Upcoming Projects 2006
The Delhi NCR region has witnessed a great number of residential projects in the last 12 months and still the pace is picking up with many upcoming projects in the next 24-30 months. This has resulted into the over supply leading to a slump in the residential market in certain areas.
The residential property rates and the demand depend on the infrastructure of the area. Good infrastructure certainly leads to higher rates. For instance the flat rates in Indirapuram range between Rs. 2,500-2,800 per sq. ft. whereas in Noida it is about Rs. 3,500 per sq. ft.
Property rates in Kundli, Manesar and Sonepat region have appreciated due to developing infrastructure and industries and the momentum is expected to pick up. The land rates in Kundli belt started from Rs. 3600 per sq. y. which today is Rs. 8,000-12,000 per sq. y.
Government policies like home loan rates, investment on infrastructure, SEZ status, etc will determine the pace of the residential market in the NCR region.
A two-kilometer flyover is under construction which will take care of the Badarpur traffic bottleneck. Another highway is being constructed which will begin from Kalindi Kunj, go around the newly demarcated sectors of Faridabad, and end at Palwal. Hence, traffic that does not have to go into Faridabad will bypass the city altogether, thereby decongesting Mathura Road.
Also, the government initiatives such as proposed international airport, infrastructure development and other schemes in Greater Noida are likely to provide impetus to property prices in future.
Health care is also one of the deciding factors in the real estate market scenario. Huge upcoming projects like Escorts Medicity, Artemis Hospital (Apollo Tyres Group), Paras Healthcare and a health care project by Fortis might change Gurgaon's health map.