained demand in the coming years. Owing to factors like expanding infrastructure and supply-demand dynamics, home prices will appreciate benefitting sellers in the resale market.
