RESIDENTIAL SECTOR: DRIVING THE REALTY

THE INCREASE IN THE OFFICE SPACE IN NATIONAL CAPITAL REGION HAS BEEN TRANSLATING INTO A QUANTUM LEAP IN NEW JOBS AND THE ASSOCIATED BOOM IN HOUSING SECTOR

The National Capital Region has emerged as one of the most important destinations for information technologies (IT) and IT enabled services (ITES) in the country. It has also emerged as an important financial hub. In 2007, according to global consultancy firm DTZ, around 13.2 million sq ft office space will be absorbed in the NCR by various enterprises. That means an additional 1.50 lakh jobs will be created in the city. Even if a fraction of the new job-entrants go for new houses, there will be a massive surge in demand for residential units across the city.



The NCR is spread over an area of 33,578 sq kms covering the states of Haryana, Rajasthan, Uttar Pradesh and the National Capital Territory of Delhi. Besides Delhi, the real estate development is taking place in neighbouring areas like Ghaziabad, Indirapuram, Noida, Greater Noida, Faridabad, Sonipat, Panipat, Gurgaon, Manesar, Dharuhera, Bhiwadi, Rohtak, Meerut, Bulandshahr.



Extension of Delhi Metro up to Gurgaon and Noida by 2010, six-laning of National Highways to Jaipur, widening of other highways to Hapur and Dehradun have provided further impetus to the real estate development in the region. Modernization of the existing Indira Gandhi international Airport and construction of a new proposed international airport in Greater Noida will further boost the activities.



Because of the limited supply of real estate in main Delhi, the construction activities spilled over to other areas, where the prices were low. The development went first from Delhi to Gurgaon, and then Noida.

Courtesy:ET dated. 21-03-08

GURGAON/MANESAR

Gurgaon has witnessed an unprecedented growth in the last 10 years following the IT and ITES revolution in the country. It has emerged as India's outsourcing capital. It has become such a popular destination for the commercial real estate that the rentals here have gone up almost three fold in the last three years -from Rs 40 per square feet/month to Rs 120 per square feet/month at present. Most of the supply in pipeline for the next two years in the commercial space is already booked.



Gurgaon is also known for the retail boom. Some of the prominent established and upcoming retail malls in Gurgaon are Sahara Mall, MGF Mall, DT Mall, Ambi Mall and DLFs Regent Mall. Apart from these, the MD of a real estate consultancy firm, Harinder Singh, says that another 20 odd malls are at various stages of constructions in Gurgaon on Golf course Road, Sohna and MG Road.



Gurgaon and Manesar will account for 20% or 39.08 mn sq ft of the upcoming residential supply till 2009-10.

Gurgaon-Sohna Road and Golf Course Road are the locations where maximum residential supply is projected to come up.
Courtesy:ET dated. 21-03-08