Being one of India’s massive real estate markets, Delhi NCR, the capital city, offers properties from different segments all across the region. In the current times, with the pandemic crushing the world, homeowners are beginning to realize the need of having a home and hence investors are flocking to take advantage of the nation’s upcoming and buoyant housing sector.
Despite the dip in the real estate market during the lockdown, the overall sales of residential projects in Delhi, NCR were considerably pushed post the period due to reasons such as low-interest home loan rates and the dire need for larger homes in order to be able to accommodate the work from home and online schooling culture of family members. Extensive surveys have revealed that homeowners are now choosing near-completed properties and residential inventories over plots and under-construction projects as buyers are seeking to set up their own places as soon as possible. Therefore, residential projects in Delhi NCR, are currently demonstrating a huge dominance in the real estate market (and will continue to do so) in the housing segment.
The current overall status of Residential Projects in Delhi NCR
The affordability index of the Delhi NCR residential segment has seen quite a growth in 2020 compared to what it was in 2011 which ensures a positive outcome in 2021. Most of the sales were observed to happen under the ready-to-move-in properties which were priced below the 50lakh belt.
Development in the infrastructure of the city like an extension of metro routes to newer locations are also a factor providing a significant raise in the future residential real estate market. At the helm of the rising demand, developers and builders are launching new projects near the Noida International Airport which are bringing back the sentiments of investors to invest in residential projects in this region.
However, on the other hand, areas like Gurugram in Delhi NCR, observed a decrease in sale estimates made in 2019. Nonetheless, it did experience a large number of residential unit sales in the past year. This in turn is allowing developers to work more on plotted developments, a housing of mid-income and low-income range to meet the rising consumer demands.
Conclusion – With an increased number of home buyers influencing the housing market of Delhi, NCR, developers, and builders are on the lookout for catering to their needs following the current real estate trends. Buyers in contemporary times have become more aware of the environment, health and wellness and hence developers are inculcating strategies and concepts in building homes that are catering to these needs in the housing segment. Real estate experts are of the belief that the present situation of growth will totally be kept under check, however, property rates are not likely to fall anytime soon, especially in this part of the country. The past year was indeed very flourishing and lucrative for investors investing in residential projects in Delhi, NCR, and these positive trends are expected to continue even in the coming days.