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
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